Roughly 38 to 40 percent of Switzerland’s goods exports stem from the life sciences industry. The pharmaceutical sector alone contributes up to 5.8 percent to national GDP. With over USD 30 billion in annual exports, the United States is by far Switzerland’s most important market – but one now facing mounting headwinds.

For several weeks, Washington has been weighing new tariffs on pharmaceutical imports as part of a broader push to lower domestic drug prices. «The U.S. has a structural pricing issue,» says Stephen Farrelly,ING Global Head of Healthcare. «Up to 50 cents of every dollar spent on prescription drugs go to intermediaries. That system is increasingly under pressure – and so is the regulatory landscape.»

Strong Demand For Strategic Advice

For Swiss firms, the situation is a clear warning sign. While President Donald Trump has not yet implemented new duties, the deadline for policy proposals passed just days ago – and industry executives are bracing for unpredictable moves.

«Uncertainty is fueling strong demand for strategic advice,» says Gregory Lambillon, Head of ING Switzerland. «We’re currently holding an unusually high number of discussions with pharma and healthcare companies – from large multinationals to specialized mid-sized firms.» 

However, the shift in client behavior predates the current trade tensions. «The unraveling of Credit Suisse triggered an initial wave of reassessment among corporate clients. Since then, uncertainty has only grown. Many companies are not just looking for stability, but for sector expertise and international connectivity,» Lambillon adds.

ING has strategically strengthened its healthcare footprint in Switzerland. In addition to credit facilities, the bank provides advisory services for capital markets transactions, M&A, and treasury – including FX risk management, liquidity solutions, and global payment services. ESG-linked financing is another key pillar, gaining increasing relevance in the sector.

 Switzerlands Strong Position

«Our competitive edge lies in the combination of deep sector knowledge and our global footprint,» Lambillon emphasizes. «We have local experts in all key markets, giving clients immediate access to relevant contacts. In an industry as globally integrated as pharma, that’s a significant advantage.»

Switzerland, for its part, continues to rank among the most innovation-driven pharmaceutical hubs worldwide. «Alongside Japan and China, Switzerland stands out for its R&D intensity in the pharma and healthcare space,» says ING Healthcare Economist Diederik Stadig. «That makes the country attractive not only for investors, but also for financial institutions offering highly specialized solutions tailored to the sector’s needs.»