Top pharmaceutical lobbyist stepping down

The big picture: Ubl's tenure included Democrats' passage of a law enabling Medicare to directly negotiate drug prices with manufacturers, over the industry's vehement objections.

• But the version of Medicare negotiations that became law was ultimately much less aggressive than initial proposals, a silver lining for the industry.
• Since then, the industry has navigated multiple risks posed by the Trump administration, including discredited theories about the safety of vaccines, instability at the FDA and the administration's push to lower U.S. drug prices relative to other developed countries.
• More than a dozen drug companies ultimately made pricing deals with the White House last year, though PhRMA distanced itself from those deals.

What they're saying: "I am not surprised," one source told Axios. "I don't think there needs to be any intrigue here, it's a natural transition point."