<h1>100% tariff on branded, patented drug imports from Oct 1, 2025; exemption only for manufacturers 'building' US plants</h1> The US administration announced a 100% tariff on imports of branded and patented pharmaceutical products effective October 1, 2025, with an exception where no tariff applies if a manufacturer is 'building' a US plant-defined as breaking ground or under construction. The announcement prompted broad-based selling in domestic equity markets, driving benchmark indices about 1% lower and extending a multi-session decline, with pronounced losses in pharmaceutical and information-technology stocks and significant foreign institutional outflows. The measure immediately alters import cost risk, export earnings forecasts and supply-chain incentives for pharmaceutical manufacturers and investors, creating legal and commercial issues around tariff eligibility, construction documentation and implementation timing.