Venture funding for biotech startups declined sharply in Q2 2025, reflecting broader market contractions and fundraising difficulties. Despite this, late-stage financings and IPO activity continue, predominantly in Asia, especially mainland China and Hong Kong. Established biopharma companies like Johnson & Johnson and Novartis report growth despite challenges, including the erosion of blockbuster drug patents like Stelara and impending increased U.S. tariffs. Direct-to-consumer initiatives and efforts to maintain innovation and investment capacities highlight adaptation strategies amid evolving market conditions.