Japan’s 2025 Honebuto Policy: What’s Next for Pharma?

According to a news article (製薬協　費用対効果評価「現行の枠組みにとらわれない新たな制度のあり方含め検討を」　骨太方針2025受け | ニュース | ミクスOnline) published by MIX Online on June 13, 2025, the Japanese government approved the “Basic Policy on Economic and Fiscal Management and Reform 2025” (Honebuto Policy), which outlines key healthcare priorities, including the reinforcement of cost-effectiveness evaluation (CEE) and potential revisions to the national pricing system. The Japan Pharmaceutical Manufacturers Association (JPMA) released a statement reaffirming its commitment to contributing to discussions to improve the healthcare system while maintaining incentives for pharmaceutical innovation. 

Reforming Cost-Effectiveness Evaluation 

JPMA expressed strong support for revisiting the current CEE framework, advocating for a bold redesign unconstrained by the limitations of the existing system. The 2025 policy proposes a comprehensive review of the CEE system, including evaluation methodologies, the scope of eligible products, and institutional implementation structures. JPMA has pledged to actively participate in these discussions to help shape a more effective and sustainable framework. 

Pricing Policy and “Official Price Revisions” 

The Honebuto Policy includes a broad directive to review “official prices,” which some interpret to encompass pharmaceutical reimbursement prices. Although the policy does not explicitly state that drug pricing will be included, JPMA has voiced the assumption that pharmaceuticals will be part of this process. The association emphasized its intent to engage with authorities and stakeholders in the lead-up to the FY2026 budget request and year-end fiscal decisions. 

Encouraging Innovation and Sustainable Access 

JPMA welcomed the government’s reaffirmed commitment to balancing innovation with cost containment. The policy references Japan’s ongoing efforts to strengthen its domestic drug development capacity and to promote digital transformation (DX) in the healthcare sector. JPMA stated it would continue efforts to bring innovative medicines to market by contributing to an environment that facilitates the development and supply of breakthrough treatments. 

Conclusion 

The 2025 Honebuto Policy signals Japan’s intent to realign its pharmaceutical cost and value assessment systems. JPMA’s response underscores the importance of preserving incentives for innovation while collaborating on policy reforms. The upcoming budget cycle and stakeholder consultations will be key opportunities to influence the direction of Japan’s pharmaceutical policy and pricing landscape.