Recent US policy coverage highlights how the 2026 CMS physician fee schedule final rule expands documentation and reporting burdens for drug manufacturers tied to ASP and service fee processes, increasing operational complexity in pricing compliance. Separately, a policy discussion at a Medicaid Drug Rebate Program Summit emphasized that looming MFN and IRA-related payment pressures could deter investment in smaller biotech companies. The combined effect is a dual squeeze: higher compliance friction around pricing and reimbursement, and reduced economic visibility for community and oncology practices. For biotech, which often relies on partner and payer pathways early, these policy shifts can translate into delays in prescribing, changed trial enrollment behavior, and revised commercialization assumptions. Executives and policy stakeholders framed the issue as an availability problem—both for medicines and for the capital needed to keep clinical pipelines moving.