(NewsNation) — AstraZeneca announced plans Monday to invest $50 billion in the United States by 2030, which will include a brand new multibillion-dollar manufacturing facility.
The British-Swedish drugmaker is aiming to generate $80 billion in revenue by the end of the decade, with half of that coming from the U.S. The plans involve creating research and development and manufacturing facilities across the country.
“The cornerstone of this landmark investment is a new multibillion-dollar US manufacturing facility that will produce drug substances for the Company’s innovative weight management and metabolic portfolio,” the company said in the announcement.
The facility will be located in Virginia and marks the company’s largest manufacturing investment to date.
The announcement by AstroZeneca follows a growing trend of companies pledging to invest in pharmaceutical manufacturing on American soil in pursuit of appeasing President Donald Trump as he threatens to enforce 200% tariffs on pharmaceutical products imported to the U.S.
Back in April, the Swiss pharmaceutical company Roche announced similar plans to invest $50 billion in America over the next five years.
“Today’s announcement underpins our belief in America’s innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally,” said Pascal Soriot, chief executive officer of AstraZeneca.
