The Strait of Hormuz closure and the Trump administration's 100% pharmaceutical tariff arrived within weeks of each other, and their convergence reveals a structural exposure that investors have been aware of in theory but have not had to price in practice. The US pharmaceutical supply chain has an acute concentration problem, and two simultaneous shocks are turning it from a known risk into an active disruption with measurable timelines.
Why This Is Structural
The Hormuz disruption is the trigger, but the structural dependency predates it. India produces approximately 47% of US generic drug p