President Donald Trump announced a 100% tariff on branded pharmaceutical imports effective October 1, sparking widespread concern across the biotech industry. The administration indicated exemptions would apply only to companies actively constructing U.S.-based manufacturing facilities, with the definition of "building" encompassing projects at the groundbreaking or construction phase. This move targets reducing foreign reliance and promoting domestic production but leaves many small and mid-sized biotechs vulnerable. Industry responses highlight ongoing uncertainty amid related trade negotiations and regulatory investigations.