On paper, things should be looking up for Japan’s pharmaceutical wholesalers. Industry expectations are mounting that the average gap between NHI and market prices will narrow further in FY2026 from the previous year’s record low of 4.8%.A shrinking gap should…
COMMENTARY
Honebuto 2025 Approved - The Real Battle for Pharma Lies Ahead
Japan’s Cabinet approved the 2025 Basic Policy on Economic and Fiscal Management and Reform, commonly known as honebuto, on June 13. The policy direction, which serves as the government’s blueprint for the FY2026 budget, includes language suggesting a shift in…
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COMMENTARY
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Tariffs have been a defining feature of US trade policy under President Donald Trump’s second administration. Since Trump unveiled his “reciprocal” tariff policy in April 2025, the landscape has shifted repeatedly.In February 2026, the US Supreme Court invalidated tariffs imposed…





