Insights: Policy

Recent/upcoming developments… President Trump has repeatedly indicated an intent to impose tariffs of 25% on pharmaceutical inputs, including in his address to Congress where he laid out his policy agenda. While Trump has been alone in expressing concern about tariffs in sectors such as autos, China hawks have for the last year or so called...

President Trump has signed a wide-ranging executive order (EO) aimed at addressing various issues relating to prescription drug pricing.

Financials, Macro

China Capital Flows & Restrictions

Treasury Secretary Bessent said in recent days that “everything is on the table” in response to a question about whether the administration would consider de-listing Chinese securities from U.S. exchanges. Doing so has been actively considered by policy makers since President Trump’s first term, alongside other possible restrictions on capital...

Medicare Inpatient Psychiatric Facility (IPF) Reimbursement

As part of the FY26 IPF proposed rule, CMS is proposing to increase IRF payments by 2.4% ($70m) relative to FY25.

Medicare Inpatient Rehabilitation Facility (IRF) Reimbursement

As part of the FY26 IRF proposed rule, CMS is proposing to increase IRF payments by 2.6% ($295m) relative to FY25.

Medicare Hospice Reimbursement

As part of the FY26 hospice proposed rule, CMS is proposing to increase hospice payments by 2.4% ($695m) relative to FY25 levels and set the annual per beneficiary payment cap at $35,292.51 (increased from $34,465.34 in FY25).