In Donald Trump's first presidential term, he spoke a lot about "Most Favoured Nations" pricing for pharmaceuticals - that is, bringing the prices that Americans pay for drugs in line with prices paid around the world. In his first term, all that talk didn't amount to much. But this time around the pharma industry is taking the President much more seriously.

In today's pharmaphorum podcast, host Jonah Comstock speaks with Alice Valder Curran, a partner at Hogan Lovells and our go-to expert on US policy in pharma, for an update on what's happening right now with Most Favoured Nations drug pricing.

Curran brings us up to speed on what's happened with the President's Executive Order and the industry response so far, then she and Comstock break down what was in the recent letters sent by the administration to major pharma companies and subsequently posted on Truth Social by the President.

They talk about the short-term and long-term impacts of the policy, to what extent it's likely to come to fruition, and to what extent the industry has already begun to change its behaviour in response. Check out the full episode below to learn more about what could be the most impactful US policy change for pharma's bottom line in decades.