Tariffs, drug pricing reform, a government shutdown and a major turnover at one of the world’s largest drugmakers all converged this week, leaving plenty to unpack for the industry as it heads into fall. Greater clarity on President Donald Trump’s tariff and pricing strategies has likely come as something of a relief for those companies operating in the U.S., but that news was tempered by a shutdown of the federal government on Wednesday. Meanwhile, big changes are likely on the way at GSK, whose longtime CEO Emma Walmsley is headed for the exit.

In this week’s episode of "The Top Line," we break down some of the biggest stories across Fierce Pharma for the week—which may very well be some of the biggest stories of the year—touching on critical policy updates in the U.S., the furloughing of federal employees at agencies like the FDA and NIH and the imminent departure of GSK’s chief executive. Fierce Life Sciences’ Ben Adams sits down with Fierce Pharma's Fraiser Kansteiner to discuss the latest headlines and go over the key points from each major development that has played out.

To learn more about the topics in this episode: 

• FDA avoids the worst amid government shutdown, but new applications put on hold
• NIH research grinds to a halt as government shuts down
• Pfizer offers price concessions, $70B US outlay in Trump's 'most favored nation' push
• Trump's pharma tariffs on hold amid administration's effort to secure pricing concessions, industry investment: Stat
• GSK's Emma Walmsley to step down as CEO in shock move, giving way to commercial lead Luke Miels

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