Just a few weeks into the new year and the pharma industry has already been hit by a new wave of uncertainty. 

A string of executive actions by the incoming Trump administration have temporarily stalled, side-tracked or halted work at federal work. And upcoming leadership changes at key healthcare agencies such as the FDA and HHS have made the fate of pharma-related policies unclear. 

While the industry waits for the dust to settle on the transition into a new administration, pharma’s ongoing market rebound and push for innovations are bearing fruit. 

After a market slump, the number of biotech IPOs has steadily increased in the last two years. 

The announcement of a major acquisition earlier this month — Johnson & Johnson’s $14.6 billion purchase of the neuroscience drug developer Intra-Cellular Therapies — has also fueled optimism that pharma dealmaking will continue to grow.

Leveraging AI advancements, meanwhile, remains a critical focus of the industry. And after years of investing in AI-driven platforms and solutions, pharma companies are starting to reap the rewards of the capabilities the technology offers in drug development and clinical trials. 

Here’s a look at the key trends set to shape pharma in 2025 and beyond.