Portugal, like the rest of Europe, faces a challenging scenario in its pharmaceutical industry, which could see an increase in costs and pressure on drug prices.
This situation arises from an agreement between Brussels and the United States, reached in July 2025, which establishes a 15% limit for tariffs on branded medicines, putting an end to more than 30 years of exemption.
The Trump Administration’s threat to increase tariffs up to 100% if companies do not establish local production in the USA intensifies uncertainty, as shown in the study “The impact of tariffs on the pharmaceutical industry”, from LLYC Europe’s Healthcare area.
Despite the difficulties, the study also identifies opportunities that can benefit Portugal, if there is coordinated action. The new context can serve as an impetus for the reindustrialization of the sector and increase autonomy in the production of medicines.
Furthermore, it can favor the attraction of research and development (R&D) and clinical trials, as well as promoting common pricing and access policies at European level.
The pharmaceutical sector in Portugal is expanding, with a strong international orientation. Exports to the United States reached 1,390 million dollars in 2023. However, the new tariffs could affect the viability of units specializing in biotechnology and high value-added medicines.
“In these times of great geopolitical tension and regulatory transformation, if we want the pharmaceutical industry to continue to innovate, and for this innovation to effectively reach patients, we need legislative frameworks that offer real incentives. Only in this way can we guarantee that the sector continues to generate investment, employment and economic growth”, said Carlos Parry, Healthcare leader at LLYC in Europe.
In short, the Portuguese pharmaceutical industry, like the European one, is facing a phase of structural uncertainty. While North American tariffs pose a significant challenge, they can also act as a catalyst to strengthen competitiveness, innovation and collaboration in the sector, the study concludes.