Big pharma valuations mostly held steady as CMS released its list of the first 10 drugs subject to Medicare negotiations under the Inflation Reduction Act, which held few surprises and included products nearing the end of their patent lives by the time negotiated pricing takes effect.

Biopharma executives see value-based pricing as an increasingly important topic for the sector in 2023, while the US Inflation Reduction Act will have a major impact on portfolio strategies.

A pair of new PwC reports project a more robust M&A environment in 2023, but questions about the impact of the Inflation Reduction Act are already affecting biopharma business development strategies.