Patients will likely eventually see higher prices and drug shortages under President Trump's plan to assess tariffs on prescription drug imports.

Major drugmakers were a standout on a tumultuous day of corporate earnings on Thursday, beating expectations even as they grapple with the threat of sector-specific tariffs, efforts to lower drug prices and federal layoffs that could undermine efforts to invest heavily in the U.

President Trump announced that his administration would soon implement a “major tariff on pharmaceuticals” imported into the U.S. He also predicted that, in response, drug manufacturers would relocate their production facilities to the United States to avoid the import duties.