Nancy Yu, MBA, MA

Financial and Biopharma Industry Analyst, Drug Pricing Lab, Memorial Sloan Kettering Cancer Center

Nancy focuses on financial and policy analyses that support the value and accessibility of prescription drugs.

Prior to joining MSKCC, Nancy spent over ten years working in the healthcare investment industry, eight of which was in the equity research department at Morgan Stanley. In addition to her time as a sell-side analyst, she was the global pharmaceuticals analyst for a hedge fund and served as chief operating officer for a start-up healthcare investment firm.

Nancy holds both an MBA and a master’s degree in Asian studies from the University of Michigan, and an AB from Duke University.

Focus Areas

BioPharma industry
Financial analysis

Research & Insights

We conduct non-partisan, independent research, and make our work accessible and informative to policymakers and the general audience alike. Browse our featured research or explore our work by article type.

Spending On Prescription Drugs In The US: Where Does All…
Supply chain intermediaries, or “middlemen,” are being blamed for capturing much of the money that is often categorized as drug spending.
HA Blog 07/31/2018
Association of Rebates in Part D with Patient OOP and…
The way Medicare Part D's benefit design shows that rebates actually increase patients' out-of-pocket costs while shifting spending from plan sponsors and manufacturers to Medicare.
JAMA Internal Medicine 05/30/2017
R&D Costs Do Not Explain Elevated U.S. Drug Prices
Drug prices in other high income countries for the 20 top selling drugs globally make up less than half of U.S. net drug prices.
HA Blog 03/07/2017
Biosimilars: Market Changes do not equal policy success
Numerous articles and reports have trumpeted biosimilar market growth, but it's critical we do not lose sight of the sole objective for creating the biosimilar market: to reduce the cost of older biologic drugs for society and taxpayers.
Drug Pricing Lab 03/15/2021
Bottom-Up Pricing Estimate for P-quad
How much would biologic drugs cost under P-quad pricing? Two approaches to estimating fully loaded costs plus a profit (10% and 20% examined) suggest net discounts from current prices would be at least 65% to 75%
Drug Pricing Lab 03/12/2021
US Drug Prices And R&D, Take 2: A Reply To…
To answer Health Affairs responses, Peter Bach and Nancy Yu point back to the research, emphasizing the original intent of the conservative R&D cost assumptions.
Health Affairs Blog 07/27/2017
The Drugs at the Heart of Our Pricing Crisis
The US drug pricing system is broken, but not irreparable. For large-molecule biologic drugs, enter: Production Plus Profit Pricing (P-quad, pronounced like Ahab's seagoing vessel).
NYTimes 03/15/2021
Modeling P-quad
The Drug Pricing Lab engaged Milliman to conduct an independent analysis of the Production Plus Profit Pricing (P-quad) policy proposal. The Milliman analysis estimates the projected spending on U.S. biologic and biosimilar drugs under a referent scenario where there is no biosimilar entry or competition, the existing ‘status quo’ scenario under the current biosimilar environment, and the Drug Pricing Lab’s P-quad policy proposal. 

This report was commissioned by Drug Pricing Lab.
Milliman 03/12/2021
Ethics of Clinical Trials to Evaluate Biosimilars
Biosimilars require extensive, expensive, and time-consuming human testing prior to market entry, a process vastly different than generics. So why are we still doing them?
MedRx IV 03/09/2021
COVID-19 Reduced Average Life Expectancy of Americans by Five Days,…
The CDC made a mistake.
STAT 02/25/2021
Instead of debating 'first-shot' vs 'set-aside' vaccine approaches, hospitals' study…
Hospitals could start studies of their own employees to answer important questions, including whether the first-shot approach has downsides when compared to the set-aside strategy.
STAT 01/04/2021
After 4 Years of Trump, Medicare and Medicaid Badly Need…
Many promising ideas won't work as expected, and that's all the more reason for CMS to evaluate how medical care is delivered to its patients.
NYTimes 12/01/2020

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