Key Takeaways U.S. pharma entered a rebound in 2025, with a $370B domestic investment pledge reshaping the industry. Tariff threats and MFN pricing deals pushed firms like Eli Lilly to expand U.S. manufacturing capacity. ETFs such as IHE offer diversified exposure to pharma's growth while reducing single-stock risks. The U.S. pharmaceutical industry underwent a historic, policy-driven transformation in 2025. After a period of post-pandemic cooling, the industry demonstrated stark improvement, ignited by a ...