Big Drugs. Bigger Questions.
Big drugs, bigger market
Pipeline's most valuable bets
The patent cliff behind the patent cliff
Deals back on
Bigger questions
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The World Preview is written by Melanie Senior
For private equity, World Preview 2026 highlights where pharma growth, competitive pressure and strategic buyer demand are reshaping the investment case.
Worldwide prescription drug sales are forecast to pass $2 trillion by 2032, but growth is increasingly concentrated in a small number of high-value markets and assets.
Obesity, autoimmune disease and oncology remain key areas to watch, with tirzepatide alone expected to exceed $70 billion by 2032.
At the same time, more than $500 billion in sales could be at risk from generic competition between 2026 and 2032.
That pressure is bringing M&A back into focus, with 2026 deal value potentially approaching $200 billion as pharma looks for de-risked assets, new modalities and routes to growth.
Uncertainty has become a new normal.
For investors, the question is where market growth, revenue durability and strategic buyer appetite can support diligence, value creation and exit potential.
