3. Biden with a Republican Senate
From a drug pricing perspective, this scenario is likely to be similar to the prior situation. It could lead to enacting bipartisan and more-moderate drug pricing legislation rooted in PDPRA recommendations. Given his experience as a senator, Biden is more likely to work with the legislative branch than pass executive orders on drug pricing.
This outcome could be positive for the pharma and biotech sectors, according to a UBS investment note.