1、Click here or press enter for the accessibility optimised version2025 PreviewClick here or press enter for the accessibility optimised versionForewordBiotech will remain in recovery mode nextyear,after hitting rock bottom in 2023amid a post-pandemic rout.The sectorhas taken its time recuperating fro

2、m thoselows,and there are few reasons to expecta rapid rally in 2025.This is not to say that pessimism prevails.Investors and corporates alike expectmore deal making next year and improvedaccess to capital.But with muchuncertainty as the US transitions to a newpresidential administration,the sector

3、isskittish.Incoming President Trump has signalledhis willingness to rip up the status quowith unconventional nominations to headdepartments that matter a lot tobiopharma.For now,it remains unclearwhat Robert F.Kennedy Jr.,Martin Makaryand Mehmet Oz mean for Health andHuman Services,the Food and Drug

4、Administration and Centers for Medicareand Medicaid Services.It could bemid-2025 until the appointments are allconfirmed,and longer for policy shifts toemerge.These US political changes are notnecessarily negative.A less hawkishFederal Trade Commission should injectlife into a moribund M&A market,he

5、ncethe expectations for a pickup indealmaking.The equity markets,meanwhile,are slowly opening to newissues and that trend is expected tocontinue next year.More IPOs and M&Aare good news for venture investors,andprivate financings are also seen rising in2025.But the first half of the year,and possibl

6、ylonger,will be dominated by questionsabout the Trump administration and whatit means for the worlds largest healthcaremarket.And investors hate uncertainty.Against this backdrop,biopharmasbiggest news story will continue to unfoldin 2025:the roaring success of theGLP-1s,also known as the incretin c