Attendees at this year’s symposium were optimistic about the potential for progress, citing momentum from new FDA initiatives, growing legislative support, and increased global innovation in research and development. These efforts, alongside increased patient advocacy and a presidential administration focused on speeding patient access, could lead to significant advances in rare disease treatments and cures in 2025.

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The last year (and particularly the last few months) of the Biden Administration brought a flurry of activity from the Federal Trade Commission (FTC) in the life sciences space, continuing a yearslong pattern of close scrutiny and culminating most notably in the issuance of a complaint against the leading pharmacy benefit managers (PBMs). It was not all bad news, however, as 2024 still featured several notable deal clearances, including the long-awaited approval of the Novo Holdings / Catalent deal and clearances of multiple transactions involving radiopharmaceutical, neurology, and obesity/diabetes assets.

Looking forward in the United States, the return of a Republican-led FTC likely signals a return to an enforcement regime and enforcement priorities that more closely resemble the pre-Lina Khan period. While the FTC under new Chairman Andrew Ferguson may be more predictable, we expect continued scrutiny of life sciences transactions and commercialization practices, particularly to the extent those areas dovetail with President Trump’s broader domestic policy agenda.

Antitrust + Competition lawyers Arman Oruc, Andrew Lacy, Sarah Jordan, Elliot Silver, Eram Khan, Charlotte Brunsdon, Anuj Ghai, Sophie Entwisle, and Danielle Fong discuss transaction developments and predictions in the Antitrust and Competition Life Sciences Year in Review 2024.

Medtech mergers and acquisitions (M&A) and venture capital (VC) showed signs of life in 2024, contributing to an overall optimistic outlook for the sector this year despite lingering headwinds.

Strategic investments are expected to continue as medtech companies innovate, particularly in areas such as AI-driven diagnostics, wearables and remote monitoring devices, and advanced surgical technologies.

Private, venture-backed M&A activity for medical devices—which picked up in the second half of last year and started 2025 strong with two ten-digit acquisitions and two spin-offs by strategics—could continue rising amid a more deregulatory backdrop under the new presidential administration.

Still, challenges persist that could slow growth. Early-stage VC deals in the sector have faced difficulties, and private M&A exit timelines have increased. Uncertainty regarding the path of interest rates and the broader economy also muddy the outlook.

Read the full insight here.