Franken bill includes co-pay caps for new drugs but plenty of price control proposals, including a definition for reasonable price tied to an antibiotics prize.

Transparency reports from companies aim to change conversation from prices to discounts, but also invite comparisons. Lilly, for example, saw a higher average list price increase in 2016 than Merck and Janssen, but its net prices grew by less than the others.

The disconnect between what Donald Trump says about drug pricing in unscripted settings and what the Administration says in more formal, policy-articulating contexts is very stark. For biopharma companies, the 'official' statements are reassuring – but it would be dangerous to discount Trump’s populist instincts altogether.