From the JPM Healthcare Conference in San Francisco, Glenn Hunzinger brings together Sunil Patel of Merck and Sumit Khedekar of Citigroup for a conversation about where growth in the pharmaceutical and biotech industry is headed over the next five to ten years. They explore how scientific innovation, global sources of capital and talent, and a more forward looking approach to risk taking are shaping the future of healthcare, and why this moment may be pivotal for patients and the industry alike.

Discussion highlights:

• Scientific innovation and unmet patient need remain the primary drivers of long term growth across pharma and biotech
• Global sources of innovation, including China, are reshaping licensing strategies and competitive dynamics
• Companies are increasingly willing to take calculated risk earlier in the drug development lifecycle
• Value creation depends on entering assets at the right inflection point rather than waiting for fully de risked launches
• Payer dynamics, pricing pressure, and evolving consumer expectations are influencing how drugs are developed and commercialized

Speakers:

Glenn Hunzinger, US Health Industries Leader, PwC
Sunil Patel, SVP, head of corporate development and business development & licensing, Merck
Sumit Khedekar, Global head of Healthcare Investment Banking, Citigroup

This episode is also available as a video on our website: https://www.pwc.com/us/en/industries/health-industries/health-research-institute/next-in-health-podcast.html

For more information, please visit us at: https://www.pwc.com/us/en/industries/health-industries/health-research-institute/next-in-health-podcast.html.

Join Glenn Hunzinger and James Woods as they discuss what to expect for medtech dealmaking in 2026, including why buyers are poised to return, how technology is reshaping portfolios, and where investors are focusing to drive future growth.

Discussion highlights:

• Medtech M&A is expected to rebound in 2026 as market conditions improve and capital remains available
• Buyers are staying selective, prioritizing assets that support durable growth
• Technology and data enabled solutions are key drivers of deal activity
• Tuck in and bolt on acquisitions continue to dominate, with private equity playing an active role
• Surgical robotics, AI, cardiovascular, and diagnostics remain areas of strong interest

Speakers:
Glenn Hunzinger, US Health Industries Leader, PwC
James Woods, US Medtech Deals Leader, PwC

Linked materials:

• https://www.pwc.com/us/en/industries/health-industries/library/pharma-life-sciences-deals-outlook.html
• https://www.pwc.com/us/en/industries/health-industries/library/medtech-deals-outlook.html
• https://www.pwc.com/us/en/industries/health-industries/library/health-services-deals-outlook.html

For more information, please visit us at: https://www.pwc.com/us/en/industries/health-industries/health-research-institute/next-in-health-podcast.html.

Join Glenn Hunzinger and Dan Farrell as they discuss why 2026 could mark a rebound year for health services dealmaking—driven by higher-quality assets, improving market conditions, and the growing role of technology and AI. They explore how investors are rethinking value creation, from tech-enabled care models to carve-outs and IPOs.

Discussion highlights:

• Stronger earnings, cash flows, and tech-enabled platforms are drawing buyers back
• AI is shifting from a value enhancer to a key driver of margins and valuation
• Carve-outs remain active as health systems and corporates divest non-core assets
• Investors are targeting opportunities across specialties, home-based care, and AI-enabled platforms
• Reopening IPO markets and improved exit options are boosting confidence for 2026

Speakers:
Glenn Hunzinger, US Health Industries Leader, PwC
Dan Farrell, US Health Services Deals Leader, PwC

Linked materials:

• https://www.pwc.com/us/en/industries/health-industries/library/pharma-life-sciences-deals-outlook.html
• https://www.pwc.com/us/en/industries/health-industries/library/medtech-deals-outlook.html
• https://www.pwc.com/us/en/industries/health-industries/library/health-services-deals-outlook.html

For more information, please visit us at: https://www.pwc.com/us/en/industries/health-industries/health-research-institute/next-in-health-podcast.html.