On May 12, 2025, an executive order was issued by the Trump Administration to implement a most favored nation (“MFN”) drug pricing policy that would tie U.S. drug prices to the prices paid for drugs in other countries. The Trump Administration has continued to exert pressure on drug manufacturers to implement MFN pricing, including by suggesting that the administration may impose significant tariffs on pharmaceuticals if such manufacturers do not reach agreements to implement MFN pricing.
