In addition, recent legislative and regulatory proposals in the United States have included “most favored nation”, or MFN, drug pricing policies designed to align the prices in the U.S. with the lower prices in other countries. If enacted, this could affect profitability for any of our drug candidates that obtain marketing approval in the U.S., if any, as well as in other countries, as a price referencing policy to the U.S. market could make it commercially unviable to launch in a price constrained market.
All entries for: Negative Outlook
April 28, 2026
Design Therapeutics Inc
Negative Outlook
Carlsbad, CA
51-200 employees
For example, the current administration has announced agreements with pharmaceutical companies that require the drug manufacturers to offer, through a direct-to-consumer platform, U.S. patients and Medicaid programs prescription drug Most-Favored Nation pricing equal to or lower than those paid in other developed nations, with additional mandates for direct-to-patient discounts and repatriation of foreign revenues… These actions and policies may significantly reduce U.S. drug prices, potentially impacting manufacturers’ global pricing strategies and profitability, while increasing their operational costs and compliance risks.
April 27, 2026
RedHill Biopharma Ltd.
Negative Outlook
Tel Aviv, Israel
51-200 employees
In May 2025, the Trump Administration released two executive orders aimed to promote domestic production of critical medicines and to establish a most-favored-nation (“MFN”) drug pricing policy that would tie U.S. drug prices to the prices paid for drugs in other countries… These actions and policies may significantly reduce drug prices, potentially impacting manufacturers’ drug pricing strategies and profitability, while increasing operational costs and compliance risks, and the scope, timing, and ultimate impact of these initiatives and any related future regulatory or legislative actions remain uncertain.
April 15, 2026
RetinalGenix Technologies Inc.
Negative Outlook
Boston, MA
201-500 employees
If these rules or other Most-Favored-Nation pricing rules are finalized, they are likely to reduce prices of at least some drugs in the United States, if they are also sold in comparator countries. Even if we do not market drugs in such countries, we will be indirectly affected if our drugs competed with drugs whose prices were reduced as a result of Most-Favored-Nation pricing initiatives.
April 15, 2026
Abpro Holdings, Inc.
Negative Outlook
San Diego, CA
51-200 employees
While it is unclear whether and how the Trump proposals will be implemented, the Trump policies are likely to have a negative impact on the pharmaceutical industry and on our ability to receive adequate revenues for our product candidates, if approved.
April 8, 2026
Inventiva S.A.
Negative Outlook
Mountain View, CA
51-200 employees
The implementation of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability or commercialize our drugs, once marketing approval is obtained.
April 8, 2026
Inventiva S.A.
Negative Outlook
Mountain View, CA
51-200 employees
If coverage and adequate reimbursement are not available, or are available only to limited levels, we may not be able to successfully commercialize future product candidates that we develop, which could have an adverse effect on our operating results and our overall financial condition.
Disease Area: Metabolic Diseases, Rare Diseases
Drug Type: Small Molecule
April 7, 2026
NovaBridge Biosciences
Negative Outlook
Rockville, MD
1-50 employees
Although full economic effect of the IRA on our business and the pharmaceutical industry in general is unknown at this time, it will likely have a significant impact on the pharmaceutical industry and the pricing of our products and product candidates.
Disease Area: Oncology, Rare Diseases
Drug Type: Biologic
March 31, 2026
MiNK Therapeutics, Inc.
Negative Outlook
New York, NY
1-50 employees
The Trump administration is pursuing a two-fold strategy to reduce drug costs in the U.S. While it is unclear whether and how the Trump proposals will be implemented, the Trump policies are likely to have a negative impact on the pharmaceutical industry and on our ability to receive adequate revenues for any product candidate for which we obtain marketing approval. On the one hand, President Trump has threatened to impose significant tariffs on pharmaceutical manufacturers that do not adopt pricing policies such as most favored nation pricing, which would tie the price for drugs in the U.S. to the lowest price in a group of other countries. In response, multiple manufacturers have reportedly entered into confidential pricing agreements with the federal government. On the other hand, the Trump administration is pursuing traditional regulatory pathways to impose drug pricing policies, and published two proposed regulations in December 2025, referred to as Globe and Guard. If finalized, these regulations would implement mandatory payment models under which manufacturers of eligible drugs would be required to pay rebates to the federal government on a portion of the units of their drugs that are reimbursed by Medicare, with the rebate amount based on most favored nation pricing. Imposing a rebate in the U.S. that is based on drug prices outside the U.S. would mark a drastic and unprecedented shift in the U.S. pharmaceutical market, and while the impact of the Globe and Guard proposed regulations, if finalized, cannot yet be determined, it is likely to be significant