By British-Swedish pharmaceutical company AstraZeneca announced a $50 billion investment in the U.S. this week, with the Trump administration claiming some credit due to its tariff policy and President Trump calling it an “honor.”
The company announced the investment on Monday, saying it would invest $50 billion into the country by 2030 to build on “America’s global leadership in medicines manufacturing and R&D.”
The investment includes a “drug substance facility” in Virginia, which AstraZeneca says will be its largest single manufacturing investment in the world. Virginia Gov. Glenn Youngkin (R) thanked AstraZeneca for its investment and the jobs that it’s expected to generate.
“Advanced manufacturing is at the heart of Virginia’s dynamic economy, so I am thrilled that AstraZeneca, one of the world’s leading pharmaceutical companies, plans to make their largest global manufacturing investment here in the Commonwealth,” Youngkin said.
Additional funds will go towards the company’s existing or planned facilities in California, Indiana, Maryland, Massachusetts and Texas. AstraZeneca estimated these investments will help it reach a total revenue of $80 billion by 2030.
“For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation’s new tariff policies are focused on ending this structural weakness,” Commerce Secretary Howard Lutnick said in a statement.
“We are proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores. This historic investment is bringing tens of thousands of jobs to the US and will ensure medicine sold in our country is produced right here.”
Trump noted the investment at the start of a meeting with Philippines President Ferdinand Marcos Jr. on Tuesday.
“We have a big announcement, AstraZeneca, the big drug company, is going to spend $50 billion — just announced — $50 billion in the United States in order to build various places all over the country big manufacturing plants, pharmaceutical plants all over the country,” Trump said.
“So, that’s an honor. And you said they did that because of the election and because of the fact the tariffs are in place. So they are building their facilities in New York. 50 billion, that’s a big investment. It’s going to be a very good investment. I have no doubt about it. So, thank you so AstraZeneca.”
It wasn’t immediately clear what New York investment Trump was referring to. AstraZeneca currently has an office located in New York.