March 5, 2025
Life Science Tools: Court Intervention & NIH’s New Management
Events today support our view that NIH grant funding benefitting life science tools (LST) manufacturers will likely stabilize, and that the Trump administration’s Feb. 7 announcement of a 15% cap on indirect costs for all…
March 5, 2025
Diving Deeper on Outlook for Hospital-Targeted Medicaid Reforms [ARDT, CYH, HCA, THC, UHS, municipal-backed hospitals]
We do not see any let-up any time soon on policy-related headwinds confronting hospitals [ARDT, CYH, HCA, THC, UHS, municipal-backed systems] as Congress hunts for palatable reconciliation savings. While many of the circulated Medicaid ideas,…
March 3, 2025
Capitol Policy Weekly: March 3-7: State of the Union (Like) Address, Trade, Budget, Reconciliation, a Shutdown and More
There is a lot going on in DC this week as Washington and Europe continue to digest the fallout from the Trump / Vance / Zelenskyy Oval Office disaster on Friday. On the list includes…
March 3, 2025
[DXCM, OMI, AHCO] Glucose Monitors in the Crosshairs?
We anticipate risks for manufacturers [DXCM, ABT] and suppliers [OMI, AHCO] of continuous glucose monitors (CGM) beginning this spring / summer, given that: The HHS Office of Inspector General (OIG) will likely publish the results…
February 28, 2025
R&D Tax Credit: Companies Likely to Get a Boost
We continue to believe that full expensing / deductibility of the R&D tax credit in the year expenses occur will be part of the massive reconciliation / tax bill we expect to see enacted in…
February 26, 2025
(FDX, UPS, AMZN, PDD, Shein) De Minimis Rule Still in DC’s Crosshairs
Comments by House Ways and Means Committee Chairman Jason Smith (R-MO) at a hearing yesterday reinforce our view that changes to the de minimis rule, which will likely be negative for FedEx (FDX), UPS (UPS),…
February 26, 2025
[CI, CVS, UNH, HUM, ELV, GDRX]: House Hearing Retreads Already Agreed-to PBM Reforms, Still Likely as Legislative Payfors
This morning’s House Energy and Commerce Health Subcommittee hearing on “needed” pharmacy benefit manager (PBM) reforms attempted to reinvigorate the past bipartisan and bicameral consensus for legislative changes to rein in the PBMs, but until…
February 26, 2025
House Passes Budget Resolution: Where Do We Go from Here?
House passage of its FY25 budget resolution last night increases the odds that Congress will go forward with the one-bill reconciliation strategy, which is likely to delay additional funding ($100-$150 billion over four years) for…
February 24, 2025
Trade Update: Trump’s CFIUS / America First Investment Policy Memorandum
Much of President Trump’s “American First Investment Policy” memorandum released late Friday is in-line with expectations, though there are some notable provisions for certain sectors such as semiconductors, artificial intelligence, quantum, biotechnology, hypersonics, aerospace, advanced…
February 24, 2025
Capital Policy Weekly: Feb 24-28: Reconciliation, Government Shutdown and Health Care
The action this week belongs to the House, which was out of session last week. On Tuesday, the lower chamber is expected to vote on its FY25 budget resolution, which would ignite the one-bill reconciliation…