Beyond pricing: How MFN may reshape pharma dealmaking

US Most Favored Nation policy is typically discussed as a pricing challenge. But its implications extend beyond pure pricing and revenue forecasts. As pricing becomes more interconnected across markets, MFN-related policies may influence how assets are valued, prioritized, and transacted. Here are the implications business development teams and investors should consider.

Most Favored Nation (MFN) and its US international reference pricing (IRP) policies are often discussed through the lens of pricing pressure and revenue risk. These policies  also have broader strategic implications for how pipeline assets are evaluated, prioritized, and transacted.

While important details remain uncertain, current proposals and individual White House agreements with pharmaceutical companies suggest that these companies  face significantly different commercial constraints. This asymmetry is becoming a key factor in asset evaluation, partnering, and deal…