1、Focus on fundamentals to bounce backEY Biotech Beyond Borders Report 2025Produced by EY Insights2EY Biotech Beyond Borders Report 2025|Focus on fundamentals to bounce backContents030304041010131318182222To our clients and friendsYear in reviewHow to manage uncertainty amid rapidly shifting policy Wi

2、th a dearth of dealmaking,focus on efficient capital allocationBiopharma must leverage AI to lower its cost base Databook3EY Biotech Beyond Borders Report 2025|Focus on fundamentals to bounce backTo our clients and friendsRich RamkoEY Americas Life Sciences Sector and Biotechnology LeaderErnst&Young

3、 LLPThe 35th annual Biotech Beyond Borders Report finds the biopharma industry at a crossroads with history.The last 12 months have looked very different from our previous forecast in the June 2024 edition of this report.Access to capital the lifeline of the sector is constrained,whether from diluti

4、ve financing offered by venture capital(VC)firms,family offices and angels,or non-dilutive grants offered by the National Institutes of Health(NIH),Advanced Research Projects Agency for Health(ARPA-H)or Biomedical Advanced Research and Development Authority(BARDA).Meanwhile,the IPO window appears to

5、 be shut for the foreseeable future.Ashwin Singhania Principal,Life Sciences Strategy,EY-Parthenon Ernst&Young LLPArda Ural,PhD EY Americas Life Sciences Sector Leader Ernst&Young LLPThis environment is further exacerbated by the unique nature of the current macroeconomic uncertainty,as demonstrated

6、 by the 0.2%slowdown in gross domestic product(GDP)in the first quarter of 2025.*On the policy and regulatory front,there are questions around the ability of the U.S.Food and Drug Administration(FDA)to oversee clinical and preclinical development.Further clarity from the Centers for Medicare&Medicai