Insights: Clients

Mexico/Canada Trade (USMCA)

USTR recently collected comments on the U.S.-Mexico-Canada (USMCA) Free Trade Agreement review, with various stakeholders calling for changes to the agreement that provide insight into issues that will arise in eventual negotiations. The official USMCA review will begin next July. Meanwhile, the U.S. recently extended for “a few weeks” a trade...

Mergers & Acquisitions

Kimberly-Clark/Kenvue

Kenvue confronts several lawsuits and policy matters involving Tylenol and talc-based baby powder, the most noteworthy of which we highlight below. Regarding the impact of Kenvue litigation on the deal, the merger agreement carves out any Tylenol-related lawsuits or developments from its material adverse effects definition. We should note,...

Stimulus Checks

President Trump posted yesterday that a “dividend” of $2k will be provided to individuals (not including “high income people”). He implied this would be financed via tariff revenue. Secretary Bessent said that he has not spoken to Trump about the idea and that tariff revenue is being used to reduce the deficit. Legislation must be enacted in...

Healthcare, Macro

Government Shutdown, ACA

The Senate last night passed a procedural motion 60-to-40 that will allow for a vote in the coming days on legislation to end the government shutdown. The motion passed with the support of eight Democratic Senators. The legislation includes a “continuing resolution (CR)” to fund the government through 1/30/26, three full-year FY26 appropriations...

340B Drug Discount Program

The Health Resources and Services Administration’s (HRSA) Office of Pharmacy Affairs (OPA) announced it has approved eight drugmakers for participation in the 340B Rebate Model Pilot Program. The model – which will start January 1, 2026, and run for at least a year – will allow drugmakers to provide 340B-discounted drug prices using a rebate...

Medicare Physician Fee Schedule (PFS) Reimbursement

CMS has issued the CY26 Physician Fee Schedule (PFS) final rule. Under the rule, CMS will implement two separate conversion factors (CFs). For Alternative Payment Model (APM) participants, the aggregate CF is set at $33.57, a 3.77% increase ($1.27) from the CY25 CF of $32.35. For non-qualifying participants (non-QPs), the aggregate proposed CF...