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Initiation of Section 301 Investigation; Hearing; and Request for Public Comments: Germany's Persistent Underpayment for Innovative Pharmaceutical Products

USTR noticeInvestigation openedFederal Register 06/24Open the original

Summary

USTR initiated a section 301 investigation on June 18, 2026, into Germany's persistent underpayment for innovative pharmaceutical products. Written comments are due August 10, 2026, and a public hearing is set for September 22, 2026. The notice states that U.S. consumers pay about 3.9 times what consumers in Germany pay for brand-name drugs.

By industry

Day by day after the announcement

Healthcare & Drug Pricing stocks and the S&P 500 after the announcement, cumulative %
Healthcare & Drug Pricing stocks and the S&P 500 after the announcement, cumulative %
DayHealthcare & Drug Pricing stocksS&P 500
26/06/230.0%0.0%
26/06/24−0.1%+0.4%
26/06/25+1.1%−0.1%
26/06/26+3.3%−0.5%
26/06/29+3.1%+0.9%
26/06/30+2.5%+1.6%
26/07/01+3.0%+1.5%
26/07/02+5.4%+1.4%
26/07/06+3.8%+2.3%
26/07/07+6.0%+1.8%
26/07/08+5.6%+1.4%
26/07/09+4.9%+2.3%
26/07/10+4.4%+2.9%
26/07/13+5.4%+1.9%
26/07/14+4.0%+2.4%
26/07/15+3.2%+2.8%
26/07/16+4.9%+2.1%
26/07/17+4.9%+1.1%
26/07/20+4.1%+1.0%
26/07/21+5.3%+1.9%
26/07/22+4.5%+1.6%

Korean stocks in these industries

  • Samsung Biologics 207940
  • Celltrion 068270
  • SK Biopharmaceuticals 326030

Trades in these industries around the announcement

Members' and insiders' trades in the industries' stocks, 30 days before to 30 days after.

  • Dermot Mark Durcan

    BuyCencora

    $1.1M

    Filed 06/22

  • Dermot Mark Durcan

    BuyCencora

    $1.1M

    Filed 05/28

  • Lauren M. Tyler

    BuyCencora

    $148.6K

    Filed 06/24

  • John Boozman

    BuyUnitedhealth Group

    $1K–$15K

    Reported 07/13

  • Kathryn E. Wengel

    SellJohnson & Johnson

    $2.4M

    Filed 06/12

  • Daniel Patrick O'Day

    Sell10b5-1 planGilead Sciences

    $1.4M

    Filed 06/02

  • Tommy Tuberville

    Full salePfizer

    $15K–$50K

    Reported 07/16

  • Brian S. Tyler

    Sell10b5-1 planMcKesson

    $6.6M

    Filed 06/18

  • Daniel Patrick O'Day

    Sell10b5-1 planGilead Sciences

    $404.9K

    Filed 06/02

  • Andrew D. Dickinson

    Sell10b5-1 planGilead Sciences

    $376.2K

    Filed 06/16

  • Brian S. Tyler

    Sell10b5-1 planMcKesson

    $3.8M

    Filed 06/11

  • Thomas Kean

    Partial saleJohnson & Johnson

    $1K–$15K

    Reported 07/15

  • Thomas Kean

    Partial saleJohnson & Johnson

    $1K–$15K

    Reported 07/15

  • Rick Larsen

    BuyMcKesson

    $1K–$15K

    Reported 07/12

  • Ilya Yuffa

    Sell10b5-1 planELI Lilly

    $2.9M

    Filed 06/11

  • Daniel Patrick O'Day

    Sell10b5-1 planGilead Sciences

    $138K

    Filed 06/02

  • Jennifer B. Damico

    SellPfizer

    $51.4K

    Filed 06/10

  • Dan Newhouse

    Full saleUnitedhealth Group

    $1K–$15K

    Reported 07/17

  • Maria Salazar

    Full saleUnitedhealth Group

    $1K–$15K

    Reported 07/07

  • Michele Lau

    Sell10b5-1 planMcKesson

    $2.7M

    Filed 05/27

Initiation of Section 301 Investigation; Hearing; and Request for Public Comments: Germany's Persistent Underpayment for Innovative Pharmaceutical Products | Whalegun