Most Favored Nation Drug Pricing

That takes the program to 26 companies and, by the administration's count, 89% of the branded market.

What the nine committed to is Medicaid access at MFN prices and MFN pricing on new launches, plus a collective pledge of at least $19.6 billion in U.S. manufacturing.

Nine more names, two of them mid-caps.

Medicaid access is the headline concession, and Medicaid was already the floor of the U.S. price ladder, which is why the read on this round is a shrug.

So part of the deal is exempting them from Section 232 tariffs that are set to come into effect in September.

And the other part of the deal is exempting companies, or at least the Trump administration has suggested that they're going to be able to exempt companies from mandatory MFN pricing models that are going to be rolled out in Medicare, Medicare Part D and Medicare Part D.

So each of the companies has, according to the White House, agreed to provide every state Medicaid program in the country access to MFN drug prices on their products.

They've agreed to fundamentally rebalance international drug pricing by providing MFN pricing to American patients.

That's the extent of the information that we've received from the White House.

We don't have any details exactly on what the deals are.

And I think that you could make a good case that imposing international reference pricing more broadly will not create the incentives that are needed to produce drugs that people are hoping that they could happen.

I think that if you look at...