Investing.com -- A significant surge has been observed in the exports of pharmaceutical and medical products from Ireland to the U.S., with a year-on-year increase of over 450% in February, according to data released on Tuesday.
This marks the second consecutive monthly hike, indicating a possibility that U.S. drugmakers could be accumulating medicines in anticipation of potential tariffs.
In January, Ireland recorded a substantial increase in medicine exports to the United States, with a rise of 130% to 9.4 billion euros ($10.7 billion).
The growth continued into February, reaching 10.5 billion euros, a notable increase from 1.9 billion in the same month of the previous year, as reported by Ireland’s Central Statistics Office.
The Central Bank of Ireland has linked the surge in pharma exports to the U.S. since last July to the production of highly sought-after weight-loss drugs.
The bank also noted that the recent increases might be partially driven by stockpiling.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.