Policy updates: Keeping tabs on the pressure points (vaccines/drug pricing)

Research evidence excerpt

Policy updates: Keeping tabs on the pressure points (vaccines/drug pricing)

Deutsche Bank

Research

Europe Industry Date

France 23 June 2026

United Kingdom EU Pharmaceuticals

Company Update

Pharmaceuticals

Policy updates: Keeping tabs on the

pressure points (vaccines/drug pricing)

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

Whilst MFN deals have seen policy risks recede from the healthcare headlines to +44-20-754-18522

a degree, we continue to keep an eye on salient developments and here take the

opportunity to briefly comment on a few that have emerged in recent weeks,

comprising in the US (1) a White House executive order on vaccines, (2) a CMS

update on implementation of IRA pricing negotiation small print, and in the EU (3)

the latest from Germany in terms of drug reimbursement reform. The summary is

that we view these as further evidence of the drip feed of structural pressure on

drug pricing and, as such, a very minor negative, though not a major risk in

themselves.

Key details

n It’s been a brief while since our last US vaccine update (EU Pharma: More

vaccines pressure? Market effects TBC (GSK/SAN/SOBI) (06/01/26).) and

we noted the recent 29 May Trump administration EO on vaccines with

interest. It is light on specifics, but effectively mandates ACIP to align the US

“core childhood vaccine schedule with scientific evidence and best

practices from peer, developed countries while preserving access to

vaccines currently available to Americans…”, which appears to imply the

changes proposed earlier this year on HepB are potentially a minimum (see

inside for a recap). We view that as a very minor negative for pediatric

vaccine market leaders GSK/SAN.

n The CMS update on 12 June pithily entitled “CMS Proposed Rule Locks