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PANDORA’S BOX
EVERYTHING GOT OUT. THE HOPE IS AT THE BOTTOM.
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THE ONE-WAY DOOR
Twenty Six Companies Agreed To Charge Americans Less
Nine more signed on Monday, Teva and Sun Pharma among them. None of it needed a vote in Congress.
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Look at the bottle on your counter. There is a fair chance the company that made what is inside it signed something on Monday. Twenty six of them have now signed.
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The mechanism has a bland name. Most favored nation. It means a drugmaker agrees that the American price will track the cheaper price it already charges abroad.
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Monday added nine names. Alcon, Astellas, BeOne, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva and UCB. Pfizer, Eli Lilly and Novo Nordisk were already in.
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26
DRUGMAKERS NOW PRICED AGAINST A FOREIGN NUMBER
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Every signature makes the next refusal more expensive to explain. That is the part that outlives any one administration. |
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FROM OUTSIDE THE BOX
Larry Benedict generated $274 million for his clients by finding the trade most missed.
He says The Final Phase of Elon’s Master Plan is about to trigger one of the biggest wealth transfers in market history.
He’s already identified the ONE ticker positioned to capture it. It isn’t SpaceX, Tesla, or anything you’d expect.
He’s giving away the name, free.
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Read the word voluntary carefully. It is doing a lot of work. No statute was passed, no rule was written, and no court signed off on any of this.
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That is the handle, and it is a real one. A voluntary deal can lapse, and a later administration can stop asking. Nothing here is locked in law.
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But the comparison is now public. Twenty six companies have conceded on paper that the American price and the foreign price can be the same number. Every patient, insurer and employer in the country can point at that admission.
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An admission on paper does not go back.
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Be fair about the size of it. The market shrugged. Most of the nine closed flat on Monday. Teva and BeOne slipped about one percent. None of that looks like a company facing ruin.
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Your end of it is the pharmacy counter, and no letter is coming. A voluntary price change arrives as a smaller number on a receipt, at a date the company chooses.
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THE MOVE · WHILE THERE IS STILL TIME
Read the manufacturer name off your prescription label and check whether it is one of the twenty six.
If it is, ask the pharmacist at your next refill what changed. Nobody at the counter volunteers a lower price you did not ask about. |
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ALSO GOT LOOSE TODAY
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Bessent pushed back publicly on Druckenmiller’s attack on the Treasury’s bond buying. Druckenmiller once mentored him. |
MONEY |
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A bipartisan House Intelligence Committee report warned that current AI safeguards may not keep pace with the models. Both parties signed it. |
MACHINES |
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Shein fell as much as ten percent on its first day of trading in Hong Kong. The listing had been waited on for years. |
WORLD |
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WHAT’S LEFT AT THE BOTTOM
This one is good news, and it is the kind that arrives without an announcement. You have the list, the word to use at the counter, and a reason to ask. WE WATCH THE BOX.
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