智通财经网·2025-05-15 00:35Core Viewpoint - The executive order signed by Trump aims to lower prescription drug prices in the U.S. by implementing a "most-favored-nation" pricing policy, requiring pharmaceutical companies to align U.S. drug prices with the lowest prices in comparable developed countries [2][4]. Group 1: Executive Order Details - The executive order titled "Most-Favored-Nation Pricing for Prescription Drugs" was signed on May 12, 2025, to address the long-standing issue of high drug prices in the U.S. [2][4]. - The order proposes that the Department of Health and Human Services (HHS) establish a system allowing patients to purchase drugs directly from manufacturers at the most-favored-nation price, bypassing middlemen [2][3]. - If the most-favored-nation pricing is not implemented within 30 days, HHS will consider mandatory policies, including importing lower-priced drugs from other developed countries [2][3]. Group 2: Challenges and Industry Impact - The implementation of the executive order is expected to face significant challenges, as there is a large buffer between the net and list prices of drugs in the U.S. [4]. - In 2023, U.S. drug spending reached $910 billion based on Wholesale Acquisition Cost (WAC), but the net spending was around $650 billion, indicating a substantial gap [4]. - The executive order lacks specific execution details, making its implementation difficult [4]. - A similar executive order issued by Trump in September 2020 was suspended due to strong opposition from the industry, and subsequently revoked by the Biden administration [4]. Group 3: Market Outlook - The overall impact of the executive order on the pharmaceutical industry is expected to be limited in the short term due to the aforementioned challenges [4][6]. - The company maintains a "stronger than market" rating for the innovative drug sector despite the potential changes in pricing policies [6].