Just when the Trump administration announced a 100% tariff on pharmaceuticals starting in October, Amgen Inc (NASDAQ: AMGN) announced a $650 million expansion of its U.S. manufacturing network.
The announcement builds on Amgen’s recent investments, including a $600 million science and innovation center in California and manufacturing expansions of $900 million in Ohio and $1 billion in North Carolina, respectively.
The planned investment will support increased drug production at the company’s biologics manufacturing facility in Juncos and integrate advanced technologies throughout the operations process.
Also Read: Trump’s New Tariff Barrage Targets Drugs, Trucks, Cabinets: President Says Move Will Protect Manufacturers From ‘Unfair Outside Competition’
It is expected to create nearly 750 jobs, including construction roles and new, highly skilled manufacturing jobs.
“This expansion underscores Amgen’s commitment to U.S. biomanufacturing and to strengthening the resilience of our global supply chain,” said Robert A. Bradway, chairman and chief executive officer at Amgen.
Puerto Rico Governor Jenniffer González Colón said the expansion reflects “a bond of mutual loyalty” between Amgen and Puerto Rico’s workforce.
Amgen has invested more than $40 billion in the U.S. manufacturing and research and development since the passage of the Tax Cuts and Jobs Act (TCJA) of 2017.
Last week, GSK plc (NYSE: GSK) announced plans to invest $30 billion in the U.S. in research and development and supply chain infrastructure over the next five years.
In May, Sanofi SA (NASDAQ: SNY), another European company, said that it will invest at least $20 billion in the U.S. through 2030.
On Tuesday, Eli Lilly and Co. (NYSE: LLY) said it plans to build a new $6.5 billion manufacturing facility at Generation Park in Houston, Texas, as a synthetic medicine active pharmaceutical product (API) facility.
Read Next:
What’s Costco’s Secret To Staying Profitable In Uncertain Times?
Image: Shutterstock