The UK government’s NHS 10-Year Plan signals a transformative era in healthcare delivery, one that’s rich with opportunity for forward-thinking investors. In this exclusive research report from Washington Analysis, we break down the investment implications of this ambitious plan by identifying the likelihood of execution within certain subsectors.

• New tailwinds for healthcare REITs from public-private partnerships tied to Neighborhood Health Centers
• Accelerated AI integration across clinical settings with new regulatory frameworks and adoption timelines
• Wearables, robotics, and genomics prioritized as essential technologies in care delivery and chronic disease prevention

Download the Full Research Report
Unlock detailed analysis on sector-specific opportunities, policy timelines, and the companies best positioned to benefit from the NHS overhaul.

Authors of this research include:

Laura Hobbs, Senior Vice President Health Care Policy

Monet Stanford, Senior Vice President, Healthcare Policy

Ryan Visnovec, Research Assistant

Washington Analysis, a CFRA company, outlines the high-impact issues likely to move markets in Q3 from sweeping tariffs and litigation threats to defense authorizations and tax changes. With $150B in defense spending at stake, shifting AI regulations, and mounting pressures on healthcare and utilities, this report equips institutional investors and advisors with actionable intelligence to navigate uncertainty. Learn which sectors may rise—or fall—based on evolving policy and legal risks.

What Is Included In The Full Report

• Which policies and geopolitical forces are reshaping Q3’s investment landscape
• How litigation and regulatory decisions are impacting healthcare and telecom
• Where defense, clean energy, and industrials may benefit from policy tailwinds
• What sectors face margin pressure or headline risk from tariffs
• Why capital markets are watching labor and inflation indicators closely

Get exclusive access to the complete slide deck and video briefing from Washington Analysis.

Download the full report to see how tariffs, litigation, and defense spending could reshape your portfolio strategy.

Authors of this research include:

John Sonsalla, Head of Policy & Legal Research at CFRA | Senior Vice President at Washington Analysis
Christoph Zimmerman, Special Situations Policy Analyst | Vice President at Washington Analysis
Michael Gordon, Vice President, Legal Research at Washington Analysis 
Andrew Molina, Vice President, Antitrust & Competition at Washington Analysis
Saad Kamal, Senior Analyst at Washington Analysis covering Special Situations
Nick Rodelli, Director of Legal Research & Legal Analyst

The UK pharmaceutical landscape is entering a period of profound change as political and trade pressures mount. This exclusive CFRA Research report, based on an expert conference call, dives deep into the potential ramifications of U.S.-UK trade deals, revisions to the UK’s VPAG rebate system, and broader NHS reforms on drug pricing, reimbursement, and access.

Traditionally viewed as a low-margin market, the UK may soon offer new opportunities for global pharmaceutical firms as the government seeks to appease the U.S. by loosening rebate terms and expanding drug budgets. These moves come in response to the May 12, 2025 Executive Order aimed at reducing foreign free-riding on U.S. pharmaceutical innovation.

Companies such as Amgen, AstraZeneca, Johnson & Johnson, Pfizer, and Roche may see upside if the UK’s 2024 Voluntary Scheme for Branded Medicines (VPAG) is revised. With the Department of Health and Social Care preparing a new spending review and 10-year NHS plan, questions remain about how long-term reimbursement models, access to generics, and biosimilar pricing will evolve.

This policy shift also ties into broader economic ambitions under the UK’s Economic Prosperity Deal with the U.S., and is reinforced by the government’s push to remain a global hub for life sciences innovation.

Authors:

Laura Hobbs, Senior Vice President Health Care Policy

Monet Stanford, Senior Vice President, Healthcare Policy

What You Will Learn

• How VPAG rebate renegotiations may affect branded drug revenue
• Why U.S. tariffs and executive orders are influencing UK drug policy
• Strategic implications for generics, biosimilars, and reimbursement
• Which global pharma companies stand to benefit from policy tailwinds
• The impact of the upcoming NHS 10-year plan and DHSC spending review

Stay ahead of UK drug pricing reforms and trade-driven policy shifts. Download our full Conference Call Takeaways and Industry Outlook.

CFRA’s Washington Analysis Healthcare team breaks down why 2025 may mark the effective dissolution of the Affordable Care Act (ACA) as we know it. From sweeping funding cuts in Medicaid, enrollment caps, key Supreme Court rulings and a shifting regulatory environment, Marketplace insurers like Centene (CNC), Molina (MOH), Oscar Health (OSCR) and UnitedHealth (UNH) face significant and often underappreciated headwinds.

While the expiration of enhanced premium tax credits loom at the end of the year, the near term legislative actions embedded within the “One Big Beautiful Bill” could further destabilize the ACA Marketplace. Add to that the Supreme Court’s upcoming decision in Kennedy v. Braidwood Management, and the risk of increased cost burdens and insurer exits grows.

But there’s another side to the story. As traditional ACA frameworks come under pressure, Congress is making room for alternatives. Health Savings Accounts (HSAs) and Individual Coverage Health Reimbursement Arrangements (ICHRAs)—soon to be rebranded as CHOICE arrangements—which offer tax incentives to individuals and small business to expand coverage are receiving new support in proposed legislation. However, the outcome remains uncertain. Should Congress move forward with this reforms, the WA Healthcare Team expects this could signal strong tailwinds for HealthEquity (HQY), Optum Bank (UNH), Benefitfocus (BNFT), HQY, GoHealth (GOCO) and eHealth (EHTH).

This research report provides a comprehensive look at both the risks and opportunities reshaping U.S. health insurance policy in 2025.

Authors:

Tatiana Brown Johnson, Senior Vice President, Policy Analyst
Monet Stanford, Senior Vice President, Healthcare Policy

What You Will Learn

• Why insurers may face margin pressure and exits from the ACA Marketplace
• How the “One Big Beautiful Bill” reshapes Medicaid and premium tax credits
• The Supreme Court case that could upend cost-free preventive coverage
• Tailwinds for HSAs and CHOICE arrangements as new coverage models gain traction
• Implications for companies like HealthEquity, GoHealth, and Optum Bank

Download the complete analysis to understand how 2025 policy changes could transform the healthcare coverage landscape and what’s next for insurers and alternative providers.

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Following the widely reported failures of Steward-owned hospitals in Massachusetts and subsequent bankruptcy and state intervention, it is not surprising that Massachusetts passed legislation to regulate healthcare Real Estate Investment Trusts (REITs). At Washington Analysis, a CFRA business, we are tracking state laws that we believe are likely to gain momentum in 2026 and beyond. We theorize that HC REIT legislation adoption will follow similar pathways that state legislatures implemented to address to increase insight into pharmacy benefit manager (PBMs) and prohibit Surprise Medical Bills.

As state legislatures ramp up oversight of hospital and nursing home ownership, major healthcare REITs face intensifying regulatory risk. This exclusive Washington Analysis report outlines the legislation gaining traction across 20+ states and assesses the potential impact on key players, including CareTrust, Medical Properties Trust, Omega Healthcare, Sabra Health, and Welltower.

What You’ll Learn

• Which states are advancing legislation targeting HC REIT ownership
• Why Connecticut’s 2026 outlook poses the greatest threat
• Implications for mergers, acquisitions, and disclosure rules
• Lessons from the pharmacy benefit manager and surprise billing regulatory playbooks
• Companies most exposed to upcoming oversight

Stay ahead of state legislative risks impacting healthcare REITs in 2026.

Authors of this piece:

Laura Hobbs, SVP-Healthcare
Ryan Visnovec, Senior Research Associate

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Recent lawsuits are mounting a serious legal challenge against the Trump administration’s tariff authority under the International Emergency Economic Powers Act (IEEPA). According to Washington Analysis, these cases could dramatically reshape U.S. trade policy and market dynamics in the coming months.

CFRA’s Washington Analysis team explains why the latest lawsuits—including filings for a temporary restraining order (TRO) and preliminary injunction—are more credible and legally potent than earlier attempts. With the business community’s potential support and growing economic pressure, the odds of tariff blocks or reductions are climbing.

What You’ll Learn in the Full Report:

• Why the IEEPA-based tariff lawsuits represent the most credible legal threats to date.
• How the “major questions doctrine” and “nondelegation doctrine” could impact the outcome.
• What key upcoming events—like the July 8 tariff extension expiration—mean for investors, businesses, and policymakers.
• Updated probability forecasts: Why Washington Analysis now assigns 50% odds that a legal challenge to Trump’s tariffs will succeed.
• How business group involvement and capital market stress could tip the legal balance.

Key Developments Covered:

• Private businesses across industries—wine, apparel, manufacturing—are citing existential threats to justify injunctions.
• Major law firms and academic experts are backing the new legal arguments.
• The lawsuits strategically focus on legal issues rather than factual national security questions—enhancing their odds in court.
• Tariff risks could reshape not only current policy but also broader economic and market expectations for 2025.

Authors of this Legal Report

Nicholas Rodelli, Head Of Legal Edge Research
Michael Gordon, Vice President, Legal Research & Assistant General Counsel ·

Can the FDA pursue more aggressive food regulations under a deregulatory administration?

In this call recap, CFRA’s Washington Analysis team breaks down what’s really happening behind the scenes as the Trump administration pushes forward with its “Make America Healthy Again” (MAHA) food policy agenda. A featured regulatory attorney with deep FDA experience outlines what investors and industry watchers need to know, from proposed front-of-package labeling to the FDA’s early-stage efforts at post-market ingredient reviews.

However, implementing this vision comes with serious challenges—like internal staffing cuts, budget constraints, and unclear science. These roadblocks could delay or derail key food policy initiatives unless the administration reallocates funding or changes course.

With potential implications for consumer brands like Conagra, PepsiCo, and General Mills, as well as fast-food giants like McDonald’s and Yum! Brands, this analysis offers critical insights at a time of regulatory uncertainty.

What You Will Learn

• The top regulatory priorities likely to shape FDA action under the MAHA agenda
• Challenges FDA faces due to staffing shortages and budget contradictions
• How upcoming front-of-package labeling rules and ingredient reviews may unfold
• Implications for major food manufacturers and restaurant chains
• The role (and limits) of scientific evidence in shaping future food regulation
• A reality check on RFK’s claims about food ingredient bans in Europe
• How deregulation efforts could collide with MAHA’s goals

Download the full takeaways to stay informed and ahead of regulatory risk.