Key policy and industry trends shaping biotech include drugmakers forming coalitions to lobby against Medicare drug price negotiations, reflecting ongoing tensions over pricing reforms. The National Institutes of Health (NIH) announced scaling back mRNA vaccine research citing public mistrust, highlighting shifting federal priorities. The FDA is contemplating new rules restricting export of American citizens’ living cells to foreign labs due to genetic data security concerns, potentially impacting international collaborations. Meanwhile, startup financing and IPO activities show sector resilience despite a recent lull in drug developer public offerings.