How US drug pricing reforms are reshaping biopharma investment and innovation
Recent US drug pricing reforms are reshaping the policy environment in which biopharmaceutical innovation is financed and developed. Measures such as the Inflation Reduction Act, alongside proposals incorporating international reference pricing through Most-Favored-Nation approaches, extend price regulation across Medicare and Medicaid. While these changes aim to address affordability, they also introduce new uncertainties for investment decisions across the innovation lifecycle.