Bio Survey Underscores Impacts of Tariffs for Businesses

The Biotechnology Innovation Organization (BIO), of which MichBio is a state affiliate recently released the results of a survey of its members, noting that “U.S. Biotechs Sound the Alarm” on tariff impacts. The findings include: 

1. Tariffs on European Union and Canadian imports would increase manufacturing costs for 94% and 82% of biotech firms, respectively. 
2. 70% of companies anticipate higher manufacturing costs due to tariffs on China. 
3. Tariffs on the European Union would force 50% of biotech firms to identify new research and manufacturing partners. 
4. More than 50% of biotech firms predict “increased difficulty” in funding and conducting research if EU tariffs are enacted. 
5. 80% of biotech firms would need at least 12 months to find alternative suppliers; 44% would need over two years. 

The survey noted that sudden tariffs would fundamentally punish American companies, threaten vital research projects and imperil United States leadership in biomedical science. Read BIO’s  press release, along with an one-pager summarizing the survey results.