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Filtering by entity: Lars Fruergaard Jørgensen | Clear Filter
Summary:The White House, on July 31, 2025, sent a letter to Novo Nordisk, outlining an Executive Order signed on May 12, 2025, that mandates drug manufacturers adopt Most-Favored-Nation (MFN) pricing for American patients, including for existing drugs via Medicaid and for new drugs for all payers. The letter claims that American patients currently pay up to three times more for brand-name drugs due to global freeloading and demands that increased revenues from higher prices charged abroad be repatriated to benefit American patients and taxpayers. It instructs manufacturers to implement direct purchasing at MFN pricing and warns that non-compliance by September 29, 2025, will result in the deployment of every available tool.
Sentiment:Directive
Key Claims:
- An Executive Order, 'Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients,' was signed on May 12, 2025.
- Brand name drug prices in the United States are up to three times higher than in other developed nations due to 'global freeloading.'
- Drug manufacturers must extend Most-Favored-Nation (MFN) pricing to Medicaid for their full portfolio of existing drugs.
- Drug manufacturers must guarantee MFN pricing for newly-launched drugs to Medicare, Medicaid, and commercial payers.
- Increased revenues obtained abroad must be repatriated to lower drug prices for American patients and taxpayers.
- Manufacturers must provide for direct purchasing at MFN pricing through Direct-to-Consumer (DTC) and/or Direct-to-Business (DTB) distribution models for high-volume, high-rebate prescription drugs.
- Refusal to comply will result in the deployment of 'every tool in our arsenal to protect American families from continued abusive drug pricing practices.'
- Binding commitments to achieve these goals are required by September 29, 2025.
- Secretary Kennedy and Administrator Oz are part of the team ready to implement these terms.
Potential Market Impact (S&P 500):7/10
Potential Geopolitical Risk:1/10
Potential Global Cross-Asset Impact:6/10
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