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21评论|美国药价改革的转折:市场机制与政府作用的再平衡
2025年9月30日,辉瑞公司与美国政府达成"最惠国价格"(Most-Favored-Nation Price)协议,计划参与 即将上线的TrumpRx平台,辉瑞宣称将为美国患者提供最高可达85%、平均约50%的药品折扣,并承诺 向各州医疗补助计划(Medicaid)提供"最惠国价格"。作为回报,公司将在三年内获得关税豁免和相关 政策便利。表面上看,这是一场政府与制药企业之间的价格谈判,但从更广的制度视角观察,这一举措 反映出美国药品定价体系在经历长期市场化运行后,正试图向政府更多直接参与的模式转变。 长期以来,美国药品定价机制以自由定价和市场调节为主。2003年《医疗保险现代化法案》(Medicare Modernization Act)中的"不干预条款",禁止联邦政府直接与制药企业谈判药价,导致政府对药价仅有 零星直接干预。叠加药品福利管理机构(Pharmacy Benefit Managers,PBMs)的多层分销结构和复杂回 扣制度,美国药品价格高企,定价体系复杂。根据兰德(RAND)2024年的报告显示,2022年美国药品 的平均价格是其他33个经合组织国家的2.78倍,美国品牌原研药的价格更是平均 ...
美国药价改革的转折:市场机制与政府作用的再平衡
总体来看,美国药价改革反映出全球医药治理体系正在进入再平衡阶段。 冉明东 宋丽梦(中南财经政法大学 湖北省医疗保障改革发展研究院) 2025年9月30日,辉瑞公司与美国政府达成"最惠国价格"(Most-Favored-Nation Price)协议,计划参与 即将上线的TrumpRx平台,辉瑞宣称将为美国患者提供最高可达85%、平均约50%的药品折扣,并承诺 向各州医疗补助计划(Medicaid)提供"最惠国价格"。作为回报,公司将在三年内获得关税豁免和相关 政策便利。表面上看,这是一场政府与制药企业之间的价格谈判,但从更广的制度视角观察,这一举措 反映出美国药品定价体系在经历长期市场化运行后,正试图向政府更多直接参与的模式转变。 长期以来,美国药品定价机制以自由定价和市场调节为主。2003年《医疗保险现代化法案》(Medicare Modernization Act)中的"不干预条款",禁止联邦政府直接与制药企业谈判药价,导致政府对药价仅有 零星直接干预。叠加药品福利管理机构(Pharmacy Benefit Managers,PBMs)的多层分销结构和复杂回 扣制度,美国药品价格高企,定价体系复杂。根据兰 ...
美股医疗板块年内疲弱 分析师:投资者或可逢低布局迎接复苏
智通财经网· 2025-08-07 22:25
Core Viewpoint - The healthcare sector in the S&P 500 has been underperforming since 2025, but it may be on the verge of a rebound as negative factors are being digested [1] Group 1: Sector Performance - The Health Care Select Sector SPDR Fund (XLV.US) has declined by 3.7% year-to-date, significantly underperforming the S&P 500's 7.1% gain during the same period [1] - Major healthcare companies, including UnitedHealth (UNH.US), Cigna (CI.US), and Humana (HUM.US), are facing stock price pressure due to soaring reimbursement costs [1] - Pharmaceutical companies are also under pressure from policy changes and cost increases, including ongoing drug price reforms and potential tariffs [1] Group 2: Positive Signals - The XLV ETF is stabilizing around $132.50, close to the technical support level of $130 that has attracted buying interest since April [2] - The healthcare sector has maintained a long-term upward trend since 2009, suggesting that current adjustments may provide a buying opportunity for long-term investors [2] - Pfizer (PFE.US) saw a 4% increase in stock price after reporting earnings that exceeded market expectations, while Merck (MRK.US) managed to hold its stock price above the $77 support level despite sales adjustments [2] Group 3: Valuation and Growth Potential - The forward P/E ratio for the healthcare ETF is currently at 16 times, significantly lower than the S&P 500's 22 times, representing a 27% discount, which is nearly double the average discount over the past decade [2] - The healthcare sector is expected to achieve an average annual earnings growth rate of 11% over the next two years, driven by rapid expansion in the obesity drug market and strong performance from medical device companies [2] Group 4: Analyst Insights - Adam Parker, Chief Analyst at Trivariate Research, expressed optimism about the sector, stating that the earnings expectations for the healthcare industry are more achievable than average [3]
60天!特朗普挥“降价大棒”:辉瑞、诺和诺德等17家药企被下“最后通牒”
Hua Xia Shi Bao· 2025-08-03 00:25
Group 1 - Trump issued a "last ultimatum" to 17 major pharmaceutical companies, demanding written commitments for price reductions within 60 days, or the government would take necessary actions to protect American families from high drug prices [1][2] - Pharmaceutical companies responded cautiously, with Pfizer emphasizing its patient assistance programs but not committing to broad price cuts, while Merck avoided discussing price reductions for established drugs [2][3] - The average price of prescription drugs in the U.S. is approximately 2.56 times higher than in other OECD countries, with some innovative drugs being up to 10 times more expensive [5] Group 2 - The U.S. pharmaceutical market is characterized by high drug prices, with median launch prices increasing from $2,115 in 2008 to $180,007 in 2021, a nearly 90-fold increase [4] - The complexity of the reimbursement system, including the roles of Pharmacy Benefit Managers (PBMs) and insurance companies, is cited as a significant factor driving up patient costs [5][6] - Trump's actions reflect ongoing tensions in the U.S. healthcare system, where the balance between incentivizing pharmaceutical innovation and ensuring patient access remains a critical challenge [6][7] Group 3 - The potential for a "drug price reduction wave" could significantly impact large multinational pharmaceutical companies, altering the pricing logic for innovative drugs and those under patent protection [3][8] - The pharmaceutical industry faces immense political and public pressure, which may lead to limited price reductions for specific drugs, but systemic reforms are necessary for lasting change [6][9] - A 10% decrease in drug prices could result in a 17% reduction in R&D spending by companies, indicating that price control measures may negatively affect future drug development [9][10]
特朗普再挥“降价大棒”:辉瑞、诺和诺德、默沙东、强生等17家药企被下通牒,美国药价博弈白热化
Hua Xia Shi Bao· 2025-08-01 13:30
Group 1: Core Message - Trump issued a "last ultimatum" to 17 major pharmaceutical companies, demanding written commitments for verifiable and quantifiable price reductions within 60 days, or the government will take necessary actions to protect American families from high drug prices [1][2][3] Group 2: Pharmaceutical Companies' Responses - Pfizer emphasized its patient assistance programs and mentioned limited discounts on specific insulin products but did not commit to broad price reductions [2] - Merck reiterated its commitment to accessibility but avoided discussing price reductions for mature drugs [2] - Eli Lilly announced a significant price cut of 70% for its insulin products, positioning itself as an industry leader in this regard [2] Group 3: Historical Context and Implications - Trump's actions are a continuation of his previous efforts to reform drug pricing during his presidency, including attempts to implement the Most Favored Nation (MFN) pricing model [3] - The current political pressure on pharmaceutical companies may lead to limited price reductions, but systemic reforms are necessary for lasting change in drug pricing [8][9] Group 4: Drug Pricing Trends - The median launch price of drugs in the U.S. has increased dramatically, from $2,115 in 2008 to $180,007 in 2021, indicating a nearly 90-fold increase [4] - The average price of prescription drugs in the U.S. is approximately 2.56 times higher than in other OECD countries, with some innovative drugs priced up to 10 times higher [7] Group 5: Industry Dynamics and Challenges - The complexity of the U.S. drug pricing system, including the roles of Pharmacy Benefit Managers (PBMs) and insurance companies, contributes to high out-of-pocket costs for patients [7][8] - The pharmaceutical industry faces a delicate balance between incentivizing innovation and ensuring drug accessibility for patients, with potential negative impacts on future research and development funding if prices are forced down [10]
美国药价,为何是全球最高的?
Hu Xiu· 2025-07-24 06:35
Core Viewpoint - The article discusses the complexities and challenges of drug pricing in the United States, highlighting the significant price disparities compared to Europe and the underlying factors contributing to these differences. Group 1: Trump's Executive Order and Its Implications - Trump's executive order aimed to reduce drug prices by 30%-80%, but lacked a clear implementation plan, leading to confusion and a rise in pharmaceutical stock prices instead of a decline [2][4][5]. - The historical context reveals that U.S. law prohibits the government from negotiating drug prices directly with pharmaceutical companies, rooted in the philosophy of maintaining a separation between government and business [6][10][13]. Group 2: Drug Pricing Mechanisms - Drug prices in the U.S. are significantly higher than in other developed countries, with some medications costing 5-10 times more [15][52]. - The pricing mechanism involves multiple channels, including government insurance and commercial insurance, each with different pricing strategies and negotiation dynamics [29][30]. Group 3: Global Drug Price Comparisons - In Europe, drug prices are generally lower, with examples showing that the same medication can cost around $500 in Europe compared to $1000 in the U.S. [52][53]. - The article notes that while some rare disease medications are still expensive, the overall trend shows that U.S. drug prices are often higher due to various market dynamics and negotiation practices [56][58]. Group 4: Industry Dynamics and Future Considerations - The pharmaceutical industry is characterized by a complex interplay of innovation, pricing strategies, and regulatory frameworks, which influence the development and pricing of new drugs [47][68]. - The introduction of negotiation mechanisms in the U.S. under the IRA Act reflects a shift towards more competitive pricing, similar to practices seen in other countries [67][68].
传奇生物(LEGN):Carvykti 稳步放量,2H25 新产能落地,药价改革影响或可控,维持买入
BOCOM International· 2025-05-15 05:45
Investment Rating - The report maintains a "Buy" rating for Legend Biotech (LEGN US) with a target price of $65.00, indicating a potential upside of 100.7% from the current price of $32.38 [1][8]. Core Insights - Carvykti is experiencing steady growth, with a 10% quarter-over-quarter increase in 1Q25 sales, driven by new production capacity, new indications, and market expansion. The report suggests that the current market concerns regarding competition and drug pricing reforms are overstated, supporting the "Buy" rating [2][4]. - The revenue forecasts for Legend Biotech have been adjusted downward for 2025, 2026, and 2027, reflecting a 9.5%, 5.4%, and 1.8% decrease respectively. The projected revenues are $960 million, $1.4 billion, and $1.797 billion for those years [3][9]. Financial Projections - The updated financial model predicts the following for Legend Biotech: - 2025E Revenue: $960 million - 2026E Revenue: $1.4 billion - 2027E Revenue: $1.797 billion - 2025E Gross Profit: $596 million with a gross margin of 62.1% [3][9]. - The net loss for 1Q25 was reported at $101 million, but adjusted net loss excluding non-operating items was significantly reduced to $27 million compared to a net loss of $85 million in 1Q24 [4][9]. Market Performance - The stock has shown a year-to-date change of -0.49%, with a 52-week high of $59.88 and a market capitalization of approximately $5.95 billion [2][9]. - The report highlights that the market is currently undervaluing the stock, as it trades at 1.7 times the peak revenue multiple, indicating significant investment value [4][5].
医药:特朗普美国药价改革专家解读会议
2025-05-13 15:19
Summary of Key Points from the Conference Call on U.S. Pharmaceutical Pricing Reform Industry Overview - The U.S. healthcare system consists of Medicare, Medicaid, and commercial insurance, with Medicare covering the elderly and disabled, funded by taxes and subsidies, while Medicaid is jointly funded by federal and state governments for low-income individuals [1][2] - The U.S. has the highest healthcare spending among developed countries, accounting for 16.5% of GDP in 2022, yet has a relatively low average life expectancy, indicating systemic deficiencies [3] Core Insights and Arguments - Both the Trump and Biden administrations have attempted to lower drug prices through various means, facing significant challenges [1] - The Biden administration's Inflation Reduction Act (IRA) set price caps on certain high-cost drugs, resulting in significant price reductions for some medications, such as a 56% reduction for a blood clot treatment and a 66% reduction for a diabetes drug, while negotiations for cancer drug ibrutinib failed [1][4] - The federal government does not directly intervene in commercial insurance drug pricing; instead, commercial insurers negotiate discounts through Pharmacy Benefit Managers (PBMs) [5][6] - PBMs control costs through strategies like substituting generics and establishing prescription guidelines, with the Trump administration favoring market liberalization and the Biden administration relying on inflation-linked negotiations [1][7][8] Additional Important Content - Trump's proposal aims for a universal drug price reduction of 30%-80%, which may pressure pharmaceutical companies to adjust their R&D strategies and global pricing structures, though such drastic cuts could hinder innovation [2][10] - Cross-national pharmaceutical companies may respond to the most-favored-nation pricing policy by launching special versions of drugs or adjusting prices to maintain market stability [11] - The disparity between list prices and actual payment prices in the U.S. can affect the perceived effectiveness of price reductions, as insurance companies often negotiate lower prices than those advertised [13] - The impact of price caps on the innovative drug industry could lead to significant changes in product offerings and pricing structures, potentially delaying the market entry of new drugs [14][15] - The Biden administration's negotiation policies primarily affect Medicare, which covers high-cost innovative drugs, while commercial insurance may follow suit if Medicare successfully lowers prices [22][23] Conclusion - The ongoing debate over drug pricing in the U.S. reflects broader issues within the healthcare system, with significant implications for pharmaceutical innovation, market dynamics, and patient access to medications. The effectiveness of proposed reforms remains to be seen, particularly in light of potential legal challenges and industry resistance [12][27]
特朗普药价改革对医药板块影响几何
Zheng Quan Zhi Xing· 2025-05-13 06:04
Group 1 - Trump's announcement to sign an executive order mandating a 30%-80% reduction in prescription drug prices has caused significant market volatility, particularly impacting Chinese biotech firm BeiGene, which saw a 10% drop in stock price on May 12 [1] - The biopharmaceutical sector experienced a rebound on May 13, with companies like Junshi Biosciences and BeiGene recovering some losses, indicating a complex market reaction to the announcement [1] - The announcement reflects deeper issues within the U.S. healthcare reform landscape, highlighting the political challenges and the lack of a clear implementation path for such policies [2] Group 2 - The U.S. pharmaceutical pricing system is characterized by a high investment cycle, with the top ten global pharmaceutical companies, eight of which are American, investing a total of $120.5 billion in R&D in 2023 [3] - The lobbying efforts of the Pharmaceutical Research and Manufacturers of America (PhRMA) are significant, with political contributions reaching $382.6 million in 2023, a 67% increase from 2016, indicating the industry's strong influence on policy [3] - The American Medical Association (AMA) controls pricing for medical services, which affects insurance premiums and creates a closed-loop profit chain among patients, insurers, and pharmaceutical companies [4] Group 3 - The U.S. healthcare reform challenges stem from the interplay of market beliefs, decentralized governance, and populist political demands, complicating any unilateral executive actions [5] - Legal challenges may arise from the Takings Clause of the U.S. Constitution, which protects corporate property rights, potentially hindering the implementation of price controls [5] - Cultural resistance to government intervention in healthcare is prevalent, with 63% of Americans believing that such actions would lower the quality of care, complicating the acceptance of unilateral pricing policies [5] Group 4 - The market reaction to Trump's pricing announcement reflects a pessimistic outlook on the uncertainty surrounding pharmaceutical companies, particularly in the context of global pricing dynamics [6] - The disparity in drug pricing between the U.S. and China highlights the critical role of the U.S. pricing system as a valuation anchor for global biopharmaceutical innovation [6] - Successful healthcare reforms in other countries, such as Germany and Japan, demonstrate that market access and affordability can coexist, suggesting that a balanced approach is necessary for U.S. healthcare reform [6] Group 5 - Chinese pharmaceutical companies are increasingly focusing on global expansion, leveraging technological advancements and compliance strategies to navigate market challenges [7] - Companies like BeiGene and Junshi Biosciences are establishing production bases in the U.S. to mitigate tariff risks and integrate into the global supply chain [7] - The recent policy turbulence underscores that Chinese innovative drug companies are evolving from followers to leaders in setting industry standards, as evidenced by significant licensing deals and advancements in cutting-edge therapies [7]
降价30%~80%箭在弦上,美国药价改革影响几何?
Core Viewpoint - The announcement by President Trump regarding a potential reduction in prescription drug prices by 30% to 80% has led to significant declines in the stock prices of pharmaceutical companies, particularly in the A-share and Hong Kong markets [1][2]. Drug Price Reduction - The U.S. has previously attempted to lower drug prices, with the Medicare program expected to save approximately $6 billion in net costs by 2026 due to new negotiated prices [3][4]. - The recent administrative order aims to link Medicare payments for certain drugs to actual hospital procurement costs, potentially lowering prices by up to 60% [5][6]. Impact on Pharmaceutical Companies - The difference between list prices and net prices can be as high as 90%, meaning companies may only retain 10% of their revenue after negotiations [4][8]. - The administrative order is expected to lead to greater price reductions than previously anticipated, impacting pharmaceutical companies' revenue [4][10]. Medicaid and Medicare Considerations - Analysts suggest that the proposed price reductions may primarily affect Medicaid, with limited impact on Medicare due to existing price buffers [2][8]. - The IRA allows Medicare to negotiate prices for certain high-cost drugs, but the complexity of the process has resulted in lower-than-expected savings [9][10]. Future Outlook - The potential for significant changes in drug pricing policies remains uncertain, with the possibility of further negotiations and adjustments to the IRA [10][11]. - The pharmaceutical industry faces challenges due to the pressure of price negotiations and the potential for reduced market access for certain drugs [11].