Latest news with #EliLilly&Co.
Vancouver Sun
6 days ago
- Health
- Vancouver Sun
B.C. restricts sales of two more diabetes drugs amid weight-loss demand
The B.C. government is restricting the sales of two more diabetes drugs to people outside Canada amid rising demand for the drugs for off-label weight loss use. On Thursday, the health ministry announced it is limiting the sales of GLP-1 drugs tirzepatide and dulaglutide — commonly known by their brand names Mounjaro and Trulicity — adding to current restrictions on sale of semaglutide, which include drugs such as Ozempic, Wegovy and Rybelsus. Both Mounjaro and Trulicity are prescription drugs approved to treat Type 2 diabetes, but like Ozempic, they have been promoted by celebrities and influencers who claim the drugs help with weight loss. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Their off-label use for weight loss is driving shortages of the drugs in several countries, including the United States,' said Health Minister Josie Osborne in a statement. 'Our government is continuing to take action to ensure that people living with diabetes have reliable access to these essential medications.' Mounjaro and Trulicity, both manufactured by Eli Lilly & Co., can be purchased from pharmacies by B.C. residents, Canadian citizens and permanent residents, said the ministry. The drugs cannot be purchased, online and in-person, by non-residents or non-citizens. Non-Canadians can purchase the drugs if they have a prescription signed by a Canadian doctor or nurse practitioner and buy them in-person at the pharmacy. In early 2023, B.C. imposed conditions on the sale of semaglutide by pharmacies after it found an unusually high number of prescriptions were being dispensed by two internet pharmacies in B.C. Then-Health Minister Adrian Dix said about 15 per cent of Ozempic sales in the first two months of the year were purchased by U.S. residents, who typically order the medication online. About 30,700 Ozempic prescriptions were dispensed by B.C. pharmacies to people with U.S. addresses from Jan. 1 to April 19 that year, said the B.C. government. After the regulation took effect, from April 20 to May 31, Ozempic purchases to people with U.S. addressed dropped to 111. Ozempic has been approved in Canada for diabetes, but is often used off-label. Wegovy, made by Ozempic makers Novo Nordisk, was approved by Health Canada for obesity. chchan@
Economic Times
16-07-2025
- Business
- Economic Times
Trump to impose pharma tariffs by August 1, semiconductors likely next
At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Tired of too many ads? Remove Ads WASHINGTON: President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad "reciprocal" rates set for implementation on Aug. 1."Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in also said his timeline for implementing tariffs on semiconductors was "similar" and that it was "less complicated" to impose levies on chips, without providing additional a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc . that produce drugs overseas - and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs, which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co Ltd. laptops and smartphones.
&w=3840&q=100)
First Post
16-07-2025
- Business
- First Post
Trump signals ‘very high' pharma tariffs by Aug 1, warns rates could reach 200%
Trump has signaled plans to impose new tariffs on pharmaceuticals and semiconductors as soon as the end of July, warning that rates on drug imports could eventually soar as high as 200 percent. read more President Donald Trump recently indicated his intention to impose tariffs on pharmaceuticals and semiconductors as early as the end of July. These import taxes are likely to align with broader 'reciprocal' rates set to take effect on August 1st. 'Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump said STORY CONTINUES BELOW THIS AD Trump, speaking to reporters while returning to Washington from artificial intelligence summit, stated that pharmaceutical tariffs would initially be low, giving companies about a year to bring manufacturing back to the US, before escalating to very high rates. He also mentioned a 'similar' and 'less complicated' timeline for semiconductor tariffs, though he didn't offer specifics. Earlier in the month, Trump had publicly discussed a 50 per cent tariff on copper and predicted pharmaceutical tariffs could reach 200 per cent after a year-long grace period for companies to reshore production. These moves stem from investigations under Section 232 of the Trade Expansion Act of 1962, where Trump argued that a surge of foreign imports posed a threat to national security. 'I would say India, and we have a couple of others, but I have to tell you, for the most part, I'm very happy with the letters,' Trump said. These potential tariffs could immediately affect major drugmakers like Eli Lilly & Co., Merck & Co., and Pfizer Inc., which have significant overseas production. This, in turn, risks driving up costs for American consumers. Similarly, semiconductor tariffs are expected to impact not only chip manufacturers but also popular products such as laptops and smartphones from companies like Apple Inc. and Samsung Electronic Co Ltd. STORY CONTINUES BELOW THIS AD Trump's tariff threats come amidst his recent practice of unilaterally dictating tariff rates to various trading partners via letters, while simultaneously asserting his willingness to negotiate. For example, he announced an agreement with Indonesia that reduced a previously announced 32 per cent tariff to 19 per cent, in exchange for Indonesia's commitment to purchase $15 billion in US energy, $4.5 billion in agricultural products, and 50 Boeing Co. jets. Trump predicted he could finalize 'two or three' trade deals before the August 1st implementation of his 'reciprocal tariffs,' with an agreement with India being among the most likely. He acknowledged substantive discussions with five to six countries but indicated he was often content with simply dictating a tariff rate rather than finalizing a full agreement. He also suggested a standard tariff of 'a little over 10 per cent' for smaller countries not receiving tailored rates. While some countries, like South Korea, have shown a willingness to 'open' trade after his threats, others, such as Japan, have not. Representatives from the European Union, facing a 30 per cent tariff, were expected to meet with U.S. negotiators. STORY CONTINUES BELOW THIS AD Trump also dismissed concerns that his recent threat of 'secondary' tariffs on Russian trading partners—if Moscow didn't agree to a ceasefire with Ukraine—could impact US consumers, despite expert warnings that such a move could drive up energy costs. He simply stated, 'I don't think so. I think that whole thing is going to go away.'
Time of India
16-07-2025
- Business
- Time of India
200% or more? Trump hints 'very high tariffs' on pharma cos by August 1, says deal with India most likely
President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad 'reciprocal' rates set for implementation on Aug. 1. 'Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Trump also said his timeline for implementing tariffs on semiconductors was 'similar' and that it was 'less complicated' to impose levies on chips, without providing additional detail. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เปรียบเทียบสเปรด: ระหว่าง Bitcoin และ Ethereum CFDs IC Markets อ่านเพิ่มเติม Undo At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Still, any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc. that produce drugs overseas — and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs , which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co Ltd. laptops and smartphones. Live Events The threat came as Trump in recent days has sent letters to a number of trading partners unilaterally dictating the rates for tariffs on many imports — while maintaining he would continue to carry out negotiations. Earlier Tuesday, Trump announced an agreement with Indonesia reducing the 32% rate announced in one of the letters to 19%. Indonesia agreed to purchase $15 billion in US energy, $4.5 billion worth of agricultural products and 50 Boeing Co. jets as part of the agreement, the US said. Trump on Tuesday predicted that he could strike 'two or three' trade deals with countries before implementing his so-called reciprocal tariffs before they are implemented on Aug. 1, saying that an agreement with India was among the most likely. Trump told reporters the US was engaged in substantive discussions with between five and six countries, but that he wasn't necessarily inclined to finalize agreements over simply dictating a tariff rate. 'I would say India, and we have a couple of others, but I have to tell you, for the most part, I'm very happy with the letters,' Trump said. The president also said that he was likely to impose a standard tariff of 'probably a little over 10%' on smaller countries that did not receive tailored rates. Earlier Tuesday, Trump said representatives from the European Union — which faces a 30% tariff — would be meeting with US negotiators this week. After returning from Pittsburgh, Trump said that while some countries had indicated a willingness to 'open' trade after his threats — including South Korea — others, like Japan, had not. Trump also dismissed concerns that his threat earlier in the week to impose 'secondary' tariffs on Russian trading partners if Moscow did not agree to a ceasefire with Ukraine could impact US consumers, even as experts warned the president risked driving up energy costs with his plan. 'I don't think so. I think that whole thing is going to go away,' Trump said.
Malaysian Reserve
09-07-2025
- Business
- Malaysian Reserve
Trump says he'll set 50% copper tariff, wait year on drug levies
PRESIDENT Donald Trump said he planned to implement a 50% duty on copper imports as part of a set of looming sectoral tariffs, while also indicating he could offer pharmaceutical manufacturers at least a year before applying a crippling 200% tariff on their foreign-made products. Trump told reporters during a Cabinet meeting on Tuesday he was still planning tariffs on select industries, including drugs, semiconductors, and metals. 'I believe the tariff on copper we're going to make it 50%,' Trump said when asked by a reporter what the rate on those products would be. Copper futures in New York surged as much as 17% after Trump's comments, the largest intraday gain in data going back to at least 1988. Commerce Secretary Howard Lutnick, speaking to CNBC shortly after the Cabinet meeting, said his department's investigation into copper had concluded and that he expected the levy 'likely to be put in place end of July — maybe August 1.' 'Copper is finished. We're done with our study,' Lutnick said. 'We've handed the study over to the president. The president knows that he has the ability, since we've studied the market for copper, to set the market tariff for copper.' Trump said he expected to offer pharmaceutical manufacturers some time to bring their operations to the US before slapping tariffs of as much as 200% on their products. An S&P 500 index of drugmakers turned negative after Trump's comments, while shares of Eli Lilly & Co., Merck & Co. and Pfizer Inc. pared earlier gains. 'We're going to give people about a year, a year and a half, to come in,' Trump said. 'And after that they're going to be tariffed if they have to bring the pharmaceuticals into the country, the drugs and other things, into the country. They're going to be tariffed at a very very high rate, like 200%. We'll give them a certain period of time to get their act together.' Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on each of those products, arguing that a flood of foreign imports was threatening national security. After those efforts are concluded, Trump is expected to move forward with the levies. That effort is separate from Trump's other move to announce new country-specific tariff rates, which would not apply to products hit under his Section 232 efforts. Trump earlier Tuesday insisted those country-specific tariffs would move forward at the beginning of August. The copper rate, while long telegraphed, threatens to upend an industry that for decades subsisted on a combination of vibrant domestic production and steady imports from some of the US's strongest trade allies. It also comes after Trump during his first term focused his raw materials trade war on steel and aluminum, leaving copper producers, traders and consumers relieved that they avoided market upheaval. Trump's directive also comes as the US and the rest of the world expect a dramatic surge over the coming decade in demand for the industrial metal, with data centers, automobile companies, power companies and others scouring the globe for necessary feedstock to increase electric vehicle output and electric grid capacity. Retooling power and transportation systems to run on renewable energy will require far more copper than the companies that produce it are currently committed to deliver. The US consumed about 1.6 million tons of refined copper in 2024, according to the US Geological Survey. While the US has significant mines, producing some 850,000 tons of primary copper last year, it still relies on imports from key trade allies to fill the need. Chile is the largest import source, accounting for 38% of total import volumes, followed by Canada and Mexico at 28% and 8%, respectively. Net copper imports account for 36% of demand, according to Morgan Stanley research. Trump has been talking about pharmaceuticals since he began rolling out his tariff agenda, despite industry concerns that duties could wreak havoc on supply chains, exacerbate drug shortages and drive up costs for Americans. He has long criticized foreign production of medicine as a threat to national security and raised the specter of tariffs to encourage drugmakers to manufacture domestically. Companies followed with a flurry of announcements about multibillion-dollar manufacturing investments in the US. Any tariffs that are imposed are expected to have an outsize effect on Ireland, where a $54 billion (€47.6 billion) trade surplus with the US helped spur Trump's wrath. The imbalance, heavily driven by pharmaceuticals, stems from the country's favorable tax regime and highly educated workforce. US drug companies, including Lilly and Pfizer, operate nearly two dozen factories in Ireland that ship to the US, according to a TD Cowen analysis. –BLOOMBERG
