The Money Is Back in Pharma. The Returns Get Decided Downstream.

Biotech has come roaring back. The XBI closed 2025 up roughly 35%, M&A more than doubled to about $133 billion, and the IPO window has reopened. Yet the sector is walking into a structural storm: a patent super-cliff exposing $180 to $300 billion in sales by 2030, Medicare price negotiation cutting 38 to 79% on the first drugs, and new pharmaceutical tariffs.

This panel asks the question capital allocators are actually underwriting: If pharma's rebound is real but its economics are under pressure, where does the next decade of return come from?

We trace the money from the macro rebound, through the cost reckoning that revives a decade-old productivity problem (Eroom's Law), to the downstream layer where AI finally earns its keep: the service providers and data platforms that convert pharma's spend into operational efficiency.

60-Minute Moderated Panel Discussion.

Speakers & Panelists

Moderator: John Walters, CEO, Sanai

Panelists:

Public-Markets Biotech Investor

Private Capital Allocator VCPE

M&A / Business Development Advisor