The news: New drug launches across Europe fell 27% over the past 17 months compared with the same period before President Trump announced his most-favored-nation (MFN) drug pricing policy, per GlobalData figures cited by The Wall Street Journal.

Why it matters: MFN pricing aims to lower US drug prices by narrowing the gap with other developed countries. But new medicines are still launching at high prices in the US. Meanwhile, drugmakers are reconsidering European launches over concerns lower prices there could affect what they charge in the US. In the US, the median list price for 42 new drugs launched this year was $357,000, up from $289,980 in 2025, per 3 Axis Advisors data cited by WSJ.

European patients already face longer waits for new drugs because manufacturers must negotiate prices with national health systems. MFN could add to those delays by giving drugmakers an incentive to avoid lower European prices.

WSJ cited several examples of drugmakers changing or reconsidering their European strategies due to the MFN policy:

• Amgen withdrew a cholesterol drug from Denmark over concerns that its Danish price could affect US pricing.
• Insmed delayed European launches of its chronic lung disease drug because of the US policy.
• Novartis is considering launching new drugs only in Europe’s private market to avoid government-negotiated prices affecting US pricing.

Implications for pharma marketers: MFN pricing could further complicate European launch and marketing strategies as governments take different approaches to drug spending. For example, the UK is taking steps to allow more higher-priced medicines onto the market, while Germany, a market where drugs are commonly launched first, is proposing cuts to government drug spending. Drugmakers should assess which markets receive early commercial investment and how they reach patients in countries with limited access.

Longer European launch delays could put more emphasis on US sales, even as new drugs launch at high prices there. That raises the pressure on pharma marketers to convert consumer awareness into prescriptions, making coverage information, affordability programs, and patient support more important to launch campaigns.

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