Pharma Industry
Pharma at a Turning Point 2025: Global Recalibration, Strategic Pullbacks, and China’s Out-Licensing Surge
Merck’s UK exits, AstraZeneca’s paused investment, Lilly’s stalled Gateway Labs project, Novo Nordisk’s workforce cuts, and China’s record out-licensing deals with Hengrui and Pfizer/3SBio mark a turning point for the global pharmaceutical industry in 2025.