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Illustration: Sarah Grillo/Axios

The Senate's drug pricing bill would likely be better for the pharmaceutical industry than either President Trump's agenda or House Speaker Nancy Pelosi's.

Between the lines: Industry opposes anything that would hurt its bottom line, but of those three proposals, the Senate's "is a positive tradeoff," analyst Ronny Gal of AllianceBernstein wrote to investors this week.

Between the lines: The Senate bill could take some political heat off the industry, while Pelosi's bill and Trump's proposal to tie Medicare's prices to international prices would make bigger changes to the actual system.

How it works: The international pricing index and Senate bill both only focus on Medicare, but would change different parts of Medicare.

  • The international pricing index would lower prices for Medicare Part B drugs, which are things like chemotherapy and eye drugs that are administered in doctors' offices. Regeneron, Roche, Amgen and Bristol-Myers Squibb generate the most revenue from Medicare Part B and therefore are most invested in killing that proposal.
  • The Senate bill would cap some prices for Medicare Part D drugs — the ones patients pick up from pharmacies. Celgene, Novo Nordisk, GlaxoSmithKline and AstraZeneca would feel the most pain to sales, according to Gal.
  • Because the Senate bill proposes the most temperate changes, the industry will push for that as the main political vehicle while mitigating the damage to companies most exposed to Part D.

Both of those proposals pale in comparison to Pelosi's bill, which would limit prices in all insurance plans, including the most lucrative commercial business.

  • Pelosi's bill would "be a fundamental change of business model for the drug industry," Gal wrote, and it's why pharmaceutical lobbyists and Senate Republicans have said it's a nonstarter.

Go deeper

Updated 10 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

11 hours ago - Health

U.S. to restrict air travel from 8 countries over new COVID variant concerns

A COVID-19 vaccine is administered. Photo by Joe Raedle/Getty Images

The U.S. will impose new air travel restrictions in response to the Omicron variant, a new COVID strain first detected in South Africa, President Biden announced Friday.

The big picture: Air travel from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi will be restricted starting on Monday.