Investing.com -- Pharmaceutical giant Johnson & Johnson became the latest company to announce a massive investment in the U.S. to appease President Donald Trump.
Johnson & Johnson (NYSE:JNJ) announced Friday that it plans to invest more than $55 billion into the U.S. economy over the next four years.
It’s the latest commitment by major U.S. companies, contributing to approximately $1 trillion in domestic manufacturing expansion.
In February, President Trump reportedly warned top pharma executives of potential tariffs if they don’t move manufacturing to the U.S. and declined to commit to weakening the Inflation Reduction Act’s drug price negotiation program.
Johnson & Johnson said the investment represents a 25% increase compared to the prior four years.
“Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting edge medicines to treat patients in America and around the world,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson.
In Wilson, North Carolina, Johnson & Johnson is breaking ground on its new, 500,000 square foot, state-of-the-art biologics manufacturing facility.
The North Carolina facility will enhance the company’s ability to produce next-generation medicines for cancer, immune-mediated, and neurological diseases globally, while supporting around 5,000 construction jobs and creating over 500 permanent positions. Additionally, it is expected to generate a $3 billion economic impact across the state within its first decade of operation.
Beyond the Wilson, North Carolina facility, the Company will invest further in the U.S. over the next four years, including three new advanced manufacturing sites, expansions across its Innovative Medicine and MedTech businesses, and extensive R&D infrastructure to advance treatments in oncology, neuroscience, immunology, cardiovascular disease, and robotic surgery. Additional technology investments will accelerate drug discovery, enhance workforce training, and optimize operations. These efforts will create high-tech jobs and strengthen the Company’s annual U.S. economic impact, already exceeding $100 billion.