COVER STORY
“ History, too, offers a sobering lesson. In 1930, the U. S. passed the Smoot- Hawley Tariff Act, slapping steep duties on imports. What followed was catastrophic: U. S. exports fell by 61 %, international retaliation ensued, and American farmers and industries suffered immensely. The resulting economic pain deepened the Great Depression and compelled a course reversal through the Reciprocal Trade Agreements Act of 1934 which reduced tariffs and promoted long term trade liberalization. The USA stayed the flag bearer of this economic doctrine for the next nine decades throughout the world!
Yet, despite the clear historical evidence, protectionist impulses resurface- this time aimed at partners, not a rival. Left unaddressed, such missteps could shift Indo-U. S. ties from cooperation to caution,” added Choudary.
Global shock: Tariffs, pricing pressures erode $ 200 billion in value for top biopharma firms
The biopharmaceutical industry faces headwinds from Trump administration’ s ongoing tariffs and drug pricing pressures in the US. As a result, the top 20 global biopharmaceutical companies have reported a 5.7 % quarter-on-quarter( QoQ) downturn in their combined market capitalization from $ 3.9 trillion on 31 March 2025 to $ 3.7 trillion on 30
June 2025, reveals GlobalData, a leading data analytics and research company.
A decrease in market capitalization was seen for 16 of the top 20 players. However, Alnylam Pharmaceuticals( 21.8 %), Novartis( 7.7 %), Takeda( 3.4 %) and Novo Nordisk( 0.5 %) registered growth in market capitalization.
Alison Labya, MSc, Senior Business Fundamentals Pharma Analyst at GlobalData, comments:“ Alnylam witnessed the largest market capitalization growth of 21.8 % to $ 42.5 billion, and secured a spot as a new entrant in the top 20 players. The company’ s growth was largely driven by the strong performance of its RNA interference( RNAi) therapeutic Amvuttra for transthyretin amyloidosis cardiomyopathy( ATTR-CM), which saw a 59 % year-over-year( YoY) increase in global sales to $ 310 million in Q1 2025.”
Novartis reported a 7.7 % increase in market capitalization in Q2 2025 due to its strong financial performance, with growth in sales seen across its blockbuster drugs in 2024, including Entresto, Cosentyx, Kesimpta and Kisqali. Novartis’ market capitalization growth was further fueled by the completion of its acquisition of Regulus Therapeutics in June 2025, valued at $ 1.7 billion, representing a strategic move to strengthen its renal disease portfolio.
Meanwhile, Bristol Myers Squibb(-
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BioVoiceNews | September 2025