Recent US efforts to introduce Most Favored Nation (MFN) drug pricing are creating new layers of uncertainty for transactions involving the commercialization of prescription medicines in the US. These policies - designed to align US drug prices with the lowest prices available in comparable countries - have the potential to reshape deal economics, launch strategies, and global pricing structures. Below, we outline the current MFN policy landscape and explore how these developments may affect both global and regional transactions.

As a reminder, these observations reflect the state of play today and may evolve quickly. To date, neither the US Department of Health and Human Services (HHS) nor the Centers for Medicare & Medicaid Services (CMS) has provided comprehensive guidance on how different commercial or licensing structures might be treated under an MFN framework.