Dear dupa,

Disruption used to be something the biopharma industry talked about in aspirational terms — a force to shake up outdated models. But it’s become a permanent state of being.

For the first time in US biotech’s history, China poses a real competitive challenge — and the FDA is under pressure to adapt. Decades of consensus around vaccines and preventable disease have unraveled. The Trump administration’s "most favored nation" reforms have upended global drug pricing dynamics. And as we navigate rapid improvements in AI, will US biopharma adapt fast enough to keep its competitive advantage?

These issues are already changing how companies operate — from the way they price and launch products to how they recruit scientists and navigate regulation.

We’re digging into all of this at the Financial Times x Endpoints US Pharma and Biotech Summit this May in New York. The agenda tackles drug pricing under MFN, the FDA’s response to China’s rise, rebuilding trust in public health and more. You can explore the full program in the event agenda.

If you can be in New York, you should be. Yes, there’s a virtual option, but the real value is in the room — the conversations between sessions, the people you meet, the chance to step back with peers who get it. I hope to see you there.