USTR Seeks Comments Regarding Foreign Nations Freeloading on American-Financed Innovation

USTR noticePublished 25/05/23Open the original

Summary

Under Executive Order 14297, USTR requests comments on foreign practices, such as suppressing pharmaceutical prices below fair market value, that force American patients to pay a disproportionate share of global drug research and development; comments are due June 27, 2025.

By industry

Healthcare & Drug Pricing1 trading day+0.9%p15 stocks5 trading days+1.1%p15 stocks20 trading days−1.1%p15 stocks
“suppressing the price of pharmaceutical products below fair market value in foreign countries”

Day by day after the announcement

Healthcare & Drug Pricing stocks and the S&P 500 after the announcement, cumulative %
Day	Healthcare & Drug Pricing stocks	S&P 500
25/05/22	0.0%	0.0%
25/05/23	+0.1%	−0.8%
25/05/27	+1.0%	+1.4%
25/05/28	+0.4%	+2.1%
25/05/29	+1.2%	+1.1%
25/05/30	+2.1%	+1.0%
25/06/02	+2.1%	+1.7%
25/06/03	+2.0%	+2.1%
25/06/04	+1.9%	+2.1%
25/06/05	+1.7%	+1.6%
25/06/06	+2.9%	+2.8%
25/06/09	+3.0%	+2.8%
25/06/10	+3.6%	+3.3%
25/06/11	+3.9%	+3.1%
25/06/12	+5.7%	+3.4%
25/06/13	+5.4%	+2.3%
25/06/16	+4.6%	+3.3%
25/06/17	+3.3%	+2.4%
25/06/18	+3.3%	+2.5%
25/06/20	+2.7%	+2.0%
25/06/23	+2.4%	+3.5%

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.

Stephen J. HemsleyCEO, Uhg
BuyUnitedhealth Group
Buy
Unitedhealth Group
UNH
$25M
86,700 sh
$25M
Filed 25/05/16
Traded 25/05/16
John F. RexPresident & CFO
BuyUnitedhealth Group
Buy
Unitedhealth Group
UNH
$5M
17,175 sh
$5M
Filed 25/05/16
Traded 25/05/16
Kristen GilDirector
BuyUnitedhealth Group
Buy
Unitedhealth Group
UNH
$1M
3,700 sh
$1M
Filed 25/05/16
Traded 25/05/15
Timothy Patrick FlynnDirector
BuyUnitedhealth Group
Buy
Unitedhealth Group
UNH
$491.8K
1,533 sh
$491.8K
Filed 25/05/16
Traded 25/05/14
John H. NoseworthyDirector
BuyUnitedhealth Group
Buy
Unitedhealth Group
UNH
$93.6K
300 sh
$93.6K
Filed 25/05/16
Traded 25/05/14
Samit HirawatEVP,Chief Med.Offr.,Drug Dev
BuyBristol Myers Squibb
Buy
Bristol Myers Squibb
BMY
$202.2K
4,250 sh
$202.2K
Filed 25/04/29
Traded 25/04/25
Julia LetlowRepresentative · Republican · LA
Full saleUnitedhealth Group
Full sale
Unitedhealth Group
UNH
$1K–$15K
Self
$1K–$15K
Reported 01/13
Traded 25/05/27
Guy P. SansoneDirector
BuyCVS Health
Buy
CVS Health
CVS
$100K
1,570 sh
$100K
Filed 25/06/09
Traded 25/06/05
Larry RobbinsDirector
SellCVS Health
Sell
CVS Health
CVS
$113.2M
1,679,736 sh
$113.2M
Filed 25/05/06
Traded 25/05/02
Larry RobbinsDirector
SellCVS Health
Sell
CVS Health
CVS
$82.7M
1,226,933 sh
$82.7M
Filed 25/05/06
Traded 25/05/05
Julia LetlowRepresentative · Republican · LA
BuyPfizer
Buy
Pfizer
PFE
$1K–$15K
Self
$1K–$15K
Reported 01/13
Traded 25/06/17
Julia LetlowRepresentative · Republican · LA
BuyAbbVie
Buy
AbbVie
ABBV
$1K–$15K
Self
$1K–$15K
Reported 01/13
Traded 25/04/28
John BoozmanSenator · Republican · AR
Full saleUnitedhealth Group
Full sale
Unitedhealth Group
UNH
$1K–$15K
Joint
$1K–$15K
Reported 25/07/09
Traded 25/06/11
Larry RobbinsDirector
SellCVS Health
Sell
CVS Health
CVS
$26M
373,776 sh
$26M
Filed 25/05/06
Traded 25/05/02
Mark KayeEVP & CFO
SellElevance Health
Sell
Elevance Health
ELV
$1.9M
4,588 sh
$1.9M
Filed 25/04/25
Traded 25/04/24
Patrick Hugh ConwayCEO, Optum
SellUnitedhealth Group
Sell
Unitedhealth Group
UNH
$179.6K
589 sh
$179.6K
Filed 25/06/12
Traded 25/06/10
Larry RobbinsDirector
SellCVS Health
Sell
CVS Health
CVS
$15.2M
222,556 sh
$15.2M
Filed 25/05/06
Traded 25/05/02
Brian S. TylerCEO
Sell10b5-1 planMcKesson
Sell10b5-1 plan
McKesson
MCK
$13.7M
19,370 sh
$13.7M
Filed 25/06/09
Traded 25/06/06
Larry RobbinsDirector
SellCVS Health
Sell
CVS Health
CVS
$10M
150,000 sh
$10M
Filed 25/05/06
Traded 25/05/06
Daniel Patrick O'DayChairman & CEO
Sell10b5-1 planGilead Sciences
Sell10b5-1 plan
Gilead Sciences
GILD
$706.5K
6,416 sh
$706.5K
Filed 25/06/02
Traded 25/05/30