Is the U.S. at risk of losing its edge in biotech innovation?

Filmed live at JPM 2026, host John Stanford sits down with industry leaders who are deep in the work,what one panelist calls the “frogs in the mud”, to unpack how long-term global strategies, shifting capital flows, and U.S. policy decisions are reshaping the biotech landscape.

Rather than framing innovation as an all-or-nothing rivalry, the conversation focuses on a harder truth: the U.S. cannot isolate itself from global science, but it can fall behind if domestic policies make innovation harder at home. While Washington often debates from 30,000 feet, this panel dives into the operational realities founders and investors face every day, from the implications of the National Security Commission’s recommendations, to the looming $350B patent cliff, to the “Valley of Death” threatening early-stage companies.

We also examine how pricing uncertainty under the IRA, regulatory friction, and capital constraints intersect, and highlight a recent breakthrough in SBIR funding that offers a glimpse of what pro-innovation policy can look like when it’s done right. 

The takeaway is clear: safeguarding U.S. biotech leadership isn’t about cutting science off at the knees or cutting off collaboration, it’s about championing policies that keep America the best place in the world to discover, develop, and scale new medicines.

Watch to understand the real, ground-level forces shaping the future of biotech, and what policymakers need to get right next.

Join the Conversation
Is the U.S. still the global center of gravity for biotech innovation, or are we relying too heavily on past momentum?
What poses the greater long-term risk to patients: short-term cost controls, or policies that reduce where and how new medicines get developed?
In the biotech “Valley of Death,” what matters more for survival: access to capital, or regulatory speed and predictability?
Drop your thoughts in the comments below.

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more: https://x.com/MakingMedPod https://www.instagram.com/makingmedicinepod/ https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true

Timestamps
0:00  Intro: Is the U.S. losing the biotech arms race? 
1:10. "Frogs in the Mud": Why D.C. policy misses the mark 
3:45  The 20-year Chinese strategic plan for biotech 
6:15  How IRA price controls stifle American innovation
9:30  Strategic prioritization: Can the U.S. catch up? 
12:50  The $350B patent cliff and global market impacts 
16:20  Navigating the "Valley of Death" for startups
20:05  Clinical trial speed: Why China is outperforming the U.S.
24:30  SBIR breakthrough: New hope for early-stage funding
28:10  The "Playbook for Congress" and the road to 2030

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

Filmed live at the JPMorgan Healthcare Conference 2026, this episode of the Making Medicine Podcast examines how global power shifts are reshaping the pharmaceutical industry. This Part 1 conversation features host John Stanford with former Senator Richard Burr and EU Commissioner Phil Hogan as they discuss whether the pharmaceutical industry is losing its long-held “geopolitical immunity.” As thousands of leaders gather in San Francisco for the year’s biggest healthcare event, the discussion offers a roadmap for navigating the shift from business as usual to a new era of geopolitical scrutiny.

What do you think is the biggest "opportunity in the chaos" for biotech in 2026?
Do you believe the FDA will become more or less predictable under the current administration?
How should global pharma companies prepare for the rise of "MAHA" and lifestyle-focused health policy?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more: https://x.com/MakingMedPod
https://www.instagram.com/makingmedicinepod/
https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true

Timestamps
0:00 Welcome to Making Medicine
0:47 Meet the Panel: Senator Richard Burr & Commissioner Phil Hogan
2:21 2026 Outlook: The Disruptive Impact of the Second Trump Admin
3:51 Finding Opportunity in Policy Chaos
6:06 Why Pharma Lost Its "Geopolitical Immunity" in Trade
8:44 Most Favored Nation (MFN) and Global Pricing Realities
10:14 Defining "MAHA" and the Future of Health Policy
11:43 The Power of Direct Engagement: Bringing CEOs to the Hill
15:02 The FDA in 2026: Stability vs. Disruption
17:49 AI and Robotics: The New Subsectors of Medicine
19:08 China, Russia, and the Protection of the Single Market
25:15 2026 Predictions: Cultural Shifts and Economic Roller Coasters

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

In this episode of the Making Medicine Podcast, John Stanford previews new CMS drug pricing proposals and explains how they could shape biotech investment and innovation. The conversation looks ahead to the JPMorgan Healthcare Conference, where policy, capital formation, and global competition are expected to drive discussion. The episode breaks down the Globe and Guard Medicare models, their potential impact on R&D, and what founders and investors are watching next. It also explores how pricing uncertainty can influence early-stage biotech and global competitiveness. Finally, the listener Q&A highlights where AI is gaining traction across therapeutic areas.

Join us in San Francisco:
https://www.eventbrite.com/e/innovation-at-a-crossroadsbiopharma-policy-in-an-era-of-global-competition-tickets-1965538834565?aff=oddtdtcreator

Click here to be featured in an Incubate short:
https://calendly.com/grace-incubatecoalition/incubate-shorts-jpm-2026?month=2026-01 

What should innovators and investors watch most closely as these proposals move forward?
How might policy signals from JPM influence biotech decision-making in 2026?
Where do you see the biggest opportunities for AI in medicine right now?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more:
https://x.com/MakingMedPod
https://www.instagram.com/makingmedicinepod/
https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true 

Timestamps:
0:00 Welcome and disclaimers
0:17 Episode overview and JPM preview
0:50 Why Incubate produces Making Medicine
1:43 Why policy matters at JPM 2026
3:30 CMS announces new drug pricing proposals
4:26 Globe Part B and Guard Part D explained
5:53 Comment period and policy intent
6:45 Global pricing and international context
8:47 Implications for biotech innovation
10:17 Listener Q&A: AI in drug development
11:56 Closing thoughts and JPM logistics

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

In this New Year episode of the Making Medicine Podcast, we revisit a full-length conversation with U.S. Senator Thom Tillis of North Carolina, focused on the policies shaping US life sciences. The discussion explores intellectual property, drug pricing dynamics, regulatory balance, and how innovation ecosystems grow at the state and national level. The episode examines approaches to sustaining research and development while maintaining global competitiveness. It also considers the long-term implications of regulatory uncertainty and international competition.

Which policy issue do you think most impacts biotech innovation today?
How should decision-makers balance affordability and long-term R&D investment?
What does the US need to maintain leadership in life sciences?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more: https://x.com/MakingMedPod https://www.instagram.com/makingmedicinepod/ https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true

Timestamps:
0:00 Episode disclaimer 
0:17 Welcome to Making Medicine and episode overview
0:30 Why this conversation matters for 2026
1:24 Introducing Senator Thom Tillis
2:16 Building a life sciences ecosystem in North Carolina
3:43 Economic impact of biotech investment
4:27 Tax and regulatory strategy for innovation
7:52 Balancing reform and economic stability
9:58 Why intellectual property matters for life sciences 
12:18 Government involvement and innovation risks
13:51 Drug pricing policy and unintended consequences
17:05 R&D investment impacts and innovation trade-offs
20:26 Global competition and China’s growing role
22:55 Changing the narrative around life sciences
26:52 What’s next after public service
28:58 Closing reflections and future outlook

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

In this special holiday episode, the Making Medicine Podcast looks back at standout conversations since the show’s July relaunch, covering biotech innovation, research funding, and global competitiveness. Highlights include discussions with industry leaders on venture capital, R&D stability, manufacturing, and the importance of a connected life sciences ecosystem. The episode also revisits conversations on international competition, commercialization challenges, and how policy choices shape innovation outcomes. Together, these moments underscore why long-term investment and coordination across the value chain matter for patients and progress.

Which conversation stood out most to you this year?
What policy or innovation topic should we explore more deeply in 2026?
How do you see global competition shaping the future of biotech?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more: https://x.com/MakingMedPod https://www.instagram.com/makingmedicinepod/ https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true 

Timestamps:
0:00 Show disclaimer and welcome
0:23 Holiday greeting and episode overview
1:00 Industry snapshot and biotech competitiveness
3:36 R&D funding, NIH, and innovation stability
5:36 Global competition and maintaining leadership
8:23 Risks and resilience of the innovation economy
8:46 Policy ideas to support US biotech
14:12 Global perspectives on commercialization and pricing
17:20 Integrating early innovators and large pharma
21:27 Policy, pricing, and innovation trade-offs
27:37 IP, R&D incentives, and unintended consequences
28:23 Closing reflections and looking ahead to 2026

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

In this year-in-review episode, we break down key biotech investment trends from 2025, major policy developments in Congress, and what they mean for innovation and patients. The conversation covers defense-related biotech priorities, healthcare affordability challenges, PBM reform efforts, and capital access for early-stage companies. We also preview new data on venture investment, emerging therapeutic areas, and AI-enabled drug development. The episode closes with a look at recent FDA approvals that highlight real progress reaching patients.
 
What stood out to you most in the 2025 biotech investment data?
How do you see policy shaping innovation and capital formation in the year ahead?
Which FDA approval gives you the most optimism for patients?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more: 
https://x.com/MakingMedPod
https://www.instagram.com/makingmedicinepod/
https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true

Timestamps:
0:00 Disclaimers and welcome
0:23 Year in review overview: biotech, policy, and innovation
0:45 Congress wraps up the year and the FY2026 NDAA
1:32 Healthcare legislation and premium pressures
3:19 PBM reform efforts and legislative outlook
5:39 Capital access update and the Invest Act
7:32 2025 biotech investment data preview
8:00 Leading therapeutic areas and rare disease trends
8:41 Geographic investment highlights by state
9:21 Investment by congressional district
10:16 AI-enabled biotech investment trends
10:46 FDA approvals corner
12:31 Closing thoughts and year-end reflections

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

This episode breaks down how Congress is turning biotechnology into a core national security priority. John Stanford explains the biggest shifts in the 2025 defense bill, why China-focused guardrails are expanding, and how new investment rules could reshape biotech funding. We also cover a new bipartisan proposal to create a government-backed investment fund, and a high-stakes battle over ACA subsidies.

What NDAA change do you think will impact biotech most?
Should the U.S. invest directly in emerging biotechnologies?
How should policymakers balance security with scientific innovation?  

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more:
https://x.com/MakingMedPod
https://www.instagram.com/makingmedicinepod/
https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true  

Timestamps:
0:00 Disclaimers & Intro
0:23 NDAA Overview and Why It Matters
1:54 Biotech as a Strategic National Security Capability
2:54 Domestic Biomanufacturing & Supply Chain Priorities
3:19 DoD Bioindustrial Base & New Biotech Office
4:34 Data Standardization, AI Readiness & Security
5:07 Guarding the U.S. Biotech Ecosystem from China
7:09 Intelligence Community’s New Biotech Role
8:00 Outbound Investment Regime Explained
10:12 Implications for Investors & Biotech Leaders
12:42 The Independence Investment Fund Act
14:37 Why Congress Wants a Government-Backed Biotech Fund
14:40 Senate Showdown on ACA Subsidies & Healthcare Costs
17:36 Why Access and Innovation Are Interconnected
18:17 Closing Thoughts & Call for Questions

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

In this episode of Making Medicine, host John Stanford sits down with Senator Thom Tillis, the first sitting U.S. Senator to join the show. Tillis opens up about his relationship with President Trump, the impact of Most Favored Nation (MFN) drug pricing on U.S. innovation, and the forces shaping America’s biotech competitiveness. They discuss why predictable intellectual property and regulatory frameworks are critical for investment and how the U.S. can maintain a leading edge in life sciences. Don’t miss Tillis’s insights on why he chose not to seek reelection and what might come next for his career.
This is a must-listen for anyone interested in biotech policy, life sciences innovation, or U.S. global competitiveness.

What do you think about MFN-style pricing in the U.S.?
How can policymakers best support biotech innovation?
Which part of the life sciences ecosystem do you think needs the most attention right now?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more: https://x.com/MakingMedPod https://www.instagram.com/makingmedicinepod/ https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true

Timestamps:
0:00 Introduction to Making Medicine and Senator Thom Tillis
1:12 Tillis joins the podcast as the first sitting Senator
2:05 Early career and motivations in public service
4:20 Relationship with President Trump and MFN drug pricing
7:35 Potential impacts of MFN-style controls on U.S. innovation 
10:10 America’s global biotech competitiveness and China
13:50 Importance of IP and regulatory predictability for investment
16:25 Reflections on policy successes and challenges
18:40 Decision not to seek reelection 20:30 What’s next for Senator Tillis
22:00 Key takeaways on biotech policy and U.S. innovation
24:15 Closing thoughts and call to action

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

In this episode of the Making Medicine Podcast, John Stanford sits down with Daphne Zohar, Founder, CEO, and Board Member of Seaport Therapeutics to explore the forces shaping today’s biotech ecosystem. Daphne shares her entrepreneurial path from PureTech to Seaport, offering a rare inside look at building companies, catalyzing innovation, and scaling breakthrough science. The conversation dives into the Massachusetts biotech flywheel, competitiveness with China, U.S. policy risks like the pill penalty and MFN, and how regulatory uncertainty ripples through capital formation and patient impact. Daphne also highlights why she’s bullish heading into 2026 and offers tactical advice for founders gearing up for JPM.
 
What part of Daphne’s perspective resonated most with you?
Which policy issue do you believe will most affect biotech innovation in 2025?
What should we ask her next time she joins the show?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more:
https://x.com/MakingMedPod
https://www.instagram.com/makingmedicinepod/
https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true

Timestamps:
0:00 Welcome & Introduction
1:12 Daphne Zohar’s Path into Biotech
3:05 The Seaport Therapeutics Story
6:10 Biotech Hangout & CEO Sisterhood
8:42 Why Massachusetts Leads in Biotech
10:55 The M&A Flywheel & Metsera Deal
13:40 China’s Biotech Strategy & U.S. Competitiveness
16:20 Pill Penalty, EPIC Act & Drug-Pricing Distortions
18:55 MFN Proposals & Impact on Early-Stage Biotechs
21:30 FDA Uncertainty: Regulation, Capital & Patients
24:00 Positive Signals Heading Into 2026
26:15 JPM Outlook & Advice for Founders

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.

In this special Tokyo edition of the Making Medicine Podcast, John Stanford hosts a powerhouse panel of biotech investors, founders, and industry leaders to break down Japan’s emerging life-sciences boom. Together, they explore Japan’s regulatory shifts, government incentives, and rising startup momentum. This episode unpacks how Japan is positioning itself as a global hub for regenerative medicine, gene therapy, and bioeconomy innovation. Whether you're a policymaker, entrepreneur, or simply curious about global biotech trends, you'll get a front-row seat to Japan’s life sciences ecosystem, and why the rest of the world is watching.

What part of Japan’s biotech ecosystem surprised you the most?
Do you think global biotech companies should be paying more attention to Japan? Why or why not? Where do you see the biggest opportunity for Japan to lead in biotech?

If you're new to the Making Medicine Podcast, we're happy you're here! Follow us for more: https://x.com/MakingMedPod https://www.instagram.com/makingmedicinepod/ https://www.linkedin.com/showcase/making-medicine-podcast/about/?viewAsMember=true

Time Stamps:
0:00 Introduction: Why We’re Recording in Tokyo
2:45 Japan’s Biotech Vision: From Strategy to Reality
6:10 Role of Government & Public-Private Partnerships
9:20 Innovation Hubs: Shared Labs & Incubators
12:05 Investment Landscape: VCs, Funds & Incentives
15:30 Regenerative Medicine & iPSC Development
18:45 Gene & Cell Therapy Trends in Japan
22:00 Regulatory Reform & Drug Approval Acceleration
24:45 Global Biotech Partnerships: Japan’s Reach Abroad
27:10 Challenges: From Risk-Averse Culture to Commercialization
29:50 The Bioeconomy: Beyond Pharmaceuticals
32:15 What’s Next: Predictions for Japan’s Biotech Future

DISCLAIMER: We’re reporting on the headlines, not making medical recommendations. For personal health questions, always consult a doctor.