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Strategic insights for pharma leaders navigating pricing turbulence in 2025–26 For decades, International Reference Pricing (IRP) where countries set or cap medicine prices based on prices in a basket of other countries has been a cornerstone of European price regulation. It has delivered short-term containment and a broadly stable framework, but its systemic effects have long strategic implications that go beyond simple cost control. Meanwhile, the rise of Most-Favored-Nati