2.4.2026
SL Insight Newsletter #28
MFN Effect: Launches in the GENEROUS basket plummet
Marcel Boller
According to an analysis by GlobalData / Pharmaceutical Technology, the number of pharmaceutical launches in Europe fell by 35% in the ten months following the introduction of International Reference Pricing (IRP) in the U.S. U.S. biotech companies are increasingly avoiding licensing agreements with European partners for fear of triggering MFN clauses.
What does this mean for Switzerland?
Early indications suggest that MFN is delaying launches in GENEROUS countries—and Switzerland is particularly vulnerable in this regard. As a small market with high price transparency, an early launch in Switzerland increasingly poses a risk for companies: a low Swiss price can now serve directly as a benchmark for the U.S.
