Tariffs are here — sweating the SWOT analysis, a letter from the Editor

It’s little comfort that everyone knew this was coming. And yet, the blow from President Donald Trump’s announcement of tariffs on Wednesday has still managed to send everyone reeling, redrawing plans for 2025 and beyond.

There’s arguably some comfort in the fact that the biopharma sector avoided tariffs on pharmaceutical products, but it’s a bold person who bets on that being a closed matter. In all events, President Trump holds the power to wield it as a possibility — a Damocles sword hanging over companies that underscores the hard truth that they need to manage through this by assuming no favors and planning conservatively...