Highlights from the RBC Healthcare Conference: Healthcare Policy with Capstone Group

Research evidence excerpt

Highlights from the RBC Healthcare Conference: Healthcare Policy with Capstone Group

RBC Capital Markets, LLC

Trung Huynh (Analyst)

(415) 212-0012,

trung.huynh@rbccm.com

Ryan Halsted (Analyst)

(332) 215-7430,

ryan.halsted@rbccm.com

Justin Burns, CFA (Vice

May 19, 2026 President)

(415) 445-8668,

justin.burns@rbccm.com Highlights from the RBC Healthcare Conference: Leonid Timashev, Ph.D.

(Analyst)RESEARCH Healthcare Policy with Capstone Group (212) 437-9931,

leonid.timashev@rbccm.com

Brian Abrahams, M.D. Status quo likely to remain through 2026 despite increased industry

noise (HeadResearch)of Global Healthcare

(212) 858-7066,

This afternoon we hosted two members of the Capstone Group, Hunter Hammond, Co-Head of brian.abrahams@rbc.com

Healthcare, and Will Humphrey, VP, to discuss recent changes and the regulatory and legislative outlook

for the healthcare industry ahead of the upcoming midterms. Topics discussed included healthcareEQUITY agency leadership, novel drug pricing tools in the US, PBM reform, and 340B reform ahead of the

upcoming midterms and potential impacts on the healthcare industry. They highlighted: (1) codification

of MFN remains unlikely, (2) meaningful reform of the 340B programs is tough as any attempt to

restructure the program would shift some or all of the $60bn onus onto the government, (3) a less

transformational interim FDA director is likely to return the agency, avoiding the political turbulence that

forced his predecessor out, and (4) the BRIDGE & BALANCE models raise an interesting future debate,

opening the door for a future administration to disintermediate insurers and PBMs from Part D and own

the risk directly.

HHS & FDA Leadership

• Our speakers noted that the White House viewed former FDA Commissioner Makary as a distraction,