Peter Kolchinsky

Aligning Investment and Opportunity in Health | Global Conference 2026

Caitlin MacLean, Peter Kolchinsky, Pablo Legorreta, Philip Ross, Amy Schulman

Capital Markets and M&A activity have accelerated since 2025, driven by $140 billion in public company acquisitions and a rebound in fundraising averages to $400 million, while large pharmaceutical firms divest non-core assets to pursue $70 billion in new acquisitions needed for growth. U.S. reimbursement dynamics, heavily influenced by the Inflation Reduction Act, are forcing a strategic pivot away from small molecules toward antibodies and orphan drugs, with billing volume signals now driving insurer coverage decisions. Meanwhile, global competition intensifies as U.S. firms increasingly license Chinese innovations and conduct early-stage trials abroad to leverage speed, even as artificial intelligence transitions from discovery hype to operational cost reduction in clinical recruitment and regulatory processes.