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Policymakers are weighing a misguided price-control policy that would put U.S. jobs, manufacturing and economic strength at risk, all while doing little to lower costs for patients.
The policy, known as Most Favored Nation (MFN), would tie U.S. drug prices to those set by foreign governments, shrinking the resources needed to invest in American research, manufacturing and jobs, pushing companies to pull back in the U.S. and shift investments to global competitors.
The big picture: The U.S. biopharmaceutical industry supports more than 5 million jobs across all 50 states and is a key contributor to local economies across the nation.
And this footprint is growing. Since 2025, companies have committed to over $500 billion in new U.S. manufacturing and infrastructure investments, expected to support at least 100,000 additional jobs.
But MFN price controls would put this progress at risk. By importing foreign price-setting policies, MFN would significantly reduce the funds available for U.S.-based research, manufacturing and workforce growth, eroding the U.S. position as the epicenter for drug R&D and global biopharmaceutical leadership.
Why it matters: Analyses show MFN price controls could eliminate approximately 337,000 biopharma jobs and more than 1.5 million jobs across the U.S. economy, with ripple effects across suppliers, small businesses and local communities.
That means slower economic growth, fewer resources for discovering new medicines and long-term consequences for American competitiveness.
The bottom line: At a moment when the U.S. should be strengthening its global leadership, MFN would do the opposite. Policymakers should focus on solutions that lower costs for patients without putting American innovation, jobs and economic growth at risk.
Learn more at PhRMA.org/PriceSetting.
Matthew Norawong
Matthew is a senior manager on PhRMA’s Public Affairs team focusing on Medicare, Medicaid, importation and more. Prior to coming to PhRMA, he previously worked as a health policy analyst for National Journal’s Network Science Initiative, primarily supporting companies in the life sciences industry. Matthew completed his undergraduate studies in political science at the University of Washington and subsequently earned a Master of Public Health from the George Washington University. A native of the Pacific Northwest, Matthew currently resides in Washington, DC. Outside of the office, Matthew is an avid runner and enjoys playing bass guitar with his indie rock band.
Matthew Norawong
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