Industry Notes

Industry Notes / Pharma / Chapter 3 of 20 · Timeline

US pricing rewrite: the key timeline

Not one headline—the profit base was put on the table

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  1. 2022-08
    IRA signed; Medicare negotiation becomes law.
  2. 2025-05
    Executive order pushes most-favored-nation pricing and DTC.
  3. 2025-09
    Pfizer signs MFN first, in exchange for a three-year tariff waiver.
  4. 2026-02
    TrumpRx.gov launches with the first batch of drugs.
  5. 2026-05
    All 17 firms signed, covering about 86% of branded drugs.

From the IRA to MFN and TrumpRx, the US drug premium was handled as a system for the first time. Most deals are still administrative and may expire with the term—codification is the long valuation variable.

Source：美国白宫 Fact Sheet、CMS/HHS、国会研究服务局（CRS）；IRA 与 MFN 相关行政令公开文件

Research notes, not investment advice.