The United States on Monday exempted British pharmaceuticals from import tariffs under a unique bilateral deal. This agreement stipulates that in exchange for the exemption, the United Kingdom will increase its spending on American drugs by 25 per cent.
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The accord aims to “address long-standing imbalances in US-UK pharmaceutical trade,” according to US trade ambassador Jamieson Greer.
Greer claimed the previous arrangement had effectively forced “American patients to subsidise prescription drugs and biologics in other developed countries.”
Under the terms struck between the administrations of US President Donald Trump and British Prime Minister Keir Starmer, Britain’s publicly funded National Health Service (NHS) will agree to increase its prices for new US treatments by 25 per cent.
This agreement is significant as it means Britain will be exempted from the hefty US tariffs imposed on pharmaceutical imports that came into force on October 1st. Britain is currently the only country to have reached such a deal with the United States.
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