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 venture capital, World Preview 2026 highlights where pharma demand, asset scarcity and global sourcing are reshaping the company creation playbook.
Worldwide prescription drug sales are forecast to pass $2 trillion by 2032, but Big Pharma is still under pressure to find the next generation of growth assets.
Patent exposure, pricing pressure and tighter R&D economics are pushing buyers toward de-risked, best- or better-in-class drugs with clear commercial potential.
That is changing where venture investors look.
Uncertainty has become a new normal.
With the IPO market still fragile, VCs are building biotechs around assets most likely to attract strategic buyers.
China is becoming central to that model, with Chinese assets expected to represent more than two-thirds of licensing deal value in 2026.
For investors, the question is where science, speed and buyer demand can align to create the next investable biotech story.
