Pharmaceutical companies are postponing the launch of some new medicines in Europe as they respond to pressure from the United States and shifting pricing policies introduced by Donald Trump.
The White House has been actively working to reduce the cost of prescription drugs in the U.S., where prices have historically been much higher than in other developed countries. Trump has argued that the industry has placed an unfair financial burden on American consumers and has pushed for policies that link U.S. drug prices to those paid in other regions, particularly Europe a model often referred to as most-favoured-nation pricing.
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Pharmaceutical companies have delayed the introduction of certain medicines in European markets, where healthcare spending is comparatively lower, in order to prevent downward pressure on prices in the $700 billion U.S. market. This situation has created a challenging balancing act for company CEOs as well as European healthcare policymakers, who must navigate the competing priorities of access, affordability, and global pricing strategies.
“We’re seeing first signs of delayed introductions into Europe,” said Stefan Oelrich, president of trade body the European Federation of Pharmaceutical Industries and Associations and a senior executive at Bayer
He said it was “a consequence of uncertainty around what that ultimately does to U.S. pricing.”
According to market research firm GlobalData, new drug launches in Europe have dropped significantly since the U.S. implemented international reference pricing in May, a trend that aligns with observations from industry executives and government officials.
A GlobalData analysis found that drug launches in EU markets have declined by approximately 35% in the 10 months following Donald Trump’s executive order, compared with the prior 10-month period. By postponing launches in Europe, where prices are lower, pharmaceutical companies may be able to maintain higher U.S. prices for a longer period.
In Europe, national governments negotiate drug prices on behalf of their healthcare systems, helping to keep costs relatively low. In contrast, the U.S. operates a more complex system in which manufacturers negotiate prices with insurers, pharmacy benefit managers, and other stakeholders, often providing rebates and discounts from list prices to manage overall costs.
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Lionel Collet stated that pharmaceutical companies are increasingly postponing decisions regarding France’s early-access program, which enables patients to access certain medicines before they receive formal approval. Over the past year, applications for early access prior to marketing authorization have declined significantly.
“The arrival of Trump has altered companies’ strategy of how they put products on the market,” he said, adding the number of HAS early-access decisions fell to 10 last year from 25 in 2024.
France is among Europe’s lowest-priced medicines markets, with prices around a third of the United States, he said. Prices in France and Germany tend to in turn affect how other European countries set prices.
“Manufacturers all talk to me about Trump, since the autumn. It’s all about the policy in the U.S. and what it means for Europe,” Collet said.
U.S. pharmaceutical company Insmed announced in February that it had delayed the launch of its anti-inflammatory medication, Brinsupri, in Germany due to uncertainties surrounding U.S. pricing policies.
“We want clarity on the MFN policies,” CEO William Lewis said on an earnings call. “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.”
The drug received European approval in November but has not yet been launched in the region. In contrast, the company began selling it in the U.S. immediately after receiving FDA approval in August. Data shows that over 90% of drugs approved in 2025 were first launched in the U.S., with the majority still unavailable in other regions.
The European Commission stated that it is closely monitoring the implementation of the U.S. most-favoured-nation pricing policy and assessing any potential indirect impacts on the European market.
“Our priority is to ensure that patients in the EU continue to have timely access to safe, effective and affordable medicines,” a spokesperson said. “It is too early to draw definitive conclusions on the concrete impact in Europe.”
