'Challenging times ahead' for pharma companies - IPHA

The Chief Executive of the Irish Pharmaceutical Healthcare Association has said that the pharmaceutical industry does not want to see tariffs, or retaliatory tariffs, on medicines introduced.

Speaking on RTÉ's Drivetime programme, Oliver O'Connor described the situation as "very challenging" for pharmaceutical companies across the European Union, which export to the United States.

It comes after US President Donald Trump last night said the US will be introducing tariffs on pharmaceuticals - specifically citing Ireland among the countries where many pharmaceutical products are made.

Mr Trump said the tariffs on pharmaceuticals are aimed at bringing the pharmaceutical industry back to the US, claiming the US does not "make anything" in terms of drugs.

"It's in other countries, largely made in China, a lot of it made in Ireland. Ireland was very smart. We love Ireland. But we're going to have that," Mr Trump added.

Responding to Mr Trump's comments, Mr O'Connor said: "There are very challenging times ahead, challenging issues for companies to address, and challenging issues for policymakers to address across the Atlantic in that relationship."