Drugmakers Delay European Launches Amid Trump Pricing Policies

Industry grapples with U.S. pressure and pricing policy shifts from the Trump administration.

Mar. 31, 2026 at 10:02am

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Drugmakers are delaying the launch of new medicines in Europe as they navigate the impact of U.S. President Donald Trump's policies aimed at lowering prescription drug prices. The White House has pushed for a 'most-favored-nation' pricing model that would tie U.S. drug costs to lower prices paid in other countries, leading companies to pause European launches to avoid pulling down American prices.

Why it matters

The delays highlight the complex balancing act facing drugmakers and European healthcare policymakers as they grapple with the ripple effects of U.S. pricing policies. Europe's traditionally lower drug costs could now jeopardize access to innovative new therapies as companies prioritize the lucrative American market.

The details

According to industry executives and data, new drug launches in Europe have fallen sharply, by around 35%, since the U.S. introduced international reference pricing in May 2025. Delaying launches at lower EU prices could help drugmakers secure higher U.S. prices for longer. Companies like Insmed and Amgen have cited the uncertainty around Trump's 'most-favored-nation' policies as a reason for postponing or withdrawing products from European markets.

  • The U.S. introduced international reference pricing in May 2025.
  • New drug launches in the EU fell by 35% in the 10 months after the U.S. policy change, compared to the prior 10-month period.

The players

Stefan Oelrich

President of the European Federation of Pharmaceutical Industries and Associations and a senior executive at Bayer.

Lionel Collet

Head of France's HAS health authority.

William Lewis

CEO of U.S. drugmaker Insmed.

Ruud Dobber

Executive at AstraZeneca.

Ron Lanton

Boston-based healthcare lawyer.

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What they’re saying

“We're seeing first signs of delayed introductions into Europe.”

— Stefan Oelrich, President, European Federation of Pharmaceutical Industries and Associations

“The arrival of Trump has altered companies' strategy of how they put products on the market.”

— Lionel Collet, Head, France's HAS health authority

“We want clarity on the MFN policies. It seems to us that the prudent thing to do is to sort of put things on hold until we know what that's going to look like.”

— William Lewis, CEO, Insmed

“Europe risks falling behind the U.S. and China because of governments' approach to valuing medicines.”

— Ruud Dobber, Executive, AstraZeneca

“Launching drugs in Europe has stalled, because it's like 'playing a game of chess' wearing a 'blindfold'.”

— Ron Lanton, Healthcare Lawyer

What’s next

Industry groups and European policymakers are expected to continue discussions on balancing drug pricing and access as the impact of the U.S. 'most-favored-nation' policy unfolds.

The takeaway

The delays in European drug launches highlight the complex global dynamics facing the pharmaceutical industry, as companies must navigate divergent pricing policies and priorities across major markets. This could have significant implications for patient access to innovative therapies in Europe.