经济观察报·2025-05-14 15:19Core Viewpoint - The executive order titled "Providing 'Most Favored Nation' Pricing for Prescription Drugs for American Patients" aims to align U.S. drug prices with those of other developed countries, potentially disrupting the U.S. pharmaceutical market and impacting innovation drug commercialization [2][6][11]. Summary by Sections Executive Order Overview - The executive order mandates the implementation of a "Most Favored Nation" pricing system, allowing U.S. patients to access drug prices equal to or lower than those in other developed nations [2][6]. - It encourages pharmaceutical companies to bypass intermediaries and sell directly to consumers at these prices, while also considering the import of lower-priced drugs from other countries [2][6]. Impact on Medicare and Medicaid - The order primarily affects Medicare and Medicaid, which together account for approximately 40% of U.S. healthcare payments, while commercial insurance covers over 40% [2][3]. - The direct impact on innovative drugs is expected to be limited in the short term, as these are mainly covered by commercial insurance, which the order does not directly influence [3][11]. Market Dynamics and Pharmaceutical Strategies - The order could lead to a shift in how pharmaceutical companies approach market rights, with a potential focus on retaining global rights rather than just overseas rights to control drug development and pricing [4][11]. - There is concern that if the order is implemented, some new drugs may only be launched in the U.S., delaying or preventing their availability in other regions [4][11]. Financial Implications - The U.S. accounts for about 75% of global pharmaceutical profits, and the order aims to address the imbalance where American consumers subsidize lower prices in other countries [6][7]. - The executive order states that Americans should not pay significantly higher prices for identical drugs produced in the same facilities [6][7]. Innovation Drug Market Outlook - The executive order may lead to a decrease in investment in U.S. innovation drugs, potentially increasing reliance on Chinese drug development [11]. - The high payment capacity of the U.S. market, which has historically supported high drug prices, may be challenged, affecting the dynamics of global drug pricing and availability [11]. Case Study: Zebutine - Zebutine, a BTK inhibitor, has seen significant sales growth, with global sales exceeding $4.7 billion and projected U.S. sales of $2 billion in 2024 [10]. - The drug's pricing strategy in the U.S. aligns with that of its competitors, but the potential changes in pricing dynamics could impact future pricing strategies and market access [10][11].