Farmindustria: “10% duties would be a 2.5 billion loss”

ROME – “Our goal is to get to 0-0 or to exclude pharmaceuticals from tariffs , precisely because of the value that drugs and vaccines represent in terms of treatment possibilities”. These are the words of Marcello Cattani, president of Farmindustria, the Confindustria association that brings together companies in the pharmaceutical sector. And if in the end the negotiations between the EU and the US ended with a 10% tariff? Cattani has no doubts: “10% tariffs would be a defeat with an impact of around 2.5 billion euros” . If you had to bet on how the negotiations will end, would you focus on a 0% tariff or a 10% tariff? “ I am counting on common sense, on everyone’s part. And on a possible postponement, an agreement should not be found”.

Considerations that come at the end of the assembly of the acronym, today in Rome. "Drugs and vaccines should go where they are needed. The interconnections between Europe, Italy and the United States in the production and processing of the life cycle of drugs and vaccines - Cattani underlines - are multiple, so it is complex to apply a system of duties that would only have negative repercussions for all of us ".

If it were to close with duties at 10%, for Cattani, "it would be a defeat with an easily estimable impact, equal to approximately 2 and a half billion euros. Something that we are trying to avoid by opening up to new markets thanks to the Export 25/30 plan which has precisely this objective, therefore strengthening our competitive position by penetrating alternative markets, to possibly compensate for these two and a half billion losses". Therefore the appeal: "we need a clear and united vision from everyone to act".

"We have great confidence in the action of the government and the European Commission to avoid duties. They would be damaging to American citizens first and foremost, with potential shortages of drugs and vaccines and would lead to an increase in costs for American citizens themselves". And then there is an aspect: " It would strengthen China's competitive position on research and innovation and therefore a shift of investments to that district. And we believe that this is not the will of the United States".