About PhRMA
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are laser focused on developing innovative medicines that transform lives and create a healthier world. Together, we are fighting for solutions to ensure patients can access and afford medicines that prevent, treat and cure disease. Over the last decade, PhRMA member companies have invested more than $850 billion in the search for new treatments and cures, and they support nearly five million jobs in the United States.
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“Government-imposed Most Favored Nation policies would undermine U.S. competitiveness while doing nothing to address insurance practices that deny care and raise costs for patients.”
WASHINGTON, D.C. (February 24, 2026) — The Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released the below statement following President Trump’s State of the Union address:
“America’s leadership in medical innovation gives U.S. patients first access to breakthrough medicines, supports more than 5 million jobs and strengthens our national security. But this leadership is not guaranteed, and China is investing aggressively to overtake us. Preserving America’s edge requires policies that strengthen—not weaken—the innovation ecosystem that has delivered decades of medical progress.
“The Administration should continue efforts to press other countries to pay their fair share for innovative medicines. Policymakers should also build on the historic PBM reforms President Trump signed into law by addressing insurer and PBM consolidation, curbing excessive coverage denials and increasing transparency and accountability in the 340B program. And if patients can find a better deal purchasing medicines directly, those costs should count towards their deductible and out-of-pocket limit.
“Government-imposed Most Favored Nation policies would undermine U.S. competitiveness while doing nothing to address insurance practices that deny care and raise costs for patients. In countries that rely on price controls, patients wait years for new treatments—if they gain access at all. These policies would siphon billions from American R&D, slow the pace of cures and increase reliance on China for future innovation.
“The choices Washington makes today will determine whether America continues to lead tomorrow. We urge policymakers to choose policies that keep America in the lead.”