Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 106

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 106
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 and products. There are four primary types of managed care plans: Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Exclusive Provider Organizations (EPOs), and Point of Service (POS) plans; and • Pharmacy Benefit Managers (PBMs), which serve as intermediaries between insurance companies, pharmacies and manufacturers to negotiate rebates and discounts on formulary placement for commercial health plans, self-insured employer plans, Medicare Part D plans, and federal and state government employee plans. Government insurance includes: • Medicare , which provides health insurance for retirees and for people with permanent disabilities. The original Medicare program covers inpatient services through Part A, and outpatient items and services through Part B, and the vast majority of retirees purchase additional coverage through some or all of Part B (outpatient items and services). Beneficiaries may choose to enroll in a Medicare Advantage program under Part C in lieu of original Medicare Parts A and B. Beneficiaries under both original Medicare and Part C may also opt to enroll in a Part D plan to obtain outpatient drug coverage. Almost two-thirds of all Medicare beneficiaries have enrolled in Part D plans; • Medicaid , which provides health insurance for low-income families, certain qualified pregnant people and children, individuals receiving supplemental security income, and other eligible persons determined on a state-by-state basis; and • TRICARE , which provides health insurance for uniformed service members, retirees, and their families including comprehensive healthcare, prescription and dental coverage. The US is still the largest pharmaceutical market in the world and is expected to grow to nearly $1.09 trillion by 2028. The US landscape is likely to be driven by two major market dynamics over the next decade: shorter economic lifecycles of eight years for small molecules and 12 years for biologics, and more restrictive formulary management. However, the recent change in administration in the US may spark uncertainty for the regulatory landscape, in particular the Inflation Reduction Act (IRA). The passage of the IRA, signed into law in August 2022, will exert increased price pressure at launch and throughout the lifecycle of drugs. The legislation contains three main drug pricing policies which are to be phased between 2022 and 2026: Medicare drug price negotiation, inflation penalties on list price increases, and Medicare Part D redesign. Importantly, all of the policy changes enacted under the IRA apply to the coverage of drugs under applicable Medicare Programs: Part B (for physician- administered outpatient medicines) and Part D (for self-administered medicines), as