Eli Lilly investing $27B more in US manufacturing

Eli Lilly is investing an additional $27 billion to boost domestic drug production as President Donald Trump reaffirms his commitment to imposing tariffs to reshore manufacturing in the U.S.The latest investment, announced Wednesday during a press conference in Washington, D.C., brings the company's total U.S. manufacturing investment to more than $50 billion since 2020. The company's previous total domestic investment from 2020 to 2024 totaled $23 billion.The company said it plans to build four new pharmaceutical manufacturing sites, three of which will focus on manufacturing active pharmaceutical ingredients, strengthening its supply chain and bringing back essential parts of making small-molecule medicines to the U.S. instead of relying on other countries.ELI LILLY CUTS PRICES FOR ZEPBOUND WEIGHT-LOSS DRUG AGAINLilly said its fourth location will expand the company's global manufacturing network for future injectable medicines. "Lilly's optimism about the potential of our pipeline across therapeutic areas – cardiometabolic health, oncology, immunology and neuroscience – drives our unprecedented commitment to our domestic manufacturing build-out. Our confidence positions us to help reinvigorate domestic manufacturing, which will benefit hard-working American families and increase exports of medicines made in the U.S.A.," Eli Lilly CEO David Ricks said in a statement. Ricks said the investment also reflects the company's commitment to staying ahead of "anticipated demand for safe, high-quality, FDA-approved medicines of the future."In total, the finished sites will create 3,000 jobs for highly skilled workers, including engineers, scientists, operations personnel and lab technicians. It will also support 10,000 construction jobs. SMALL BUSINESSES SEEING REVENUES RISE, BUT TARIFF THREATS LOOMThe news comes as the U.S. moves forward with plans to impose tariffs on Canada and Mexico after Trump paused plans to do so to give them time to negotiate economic deals aimed at securing U.S. borders and curbing the flow of drugs, like fentanyl, into the country.On Thursday, Trump posted on Truth Social that the proposed tariffs on both major trading partners scheduled to go into effect on March 4 will "indeed, go into effect, as scheduled." He also said that China will "be charged an additional 10% tariff on that date."Trump initially suspended the 25% levy on Mexican and Canadian imports in January for one month after Canada promised to implement a $1.3-billion border plan and appoint a fentanyl czar while Mexican President Claudia Sheinbaum agreed to supply 10,000 troops on the border separating the U.S. and Mexico.APPLE UNVEILS HISTORIC $500B INVESTMENT IN US MANUFACTURING, INNOVATION: 'BULLISH ON THE FUTURE'Lilly is the latest company to invest in the U.S. under the Trump administration. Apple announced on Monday that it is committing $500 billion over the next five years and plans to build a server factory in Houston, a manufacturing academy in Detroit and data centers across the country. It also said it plans to hire 20,000 new employees.GET FOX BUSINESS ON THE GO BY CLICKING HERESoftbank, DAMAC and Meta and others have also committed to investing in the U.S. under Trump.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business