Incubate’s John Stanford on why MFN is voluntary in name only — and why the moonshot is the first casualty of drug pricing pressure.

Median net launch prices for new drugs climbed between 2022 and 2025 to $257,000, according to a new ICER and West Health report that also found persistent coverage and access barriers for patients.

Incubate’s John Stanford on why MFN’s first casualty is the moonshot — and why cancer, Alzheimer’s, and rare disease bear the cost.

Incubate’s John Stanford on why MFN reduces pharma’s appetite for biotech acquisitions — and why that cedes ground to China.

Incubate’s John Stanford on why MFN deals are voluntary in name only — and why the leverage looks a lot like the IRA’s 95% excise tax.