In the Know Courtney Breen: Tariffs, Pricing and Policy Threats
Jan 6, 2026
Courtney Breen, a Senior U.S. biopharma analyst, dives into the complexities of biopharma today. She highlights the significant threats posed by tariffs and discusses how these could uniquely harm the sector. Courtney explains the scrutiny around U.S. drug pricing and the implications of the recent White House deal, touching on Medicaid and new drug launch dynamics. She also explores the evolving role of China in biotech innovation and warns about the risks of cutting collaboration, which could impact global patient access.
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Multiple Policy Threats, But Not Uniformly Bad
- The industry faced multiple policy threats: FDA staffing concerns, HHS interference, and tariff risk, but not all became broad problems.
- Some hotspots remain select and avoidable by investors according to Courtney Breen.
Tariffs Were An Unfamiliar Major Threat
- Tariff risk emerged suddenly because pharmaceuticals historically were WTO-exempt and not tariffed broadly.
- A potential 200% tariff threatened big disruption because the industry wasn't optimized to absorb tariffs.
Why US Drug Prices Diverge From Abroad
- US branded drug prices average roughly three times prices paid ex-US, driven by launch and lifecycle pricing asymmetries.
- Ex-US markets enforce deflationary pressures while the US often allows price increases with inflation.