Welcome to the Week in Review.

Patients Joins HHS for a Drug Prices Roundtable

Last week, five P4AD Patient Advocates participated in a roundtable with HHS Secretary Kennedy and NIH Director Bhattacharya, focused on the burden of high drug prices and the administration’s exploration of a ‘Most Favored Nation’ (MFN) strategy. Emily, Jackie, Janet, Melissa, and Sarah shared their stories with the Secretary, the NIH Director, and HHS staff about the sacrifices they have had to make to afford their lifesaving and lifesustaining medications. MFN pricing has the potential to be a powerful tool to lower drug prices if it’s designed with patients at the center and works in tandem with the historic Medicare Negotiation Program. As the administration shapes its policy, centering patient stories independent from industry influence is critical to ensure the framework will meaningfully lower prices in the U.S., without unnecessarily raising them abroad.  — [LinkedIn, YouTube, White House]

Lowering Drug Prices Doesn’t Hurt Innovation

A new report from Bentley University found that research and development (R&D) spending by 134 drug companies hit record levels after the passage of the Inflation Reduction Act, increasing from $211 billion in the 18 months before the law to $247 billion in the 18 months following its passage. This directly contradicts Big Pharma’s fearmongering that the Medicare Negotiation Program would hurt investment in new drug development. In reality, the industry has experienced steady R&D investment spending and continued strong revenue. While drug manufacturers continue to spread misinformation, 88% of Americans support Medicare negotiation to rein in pharma’s unchecked pricing power. The bottom line: the IRA has coincided with a period of record-high investment in the sector. Don’t be misled by Pharma’s cries to the contrary. — [Bentley University, Lever News, Commonwealth, Arnold Ventures]

Tariffs Are Back. And They’re Still a Bad Idea.

Tariffs are back in the news this week, after President Trump announced plans to impose rates of up to 200% on pharmaceutical products “very soon”, with new details expected at the end of the month. P4AD is cautioning that tariffs won’t hold drug companies accountable; they’ll just increase the risk of drug shortages and raise prices for patients as manufacturers pass any new costs onto patients. Price hikes will hit long before any potential benefits from reshoring or increased investment in U.S. manufacturing materialize. At a time when 1 in 3 Americans already can’t afford their prescription drugs, the last thing patients need is another policy that will make medicines even more expensive. — [The Hill, Bloomberg, Reuters]

In Case You Missed It

In preparation for the third round of Medicare negotiation, P4AD submitted comments to CMS on the cycle’s new draft guidance. P4AD will continue fighting to protect the program’s implementation as it begins to deliver savings for 9 million Medicare recipients in 2026. — [Bloomberg Law, CMS]

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