Key takeaways

If MFN were adopted in Medicare and Medicaid, based upon our preliminary estimate it could lead to 1.3 million fewer jobs over ten years.

$2.8 trillion in lost earnings over 10 years due to MFN being applied to Medicare, resulting in $700 billion in reduced tax revenue.

By undermining the U.S. economic environment, MFN risks accelerating the movement of U.S. biopharma research and development to China.