Trump set to reveal MFN pricing deals with mid-sized companies: report

The Trump administration looks set to unveil a new slate of most-favored-nation (MFN) drug pricing deals with several mid-sized biopharma companies, according to Bloomberg.

The announcement is expected on Monday, the news service reported this week, citing sources familiar with the plan. Drugmakers that have agreed to the voluntary deals are expected to provide their products to state Medicaid programs at prices aligned with those they charge in foreign countries.  

In exchange, the companies could secure tariff relief and may win exemption from Medicare pilot discount programs that are in the works, Bloomberg wrote. 

MFN prices will be determined by net drug prices paid by eight high-income countries: Canada, Denmark, France, Germany, Italy, Japan, Switzerland and the U.K., the White House has explained.

The agreements would help level the playing field for mid-sized companies that were left out of previous negotiations between the Trump administration and Big Pharma, which led the administration to strike deals with 17 of the industry’s heavyweight companies starting around this time last year.

Earlier this year, 10 U.S. biotechs formed the Midsized Biotech Alliance of America (MBAA) to contest the MFN drug pricing policy and put pressure on the administration. Companies in the group—most of which market just one or two drugs—include Alkermes, Alnylam, BioMarin, Incyte, Madrigal and Travere, among others.

The coalition argued that companies of their size, which often target unmet needs and have significant risk capital requirements, are particularly vulnerable to MFN policies because of their smaller commercial portfolios.

In May of this year, the Trump administration released a report that projected government savings of $64.3 billion over the next 10 years from MFN pricing deals. When factoring in all domestic savings, including those from the private insurance market, the figure swells to $529 billion. But these projections are based on Trump wrangling deals beyond those made with the 17 large pharma companies in 2025 and early 2026. 

“Moving forward, the Administration expects to reach similar agreements with most manufacturers of sole-source brand-name drugs and biologics in the nation,” the White House report said at the time.