Patents give you monopoly pricing power and patented drugs have huge gross profit margins. Given that, while part of the price increase will be passed on to consumers sellers will also cut prices.

To put it simply if they could charge higher prices without losing volume they already would because no one else can produce that drug so there is no competition to keep prices down.

I think they will just pass the tariffs on and that will be it.

Corporations are notoriously greedy.

Which is why they are already charge the price that maximises their profits. If they charged more the increased profit per unit would be more than offset by lower sales.

A good diagram of supply and demand with monopoly pricing power us the easiest way to explain this. I cannot find a good one online that shows the effect of tariffs though. In essence its worth losing some profit per unit to avoid losing too many sales.

Medicines typically have inelastic demand, which is why it needs heavy government regulation.

Look into what happened with Insulin prices in the US in the recent past for a lesson on that.

If demand is inelastic why have they not raised prices already?

Your positions are:

1. Corporations are greedy

2. Corporations will pass the tariff onto customers

#1 would imply drug companies charge the maximum price the market will bear. If so, how will they accomplish #2?

Whenever they have an excuse to increase prices, they do. Mostly because when the tariffs go away they can stick to the current price.

Tariffs are perfect in that it is not even an excuse. Maybe they can throw in an extra for their pocket too.