After more than a decade in charge of the most influential organization representing the U.S. pharmaceutical industry, the Pharmaceutical Research and Manufacturers of America (PhRMA), Steve Ubl will step down as its CEO at the end of the year.
PhRMA’s board of directors announced the departure of Ubl on Wednesday and said it will begin a search for his successor. To ensure a smooth transition, Ubl will remain on board until a new CEO is identified, PhRMA said.
Ubl is leaving during a turbulent time for the industry as President Donald Trump pursues several initiatives related to drug pricing and domestic manufacturing, and as leaders at the Department of Health and Human Services and the FDA have embraced certain controversial policies and decisions.
Ubl took over at PhRMA in 2015 after a decade as the CEO at the Advanced Medical Technology Association, which represents the MedTech industry.
Ubl has largely protected the industry, from government reform efforts, a few of which have taken hold recently with the adoption of President Joe Biden’s Inflation Reduction Act (IRA) and Trump’s price reduction deals with individual companies.
“On behalf of the board, I want to express our deep gratitude to Steve for his outstanding leadership and unwavering commitment to PhRMA and the patients we serve,” Merck CEO Rob Davis, who also is chair of the PhRMA board, said in a statement. “Steve has been an exceptional leader during one of the most consequential periods for our industry, and his commitment to ensuring a thoughtful transition will leave PhRMA stronger and well-positioned for the future.”
Ubl, who has had the longest tenure of any CEO in the 68-year history of the association, “broadened the conversation around the role of insurance companies and [pharmacy benefit managers],” which led to legislation and “regulatory action to rein in PBM abuses,” according to PhRMA.
Ubl’s efforts have also supported Trump’s 340B rebate model, which was set to take effect at the start of the year but was halted by a court decision in late 2025.
“I’m incredibly proud of what we accomplished over the past ten years, and I look forward to continuing to support the industry and the patients it serves in the next phase of my career,” Ubl said in a statement. “In the meantime, I remain fully committed to advancing PhRMA’s priorities and supporting a strong, seamless transition in the months ahead.”
Ubl dealt with internal turmoil in 2023 after the passage of the IRA when three major companies—AbbVie, AstraZeneca and Teva—departed PhRMA. Two years later, after the election of Trump, AZ opted back into the association.
Ubl considered stepping down after the 2024 election but was talked out of it by PhRMA’s board, according to the Washington Post, which interviewed Ubl on Tuesday.
