US drug policy could add hundreds of millions to Swiss premiums

US pressure on drug prices could cost Swiss premium payers hundreds of millions of francs a year if Switzerland and other countries agree to higher prices, a study by ETH Zurich and the University of Zurich found, SRF reported.

The US government is pushing pharmaceutical companies to offer new medicines at lower prices in the United States. Companies including Roche and Novartis could earn less in their largest market as a result, and the industry is seeking higher prices elsewhere.

The US wants to become the “most-favored nation” for drug prices, comparing its prices with those in reference countries that include Switzerland. The higher prices are in those countries, the higher US prices could be. But companies may be less likely to offer medicines in countries that resist pressure to raise prices. That could lead countries to compete by raising prices, said study co-author Kerstin Vokinger.

René Buholzer, head of Interpharma, the association of major pharmaceutical companies in Switzerland, said companies needed to adapt because prices in the small Swiss market could influence those in the much larger US market. The Swiss Federal Office of Public Health said it was wrong to raise prices across the board, since it was unclear whether US pricing models would be implemented in the long term.

The study reflects the situation in December 2025. Since then, fewer medicines than previously expected have been affected by the Globe and Guard pricing models, while the number of confidential agreements between drug companies and the US government has increased. Little is known about the terms of those agreements, known as Generous models. Some details have been made public following an information request by consumer group Public Citizen. It remains uncertain whether the US will implement the most-favored-nation models, and the pharmaceutical lobby is challenging one of them in court.

Vokinger said Swiss prices currently have limited influence on US prices because they are not among the lowest in the reference group by median. That could change if other countries raise their prices. The health office also said similar numbers of reimbursement applications had been submitted this year as last year.

Buholzer said an Interpharma survey found that companies were already not submitting a third of approved medicines to the health office for reimbursement. Whether to seek reimbursement is a decision made by each company. Vokinger recommended that Switzerland work with other countries to find solutions. The study found that in an extreme price war, prices in the US might not fall and could instead rise elsewhere, benefiting pharmaceutical companies rather than US patients.