What happens when making medicines cheaper in the US makes Europe less attractive for pharmaceutical innovation?
In this episode of Pharma minds, I speak with Christoffer Frendesen, a Brussels-based pharmaceutical journalist specializing in pricing and market access, about one of the most consequential questions facing Europe’s pharmaceutical market: what happens when the rules of global drug pricing change?
Trump’s Most Favored Nation (MFN) policy is putting pressure on pharmaceutical prices in the US. But the consequences may extend far beyond American patients, and Europe may end up paying part of the price.
Christoffer explains what he is hearing from industry and policy experts, and why delayed launches and higher prices in Europe may not be temporary effects. In some European countries, fewer new medicines are already being launched, raising a fundamental question about access to innovation.
We also explore:
◾️ Why Europe is struggling to speak with one voice on pharmaceutical pricing and market access
◾️ Whether national pricing and reimbursement systems are still sustainable
◾️ Whether a more coordinated European pricing and reimbursement system could improve access
◾️ Why the EU’s Biotech Act may not be enough to make Europe attractive for pharmaceutical R&D and manufacturing
◾️ And why the consequences of MFN could be much more permanent than a Trump presidency.
Recent reporting reveals that 11 EU countries met in June to discuss the impact of MFN. The countries emphasised the need for action, discussed potential cooperation and exchanged views on initiatives to counter MFN's impact. However, media reports indicate that no concrete common proposals to counter MFN were decided. Additionally, the countries decided to invite the remaining EU countries to participate in the MFN dialogue. The participating countries included: Austria, Belgium, Denmark, Czech Republic, France, Germany, Ireland, Italy, Netherlands and Spain.
This is not simply a story about Trump or pricing. It is a conversation about Europe’s pharmaceutical competitiveness, access to innovation, and the choices Europe will have to make if it wants to remain an attractive market for the medicines of tomorrow.
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👉 To find Christoffer Frendesen:
LinkedIn https://www.linkedin.com/in/christoffer-miguel-frendesen/?locale=en
Resources mentioned in the episode:
📌 Trump’s Most Favored Nation (MFN) policy: https://www.whitehouse.gov/fact-sheets/2026/08/fact-sheet-president-donald-j-trump-announces-deal-with-nine-additional-pharmaceutical-manufacturers-to-lower-drug-prices-for-americans/
📌 The EU Critical Medicines Act: https://health.ec.europa.eu/medicinal-products/critical-medicines-act_en
📌 The EU Biotech Act: https://health.ec.europa.eu/biotechnology/european-biotech-act_en
📌 GlobalData - March 2026
https://www.pharmaceutical-technology.com/analyst-comment/most-favored-nation-policy-early-insights-into-europe-response/
📌 IQVIA - July 2026
https://www.iqvia.com/locations/emea/blogs/2026/07/tracking-mfns-impact-on-innovative-medicine-launches
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