Through an intense U.S. election season, there is one issue that patrons of the right and left agreed on: The cost of prescription drugs is viewed as unfair and unsustainable. With President Joe Biden in office, his team should take prescription drug pricing policies into careful consideration – because when the U.S. sneezes, the world finds itself with a residual cold.
In an economic and political environment in which healthcare is a critical priority, a spotlight will be turned to treatment price gouging and price inequality in the U.S. compared to other countries, especially regarding COVID-19 vaccines.
Biden has promised to tackle drug pricing by limiting launch pricing for non-competes, limiting generic treatment price increases and allowing consumers to purchase prescription drugs from other countries. If these pricing reforms are immediately enacted into law, there will be profound effects for pharma companies planning to launch during this time.
Both pharma manufacturers and politicians need to think very closely about their next move in the pharma space. The U.S. market typically contributes around 45% of total revenue for global pharmaceutical companies, and any change will create an international ripple.
In our latest article, Ed Corbett, Head of EMEA, EVERSANA™ CONSULTING, discusses how implications from changes in U.S. presidency could soon affect pharma manufacturers around the globe.