Thermo Fisher Scientific to invest $2bn
Thermo Fisher Scientific to invest $2bn into US manufacturing capabilities
The life science service provider will put 75% of the $2bn into its US pharmaceutical manufacturing capacities, helping to produce key medicines for the market
Thermo Fisher Scientific has announced that it will invest $2bn into its US manufacturing infrastructure during the next four years. This follows the Trump Administration's threats to remove pharmaceuticals from tariff exemption lists — prompting big pharma companies such as Novartis, Eli Lilly, Johnson & Johnson and Roche to expand their footprints in this key market.
Thermo Fisher is currently one of the largest medicines manufacturers in the world, and the additional investments will contribute to the resilience of the US healthcare supply chain, while also boosting the nation's economy.
Over the next four years, Thermo Fisher Scientific will invest $1.5bn into the expansion and upgrading of its US manufacturing operations, while a furhter $500m will be push the company's US R&D initiatives forwards.
The company currently has 64 manufacturing locations within the US, with operations spread across 37 states. Thermo Fisher's US sites are responsible for the manufacture of analytical instruments, as well as specialty diagnostics and life sciences solutions. The company also operates in the contract development and manufacturing space.
"We have strong confidence that America will continue to lead the world in science and innovation," commented CEO and President of Thermo Fisher Scientific, Marc Casper. "By expanding our US operations, we ensure that life-saving medicines and therapies will continue to be developed and produced in America for decades to come," he added.
According to the company, its operations have more than doubled in size in the last eight years, raking in $43bn in revenue last year and housing more than 50,000 US employees. The company also invests $1 billion annually in R&D in the US.
