President Donald Trump put the pharmaceutical industry on notice early Monday with the signing of his "most favored nation" (MFN) executive order on drug prices. The order seeks to tie U.S. prices to significantly lower costs overseas.

Many questions remain about how the measure will be implemented, and legal challenges are almost certain. To assess the seriousness of the threat, Fierce Pharma assembled a team of reporters and editors to break down the executive order and the industry’s response.

After examining the MFN executive order, the group dives into other recent policy developments in Washington, D.C., and beyond, including tariffs, Medicare drug price negotiations and more.

To learn more about the topics in this episode: 

• Trump signs sweeping executive order to cut US drug prices by 'up to 90%'
• Sanofi, Novartis CEOs lambast EU price control as Trump reportedly weighs drug cost parity with other nations
• As Trump threatens tariffs on drugs, industry warns EU of $100B-plus pharma exodus to US
• US net drug spending surged 11.4% last year, boosted by obesity and oncology meds: IQVIA

This episode is sponsored by Cencora. 

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Angela Hwang spent nearly three decades at Pfizer before joining Flagship Pioneering in 2025 as a CEO-partner and the CEO of Metaphore Biotechnologies.

In this week’s episode of "The Top Line," the former Pfizer chief commercial officer speaks with Fierce Pharma Deputy Editor Angus Liu about her transition from marketing drugs at a Big Pharma company to advancing novel technology at a young biotech startup.

Hwang discusses how her upbringing in apartheid-era South Africa—and two key lessons from her career—shaped who she is today. A longtime champion of diverse talent, she emphasizes that regardless of the broader environment or the size of an organization, it’s essential to ensure “everybody has a chance of developing in their careers and that they have a level playing field.”

To learn more about the topics in this episode: 

• 'We have not seen anything similar': Novo Nordisk pens $600M obesity pact with Flagship's Metaphore
• 2022's Fiercest Women in Life Sciences—Angela Hwang
• Done deal: Pfizer completes $43B acquisition of Seagen, doubling its oncology pipeline

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Although East Asians make up a significant share of entry-level roles in U.S. biopharma, few have risen to senior leadership positions. That disparity is what inspired the launch of ElevAAte—a new nonprofit founded this year to support and grow East Asian American leadership in the industry.

In this week’s episode of "The Top Line," Fierce Pharma Deputy Editor Angus Liu speaks with two of ElevAAte’s co-founders: Architect Therapeutics CEO Angie You and Candid Therapeutics CEO Ken Song. The veteran biotech leaders discuss why a group like ElevAAte is needed and how East Asian Americans can harness their collective strength to build the next generation of biopharma executives.

You and Song—who led Amunix’s $1.2 billion sale to Sanofi and RayzeBio’s $4.1 billion acquisition by Bristol Myers Squibb, respectively—also share insights from their dealmaking careers and offer advice for young professionals entering the field.

To learn more about the topics in this episode: 

• Though prevalent in the lab and middle management, East Asian Americans are underrepresented in biopharma C-suites: report
• Candid's T-cell engager shopping spree rolls on with WuXi Biologics pact worth up to $925M
• A reason to fight: Former FDA leader Janet Woodcock inspires 3rd Biotech Sisterhood summit
• Takeda taps Julie Kim to take over for retiring CEO Christophe Weber

 

This episode is sponsored by Cencora. 

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We’ve known for a while that there are two Anguses—both journalists covering oncology at health- and biopharma-focused news outlets. Now, for the first time, we’re bringing them together for a “Variety Studio: Actors on Actors”-style conversation.

In this week’s episode of "The Top Line," Fierce Pharma Deputy Editor Angus Liu and STAT Cancer Reporter Angus Chen share insights into their work covering cancer and their thoughts on racial identity during a tumultuous time.

They discuss what excites them most in the oncology field, how their reporting approaches differ and how they’ve often been mistaken for one another.

To learn more about the topics in this episode: 

• Judge permanently blocks NIH grant caps, prompting HHS appeal
• Cancer research, long protected, feels ‘devastating’ effects under Trump
• As Trump targets DEI practices, 4 pharmas reaffirm commitment to diversifying clinical trials
• For struggling cell and gene therapy field, Peter Marks' FDA exit adds even more uncertainty
• CAR-T cells can arm other immune cells with engineered proteins to fight cancer, study says

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After a batch of much-anticipated reciprocal tariffs spared pharmaceuticals in early April, drugmakers, medtech companies, manufacturers and other outfits across the life sciences spectrum are still scrambling to respond to mounting trade pressures. While many unknowns remain, biopharma companies should waste no time in starting to evaluate their options.  

In this week’s episode of “The Top Line,” we dig into the latest round of tariffs unveiled by the Trump administration and how they could impact multiple areas of the life sciences industry. Fierce Pharma’s Fraiser Kansteiner sits down with KPMG’s life sciences sector leader Kristin Pothier, who discusses how the current tariffs could pose challenges, how drugmakers and other life sciences companies should respond and whether additional sector-specific duties are on the horizon.  

To learn more about the topics in this episode: 

• As Trump's 'Liberation Day' tariffs seem to spare pharmaceuticals, threat of industry-specific duties and loopholes persists
• Drugmakers fear Trump tariffs will drive up manufacturing costs, hurt medicine access: BIO survey
• Eli Lilly CEO on Trump's tariffs: 'It'll be hard to come back from here'
• Trump again threatens tariffs on pharmaceuticals in 'not too distant' future

This episode is sponsored by Cencora.

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In this week’s episode of "The Top Line," Fierce Deputy Editor Andrea Park and Fierce Biotech Senior Editor Gabrielle Masson discuss how workforce reductions impacted the biopharma industry in the first quarter. 

The pair examine industry trends, company closures, developments in the cell and gene space—and the reductions in force happening at federal health agencies alongside them.

To learn more about the topics in this episode: 

• Biopharmas laid off staffers at least 63 times in Q1: Fierce Biotech analysis
• Fierce Biotech Layoff Tracker 2025: Pfizer sells site, cuts staff; Opthea reduces workforce by 65%

 

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In this week’s episode of "The Top Line," Fierce Biotech’s Gabrielle Masson and Darren Incorvaia sit down to discuss a recent special report from Fierce Biotech, ranking the top 10 R&D budgets from 2024. 

Did Merck hold on to its 2023 crown? And did any new faces crack this year’s list? Listen to find out!

To learn more about the topics in this episode: 

• The top 10 pharma R&D budgets for 2024 

This week's episode is brought to you by Cencora.

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Since the first days of the new Trump administration, the White House has handed down orders to ban work focused on diversity, equity and inclusion (DEI) across the federal government. Some in the private sector—both inside and outside of healthcare—have followed the same path, eliminating DEI officer positions and ending initiatives that in some cases have been tied to millions of dollars in research funding. What does the field—and, ultimately, the patient—stand to lose from this effort?

In this week’s episode of The Top Line, we hear from Nada Hanafi, co-founder of MedTech Color, a professional network aimed at building and supporting diverse leadership in the industry. Hanafi joins Fierce Medtech’s Conor Hale to discuss how studying diversity in a healthcare context has become integral to developing new medical breakthroughs and realizing the promise of precision medicine.

To learn more about the topics in this episode:

• FDA issues draft guidance on ensuring pulse oximeter accuracy across skin tones 

• How Trump's DEI executive orders could impact healthcare 

• After White House transition, FDA’s diversity guidance for clinical trials no longer available 

• As Trump targets DEI practices, 4 pharmas reaffirm commitment to diversifying clinical trials 

• Amid Trump's push to abolish DEI, Roche and Novartis adjust hiring initiatives: reports 

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In this episode of The Top Line, sponsored by PatientPoint, Andrew Schultz, President of PatientPoint Precision, discusses how hypertargeting and contextual relevance are redefining patient marketing.

Traditional direct-to-consumer (DTC) campaigns often rely on educated guesses, but PatientPoint Precision blends EHR data and patient context to deliver hyper-personalized, high-impact messages. By engaging patients at critical touchpoints—like logging into a portal or checking in for an appointment—marketers can deliver tailored, valuable content that enhances patient experiences and drives better health outcomes.

Schultz emphasizes the importance of trust, consent, and privacy in utilizing this treasure trove of data securely. With PatientPoint Precision’s ability to integrate data and context, brands can now create robust, personalized campaigns that truly resonate with their target audiences.

Listen to the full episode to learn how this new DTC approach is transforming patient engagement.

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Johnson & Johnson’s Stelara, Regeneron’s Eylea and Amgen’s Prolia are just some of the drugs facing off against new biosimilars or generics in 2025, as featured in the latest edition of Fierce Pharma’s annual special report documenting the 10 biggest losses of U.S. exclusivity expected throughout the year.

In this week’s episode of The Top Line, we dig into the report, which details the stories behind 10 key medicines that are set to face off against new generic or biosimilar competitors this year as their patents expire. Fierce’s Eric Sagonowsky and Angus Liu recap the report, sharing their perspectives on several of the drugs and discussing the industry effects of 2025’s sizable patent cliff.

To learn more about the topics in this episode:

• The top 10 drugs losing US exclusivity in 2025 

• After patent settlement, Amgen scores FDA nod for its biosimilar version of J&J's Stelara 

• Amgen grabs FDA thumbs-up for Soliris biosim, eyes 2025 launch 

• Novartis wins 11th-hour bid to block generic version of blockbuster heart med Entresto 

• Amgen settles Prolia patent suit with Celltrion, teeing up potential biosimilar launch in June 

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