MedTech Europe Warns of Risks from US-EU Trade Tariffs on Healthcare
TL/DR –
MedTech Europe has warned that transatlantic trade tariffs risk disrupting critical supply chains, potentially affecting patient care and healthcare resilience. This comes in response to a joint statement on trade and tariffs by the U.S. and European Union, which the trade group claims lacks tariff relief for medical technologies and crucial inputs. MedTech Europe is urging both sides to eliminate tariffs for medical technologies, stressing that patients cannot become collateral damage in trade tensions.
Dive Brief:
MedTech Europe warns of potential disruption in critical medical supply chains due to the transatlantic trade tariffs, negatively impacting patient care and overall healthcare resilience.
The trade body issued this cautionary statement in response to the US-EU joint statement on trade and tariffs. MedTech Europe pointed out the absence of tariff relief for essential medical technologies and inputs in the statement, urging both sides to eliminate these tariffs to safeguard patient welfare.
Dive Insight:
In July, the US-EU trade deal framework was established, imposing a 15% tariff on most EU imports to the US. However, the lack of specific details left room for medtech industry to seek exemptions.
Earlier this month, MedTech Europe expressed that tariff-free transatlantic trade in medical technologies is crucial for both the economy and patient health.
The trade body expressed its alarm at the absence of expected tariff relief for medical technologies and their essential inputs in the deal. This omission implies a 15% tariff on medical technologies imported from the EU to the US from August 8.
The trade group emphasized that these protectionist trade measures could disrupt critical supply chains, adversely affecting patient care, threatening healthcare resilience, and harming a crucial and innovative European sector. They asserted that patients must not become collateral damage in trade disputes.
Medtech companies like Siemens Healthineers and Philips, significantly affected by the tariffs on EU exports, revised their impact expectations following the July trade framework establishment. Siemens predicted an impact of up to 250 million euros, while Philips forecast a tariff hit of up to 200 million euros.
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