It is important to acknowledge that while other factors will have contributed to this drop (such as regulatory delays, pricing and reimbursement negotiations, or supply chain constraints), the trend seen is an early signal of the impact that the introduction of IRP in the US has had on European markets. Based on the MFN policy framework and reference baskets, the lowest-priced markets are used as a reference point for US pricing. Consequentially, there is a structural disincentive to launch early in countri ...