AstraZeneca announces $50 billion investment in the US
The British drugmaker will build a large drug factory in Virginia as a hallmark of its commitment to relocate part of its European production to the country.
Facade of an AstraZeneca headquarters.
British pharmaceutical company AstraZeneca announced that it plans to invest $50 billion between now and 2030 in drug manufacturing and development in the United States, at a time when Donald Trump is weighing imposing tariffs on the sector.
The investment "reinforces our confidence in U.S. innovation in biopharmaceuticals and our commitment to the millions of patients in need of medicines in the United States and around the world," the firm's CEO, Pascal Soriot said in a statement released Tuesday.
Aiming to rebalance trade relations in favor of the United States, in April Trump imposed a basic tariff of 10% on imports. Although he initially excluded drugs, the Republican leader has since said he plans to tax them, including with an additional levy of 200%.
"AstraZeneca's most significant global investment in manufacturing"
"For decades now, Americans have relied on foreign sourcing for essential pharmaceuticals. President Trump and our country's new tariff policies seek to remediate this structural weakness," said U.S. Commerce Secretary Howard Lutnick, quoted in the AstraZeneca statement.
The drugmaker plans to build a new factory in Virginia, which will be "AstraZeneca's most significant global investment in the field of manufacturing" of medicines, the group says.
The firm had already announced in April that it had begun moving part of its European production to the United States in the face of threats to the sector, which has not paid customs duties for 30 years.
Other major pharmaceutical groups announced plans in recent months for tens of billions of dollars to invest and relocate production to the United States, the world's leading drug market.
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