The draft 2026 Social Security Financing Bill (Projet de loi de financement de la sécurité sociale pour 2026), released on 14 October 2025, sets the national healthcare expenditure target (ONDAM) at €274.4 billion. This represents a 3.2% increase from 2025, despite the government’s efforts to reduce the social security deficit to €17.5 billion. The substance of the bill was detailed in a press briefing led by Roland Lescure, Minister of the Economy, Amélie de Montchalin, Minister for Public Accounts, and Stéphanie Rist, Minister of Health.
Central to the legislation is a restructure of the "safeguard clause" (Article 28), transforming the current unpredictable clawback into a permanent tax on turnover, with the original clause retained as an exceptional backstop. The government aims to secure €1.4 billion in savings from medicinal products and €0.2 billion from medical devices. Furthermore, Article 88 introduces a "comparable-country" reference basket, allowing the Economic Committee for Health Products (CEPS) to benchmark French prices against lower net prices in markets such as Japan and South Korea.
The bill also doubles patient co-payments for medicines from €1 to €2. The Union of National Supplementary Insurance Organisations (UNOCAM) has issued a critical deliberation, stating that the measures were drafted without consultation and lack a multi-year strategic vision. They argue that supplementary insurers are being used as "adjustment variables" for a system under severe tension. Implementation is scheduled for 1 January 2026, following the parliamentary consultation window ending in late December 2025.
The introduction of structural taxes and international price benchmarking will likely lead to tighter profit margins. While the two-year extension of the "direct access" pathway offers temporary relief, the increased reliance on net-price comparisons in non-European markets creates a structurally more challenging environment for product launches and value retention.
Source: Ministère de l’Économie, des Finances et de la Souveraineté industrielle et numérique
Link: Projet de loi de financement de la sécurité sociale (PLFSS) pour 2026 (Draft Social Security Financing Bill for 2026)
Date: 14 October 2025