Equities • Healthcare

Research evidence excerpt

Equities • Healthcare

17 July 2026

Equities

Healthcare Life Sciences & Healthcare

Mid-year regulatory update Global

◆ FDA upheaval has had no impact on drug approval trends so Morten Herholdt*

far but the expected increase in biologics seems to be paused GlobalHSBC BankLife Sciencesplc & Healthcare Analyst

morten.herholdt@hsbc.com

◆ Regulatory headwinds are largely behind major pharma, but the + 44 20 7992 4082

rest of the sector has till the end of Q3 before tariffs could hit RajeshSenior GlobalKumar*Life Sciences & Healthcare Analyst

HSBC Bank plc

◆ Managed care has till the end of the year to remove PBM rajesh4kumar@hsbcib.com

+44 20 7991 1629

compensation from drug list prices for Medicare Part D Shubhangi Gupta*, PhD

Global Life Sciences & Healthcare Analyst

Drug approval trends in line with last year: Year-to-date the FDA has approved 24 HSBC Securities and Capital Markets (India) Private Limited

shubhangi.gupta@hsbc.co.in

drugs, a bit more than half the 46 drugs approved in total in 2025. This is slightly more +91 80 4555 2143

than the 19 at the mid-year stage last year and the 22 in 2024. In 2023, the number was Yessica Sanchez*

26. Hence, this all points to business as usual at the FDA and the many leadership Global Life Sciences & Healthcare Analyst

HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

changes and substantial redundancies seemingly have had little impact on approval Financiero HSBC

trends. Companies mention good relationships with the administration and few concerns yessica.sanchez@hsbc.com.mx

+55 52 8551 7904

about timeliness of response time or interactions.

Damayanti Kerai*

Analyst, India Healthcare