US and UK to reach agreement on eliminating tariffs for pharmaceuticals, announcement anticipated, sources report

LONDON, Dec 1 (Reuters) - The United Kingdom and the United States are expected to finalize an agreement eliminating tariffs on pharmaceutical products, with a formal announcement scheduled at the White House on Monday, according to sources familiar with the discussions.

Requests for comment from both the White House and the British government were not immediately answered.

In October, British Science Minister Patrick Vallance informed lawmakers that new, innovative medicines may face some price increases as part of the negotiations, whereas current drugs and generic medications are unlikely to experience similar adjustments.

U.S. President Donald Trump has urged European nations to pay higher prices for American pharmaceuticals. Meanwhile, leading drug companies have postponed investments in the UK, citing challenging market conditions.

Earlier this year, in May, the two governments agreed to pursue substantially preferential outcomes for pharmaceuticals, with Britain committing to enhance the operating environment for pharmaceutical companies within its borders.

(Reporting by Maggie Fick and Alistair Smout; Editing by Bernadette Baum)

Author: Sophia Brooks