Pharma’s 2026 hit list: The White Album
The pharmaceutical industry should have a strong year, despite rising global fragmentation. It reminds me of the Beatles’ White Album – a hit record born from growing internal dissent. We have compiled a 2026 hit list for pharma that reflects this spirit: impressive outcomes, but with riffs, remixes, and a fair bit of discord before the final track plays
Hits amid growing discord
2025 was the year of disruption for Trump’s pharma policies: the pharmaceutical sector was central to Trump’s tariff policy and faced significant uncertainty as a result of the announced most favoured nation (MFN) pricing. We think 2026 will be the year of truth, in which many of the questions 2025 raised will be answered. Are Trump’s policies a seismic revolution, or hot air? How many people will benefit from MFN? Will manufacturing shift to the US? Will European policymakers be forced to agree to higher prices for medicines? And will China continue its rise as an innovation powerhouse?
We think we can make sense of the pharma world through the lens of the Fab Four. Because when The Beatles produced The White Album they faced increasing fragmentation and growing discord, the resulting album has been described as many things, messy, innovative, bloated, complex, a masterpiece that changed music. We believe 2026 will be much the same for pharma. The sector will have a strong year characterised by growth in sales, M&A and several important subsectors, in spite of growing geopolitical tensions — proving, much like the White Album, that creative tension can still produce chart‑topping results.
Side A & B: key calls and remaining questions
Each article in this bundle – or each track on pharma’s White Album, if you will – opens with our key calls for 2026 (Side A) and closes with the questions that remain (Side B). And just like the eclectic original, our version spans a diverse set of themes:
- Money (That’s What I Want): The sector will see solid growth and a shift in manufacturing
- Hello, Goodbye: China will become a powerhouse of innovation, at the expense of Europe
- Come Together: M&A activity is set to accelerate in 2026
- With a Little Help From My Friends: The importance of CDMOs will continue to grow
- Penny Lane: The US and Europe will remain reliant on Asian generics
Throughout this outlook, you will find insights on weight-loss drugs and AI mixed in, to add a few more riffs.
We hope you enjoy pharma’s 2026 White Album as much as the 1968 Beatles original.
This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
Download
Download article
20 January 2026
Pharma’s 2026 hit list: The White Album This bundle contains 6 Articles