Structure Therapeutics' pill matches Novo’s and Lilly’s on weight loss, teeing up fiercer competition.

The FDA’s plans for broader access of medications could boost convenience, but also raise safety risks and drug costs.

Pharma’s intangible value drops as others climb: While other sectors gained ground, pharma lost value, driven by individual company setbacks and policy pressures.

Pharma, startups, and the federal government piled into virtual care with new platforms and partnerships.

The UK will increase the price it pays for new medicines in exchange for evading tariffs on pharmaceutical exports to the US, under a trade agreement reached between the two governments on Monday. The deal is further affirmation that Trump will use tariff threats as a bargaining tool to advance what he views as larger measures against the pharma industry: increasing domestic drug production, reducing the cash-pay prices of some expensive medicines, and bringing US drug costs closer in line with those in other affluent countries.

The Trump administration announced lower Medicare prices for 15 prescription drugs via the Medicare drug price negotiation program. The new prices will take effect starting January 1, 2027. The biggest hit will fall on pharma companies with drugs selected in both rounds of Medicare negotiations. Revenue impacts will vary depending on each product’s time on the market and how far the negotiated price falls below prior net sales after rebates and discounts. For the government, savings on these drugs will be significant, but broader program savings won’t materialize until far more than 25 drugs see price cuts.

AstraZeneca reached a deal with the US government to lower prescription drug prices in exchange for a three-year tariff reprieve. If more Big Pharma deals with Trump mirror Pfizer’s and AstraZeneca’s, it signals the sector views the terms as favorable, since core revenue drivers remain largely untouched. Still, pricing pressure won’t subside anytime soon, with more drugs expected to be up for Medicare price negotiations. Big Pharma shouldn’t view these latest agreements as the end of the line, but rather as important learning moments for which drug pricing concessions will appease the administration.

Amgen debuted a new direct-to-consumer (D2C) prescription drug platform and cash-pay discounts beginning with heart disease med Repatha. It joins more than half a dozen pharma company D2C launches under pressure from the Trump administration to lower prices through direct sales. Drugmakers need to ensure physicians understand the new D2C platform value beyond price, such as easier access and better adherence for their patients. On the consumer side, messaging should emphasize the value and convenience of online ordering, 24/7 online customer service, and free shipping to home, especially for recurring prescriptions.

The Trump administration is rolling out its own direct-to-consumer (D2C) prescription drug website called TrumpRx.com for Americans to purchase some prescriptions at lower negotiated rates. It’s also inked a specific deal with Pfizer to cut many of its drug prices by 40% or more, and in turn, receive a three-year delay on tariffs. Pharma companies are technically meeting Trump demands with D2C announcements, but the initial moves may not be enough to satisfy policymakers or consumers.

AstraZeneca is launching a direct-to-consumer (D2C) website and dropping the cash-pay prices of two key drugs, following Bristol Myers Squibb’s announcement a day earlier. Pharma D2C is no longer a niche play and we expect direct sales to play a bigger role in future drug sales. The new models bypass insurers and pharmacy benefit manager middlemen, which should lead to better prices for consumers. Drugmakers and agencies also need to focus on creating well-designed, patient-centered website experiences that mirror online retail experiences—or risk losing out in what’s about to become a crowded pharma D2C marketplace.

British pharma company GSK plans to invest $30 billion in US drug manufacturing and R&D, coinciding with President Trump’s UK state visit and a broader pullback on UK investments by other drugmakers. Since taking office, Trump has issued executive orders and warnings aimed at spurring more US manufacturing and lowering drug prices. While his approach is boosting manufacturing, it doesn’t necessarily translate to lower drug prices. For increased US manufacturing to truly benefit consumers, it needs to be coupled with reforms in how drugs are priced, negotiated, and reimbursed. Without cooperation from the full supply chain—from pharma companies to providers, pharmacy benefit managers, insurers, and federal and state governments—manufacturing growth alone won’t guarantee lower prices for patients.

The news: Pharma commercialization company Eversana bought digital health tech Waltz Health and is creating direct-to-consumer (D2C) and direct-to-payer models that cut out rebate negotiators, or pharmacy benefit managers (PBMs). Our take: D2C sales are the most palatable of the Trump administration’s drug pricing policies for pharma companies. But with limited in-house tech expertise, drugmakers need to partner with service providers. Health tech companies that offer D2C end-to-end solutions can create new revenue streams, while helping pharmas cater to Trump and patients’ demand for affordability and convenience.

The news: AstraZeneca is rolling out the first flu vaccine for at-home use, a nasal spray called FluMist Home. Our take: AstraZeneca’s at-home vaccine option offers an appealing new convenience but still faces vaccine hesitancy and change skeptics. While the marketing is just rolling out, social media parent influencer voices and partnering with trusted physicians will be important to build trust.

The news: The FDA laid out a new FDA PreCheck initiative, aimed at helping pharma companies build US manufacturing plants more quickly. The takeaway: FDA PreCheck may ease manufacturing regulations and trim review time, but navigating real estate, construction, and skilled labor issues still means pharma companies are facing years-long timelines to reshore drug manufacturing. Trump has promised a year or two grace period on his proposed 250% tariffs, but that may not be long enough to get plants up and running. Pharma should look to cut deals—like Apple’s recent tariff exemption granted by Trump after it promised to invest $100 billion in US manufacturing—to guarantee exemptions as long as projects are underway.

The news: HHS Secretary Robert F. Kennedy Jr. canceled $500 million in federal mRNA grants, eliminating flu, COVID-19, and infectious disease research that used the technology. The Biomedical Advanced Research and Development Authority (BARDA) agency nixed 22 contracts, including ones with Moderna, Pfizer, and AstraZeneca.

The news: The trade deal between the US and EU will include a 15% tariff on pharmaceuticals imported from Europe, the White House said. The final word: Pharma companies and industry trade groups had been holding out hope that their medicines imported to the US would be exempt from tariffs. Not getting that reprieve is a setback—but the 15% rate on its own could be seen as a decent outcome, particularly considering that 200% tariffs were threatened and the Section 232 investigation could lead to a higher levy in other countries.

Snacks maker Mars said it plans to invest an additional $2 billion in US manufacturing through next year to build new facilities and upgrade existing ones in wake of the Trump administration’s tariffs. Tariffs are leading some businesses to boost their US footprint, and we may see more investment announcements. But a key consideration is whether these expansion announcements will represent substantive, job-creating initiatives, or if they are largely symbolic moves designed to support the US government’s current messaging around American manufacturing.

The news: Prescription drugmakers can now apply for new Trump administration priority review vouchers that will cut drug approval times down from 10-12 months to just 1-2 months. Our take: Good faith commitments for US drug onshoring investments could translate to valuable advantages if those drugmakers can leverage those into a CNPV. But with so many pharma companies already in that pool, we expect this year’s winners to be drugmakers who can show real evidence of two, three or even all five priorities on the Trump administration list.

The news: AstraZeneca plans to invest $50 billion in US drug manufacturing and R&D by 2030. The big takeaway: Pouring billions into US builds isn’t an option for most generic drugmakers that operate on thin margins. This could result in shortages since companies that make generics may have to choose between exiting the market once tariffs take effect and raising prices when possible. Other players in this space might find it most beneficial to wait it out and see if Trump changes course yet again on tariff policy.

Out-of-home ads help pharma reach patients beyond clinical settings: Marketers must keep in mind that it’s not about pressure to convert—it's about creating presence and trust.