Trump Says Tariffs Pushed Novartis to Expand Operations in US

(Bloomberg) — President Donald Trump said his tariffs spurred Novartis AG to expand its US manufacturing footprint, following a meeting with the Swiss drugmaker’s chief executive Vas Narasimhan at the White House on Wednesday.

Speaking to workers at a steel plant in Rome, Georgia, on Thursday, Trump said Narasimhan told him the company was building new US plants as a result of the president’s tariff policies.

“We appreciate the opportunity to update ⁠the US government on our progress, including recent groundbreakings for manufacturing and research facilities in North Carolina and California and plans to expand our ‌radioligand therapy manufacturing network with a new site in Florida,“ a spokesperson for Novartis said in an emailed statement. The statement didn’t include any figures.

Last year, Novartis said it would invest $23 billion to build and expand 10 facilities in the US. The move came following threats from the Trump administration to impose tariffs on imported medicines.

Novartis and the White House reached a deal shortly before Christmas aimed at lowering US drug prices, with the Swiss drugmaker agreeing to launch new medicines at prices comparable to those in other wealthy countries and to sell some treatments directly to patients through a government-backed platform. The company also plans to seek broader Medicaid discounts while continuing to invest in US manufacturing and research.

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