From the JPM Healthcare Conference in San Francisco, Glenn Hunzinger, PwC’s Health Industries Leader, speaks with Jeremy Gelber, Partner at Vitruvian Partners, and Claire Love, Principal in PwC’s Deals Strategy practice to explore where healthcare investment momentum is building for 2026, how technology is reshaping value creation, and what investors are watching as care models, consumer behavior, and capital deployment continue to evolve.

Discussion highlights:

• Where technology and AI are delivering near term returns by improving efficiency, reducing administrative friction, and streamlining care delivery and payment
• Why women’s health is gaining attention as an underinvested growth opportunity, driven by unmet need, changing consumer expectations, and attractive long term economics
• How regulatory uncertainty is influencing investment decisions, increasing the importance of scenario planning and flexibility
• Where deal activity is expected to pick up in 2026 across healthcare subsectors, including healthcare IT, pharma services, medtech, diagnostics, and biotech
• How consumer trust, access to health data, and evolving behavior are shaping future care models and investment priorities

Speakers:

Glenn Hunzinger, US Health Industries Leader, PwC
Jeremy Gelber, Partner, Vitruvian Partners
Claire Love, Deals Strategy Principal, PwC

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/2026-healthcare-investment-trends.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.

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/where-will-growth-emerge-across-healthcare.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.

Tune in as Glenn Hunzinger and Roel van den Akker share their outlook for pharmaceutical and life sciences dealmaking in 2026. They discuss improving market conditions, innovation driven growth, and how upcoming loss of exclusivity is shaping deal strategy.
 
 Discussion highlights:

•  Strong innovation, healthy balance sheets, and improving capital markets support a positive outlook for 2026
•  M&A is expected to remain precision-led and asset-focused, centered on differentiated science and key therapeutic areas
•  Accelerating loss of exclusivity (2026–2029) is increasing reliance on external innovation
•  Mid-sized deals have dominated, but clearer policy and better financing may enable larger strategic transactions
•  As innovation globalizes, companies are sourcing assets more deliberately worldwide, with the US remaining a core life sciences hub

 
Speakers:
Glenn Hunzinger, US Health Industries Leader, PwC
Roel van den Akker, US Pharmaceutical & Life Sciences 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.

What will healthcare look like a decade from now? Host Glenn Hunzinger is joined by Greg Rotz, Pharmaceutical and Life Sciences Advisory Leader and Thom Bales, Principal, Health Services Advisory Leader, as they dive into the future of health—one driven by smarter tech, empowered consumers, and breakthrough science. From reimagining chronic care to building new business models, discover the mindset, partnerships, and capabilities that will define the next era of healthcare.

Discussion highlights:

• A trillion-dollar shift: who gains and who falls behind
• The rise of the super consumer and personalized care
• Why experience design will become core to life sciences
• How health orgs can prepare with “no regrets” strategic moves
• Collaborating across the ecosystem to drive faster, better, cheaper care

 
Speakers:

• Glenn Hunzinger, US Health Industries Leader, PwC
• Greg Rotz, Pharmaceutical and Life Sciences Advisory Leader, PwC
• Thom Bales, Health Services Advisory Leader, PwC

Linked materials:

From breaking point to breakthrough: the $1 trillion opportunity to reinvent healthcare

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

Tune in as Glenn Hunzinger, PwC’s Health Industries Leader, sits down with Nichole Montgomery, Shannon O’Shea, and Phil Sclafani to unpack the sweeping implications of the newly signed One Big Beautiful Bill Act (OBBBA). With nearly a third of the bill dedicated to healthcare, the team explores how this landmark legislation will reshape coverage, funding, and delivery across the payer, provider, and pharma landscape.

Discussion highlights:

• The OBBBA introduces new work requirements and eligibility rules that could lead to coverage loss for over 13 million people, placing new burdens on payers and states
• Providers face increased uncompensated care, especially in rural areas, with added administrative complexity and a push toward technology and alternative care models
• Payers are bracing for membership loss, reduced Medicaid funding, and increased administrative load as new eligibility rules take effect
• Pharma may see reduced demand from public programs but gains through an orphan drug exemption and incentives for domestic manufacturing
• The bill’s sweeping changes will disrupt healthcare, but with foresight, organizations can model financial impact, prepare for operational disruption, and plan strategic responses

Speakers:

• Glenn Hunzinger (host), Health Industries Leader, PwC
• Shannon O'Shea, Principal, Health Transformation, Provider Clinical Transformation, PwC
• Phil Scalfani, Principal, Customer Transformation, Pharmaceutical & Life Sciences, PwC
• Nichole Montgomery, Principal, Health Transformation, Health Services, PwC

Linked Materials:

https://www.pwc.com/us/en/industries/health-industries/library/impact-of-obbba-on-us-health-system.html

 https://www.pwc.com/us/en/industries/health-industries/health-policy-and-intelligence-institute.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.

Tune in as Glenn Hunzinger, PwC’s Health Industries Leader, connects with Nick Donkar, PwC’s U.S. Health Services Deals Leader, and Roel Van den Akker, PwC’s Pharma and Life Sciences Deals Leader, to discuss the 2025 midyear deals outlook across health services and pharma and life sciences. They explore how macroeconomic trends, regulatory pressures, and evolving investment strategies are shaping M&A activity and where new opportunities may emerge as companies look ahead to the second half of the year.
 
 Discussion highlights:
 

• Health services deal volume remains resilient, with renewed investor interest in behavioral health, physician groups, and home-based care models
• Private equity firms are focused on outpatient growth platforms and niche services like revenue cycle management to navigate cost and regulatory headwinds
• Pharma and life sciences dealmaking is centered on targeted, asset driven M&A in the $1 to $5 billion range, rather than full scale platform acquisitions
• Regulatory uncertainty from FDA resource constraints to evolving policies on pricing and probability of technical and regulatory success (PTRS), is complicating deal modeling and slowing transaction timelines
• U.S. biopharma companies are increasingly sourcing early stage innovation from China, introducing new strategic opportunities along with cross border compliance and data challenges

Speakers:

Glenn Hunzinger, Health Industries Leader, PwC
Nick Donkar, US Healthcare Deals Leader
Roel Van den Akker, US Pharma & Life Sciences Deals Leader
 
Linked materials:

https://www.pwc.com/us/en/industries/health-industries/library/health-services-deals-outlook.html

https://www.pwc.com/us/en/industries/health-industries/library/pharma-life-sciences-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.

Tune in as Glenn Hunzinger, PwC’s Health Industries Leader, and Phil Scalfani, PwC’s Pharmaceutical and Life Sciences Consulting Leader, discuss the Trump administration’s executive order on Most Favored Nation (MFN) drug pricing and its far-reaching implications across the healthcare ecosystem. They break down what MFN pricing could mean for pharmaceutical companies, payers, PBMs, and the broader drug supply chain, and share perspectives on how organizations can navigate the uncertainty ahead.
 
 Discussion Highlights:

•  The MFN executive order is a bold attempt to lower U.S. drug prices by benchmarking them against the lowest prices paid in other high-income countries
• Pharma companies may be forced to rethink global pricing strategies, balancing U.S. price cuts with potential increases or market exits abroad
• A proposed shift to direct-to-consumer drug access could disrupt traditional roles for pharmacies, distributors, and pharmacy benefit managers (PBMs)
• Companies are preparing for significant uncertainty by reassessing deals, modeling financial impacts, and closely monitoring upcoming rulemaking and potential legal developments

Speakers:

Glenn Hunzinger, Health Industries Leader, PwC
Philip Sclafani, Partner, Pharma & Life Sciences, PwC

Linked materials:

Most Favored Nation prescription drug pricing Executive Order

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

Tune in as Glenn Hunzinger, PwC’s Health Industries Leader, connects with Matt Rich, PwC’s Pharma and Life Sciences R&D Leader, to unpack the recent disruption at the FDA and what it means for the pharmaceutical and biotech sectors. They discuss how companies can stay agile in the face of regulatory uncertainty, avoid preventable delays, and take practical steps to move programs forward with clarity.

Discussion highlights:

• Ongoing restructuring at the FDA is creating uncertainty and delays in drug and device approvals, with wide-ranging impacts across the pharma, biotech and medtech landscape.
• While companies can’t control the regulatory environment, they can focus on improving internal speed, efficiency, and submission quality to keep programs moving forward
• Avoiding preventable missteps, or “foot faults,” in data, endpoints, and submission packages is critical to reducing review delays and regulatory pushback
• Diversifying risk by pursuing parallel regulatory pathways in other regions such as Europe and Japan can help accelerate access and reduce dependency on a single agency
• In the absence of a clear playbook, companies should focus on what they can control by applying past lessons, staying disciplined, and collaborating across the industry to support more efficient FDA review processes

Speakers:

Matt Rich, PwC’s Pharmaceutical and Life Sciences R&D Leader
Glenn Hunzinger, Partner, Health Industries Leader, PwC

Linked materials:

Navigating the FDA disruption: 4 key actions for pharma

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