A 25 per cent US tariff on pharmaceutical imports would increase US drug costs by nearly $51 billion annually, boosting US prices by as much as 12.9 per cent if passed on, a report commissioned by the industry's US trade group and reviewed by Reuters shows. The analysis, conducted by Ernst & Young (EY), found the United States imported $203 billion in pharmaceutical products in 2023, with 73 per cent coming from Europe -- primarily Ireland, Germany and Switzerland. Total US sales of finished pharmaceuticals that year were $393 billion.