December 12, 2025 05:02 AM GMT Biopharma | North America 2026 Outlook: Policy in the rearview, fundamentals in the driver's seat As we head into 2026 we expect many of the policy overhangs that dominated the Biopharma conversation to wane, bringing the focus back to fundamentals, where the balance lies with new products+pipelines+M&A vs. LOE's. Policy overhangs (specifically most-favored nation (MFN) drug pricing dynamics) were front and center throughout the majority of 2025. In our opinion that overhang h ...