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President-elect Donald Trump recently announced that he would place significant tariffs on imported goods from China, Mexico and Canada — policy measures that could have an adverse impact on drugs and medical devices, according to a report from GlobalData.

Trump’s proposed tariffs could affect 75% of all available U.S.-marketed medical devices because they’re manufactured overseas, according to the report.

The move could negatively impact the medical devices market given the growing aging population and the rise of chronic illnesses, according to Aidan Robertson, medical analyst at GlobalData.

He said these healthcare companies will be forced to increase prices to make up for losses incurred by the proposed tariffs.

“Additionally, this may cause supply chain disruptions, reducing accessibility to medical devices and inflating the cost of these products due to the higher demand in comparison to the supply,” he stated. 

Medical device and drug companies that manufacture most of their products abroad are more likely to be affected than those whose products are mostly based in the U.S. 

Medical devices like hospital supplies, diagnostic imaging and anesthesia, and respiratory devices are also more likely to be imported to the U.S. from overseas.

Trump’s proposed tariffs, which he announced on his social media website Truth Social, are part of his “America First” policy agenda that aims to spur U.S. investment. They would involve 25% tariffs on imports from Canada and Mexico imports as well as up to 60% tariffs on imports from China.

The tariffs could also have an impact on the pharmaceutical industry, perhaps felt most acutely in generic drugs. 

Most generics are manufactured abroad, a trend that has increased in recent years. About 80% of active pharmaceutical ingredients (APIs) are developed abroad in China and India, among other places, according to NBC News.

As a result, importing generic drugs could become more expensive and the increased cost could be passed onto consumers.

There’s also a risk of increased generic prices exacerbating the ongoing U.S. drug shortages.

Likewise, for the medical devices industry, increased tariffs could in some ways “strengthen” the market by boosting domestic production and reduce susceptibility to supply chain disruptions in the long run, Robertson stated. 

However, the potential negative effects are also clear.

“Ultimately, the economic impact of imposing these increases will lead to a less favorable environment with increased costs, potential supply chain disruptions, and possible retaliatory tariffs from affected countries,” he noted.

To read an April 2025 article on Trump’s sweeping new tariffs injecting more uncertainty into the pharma industry, click here.