The winds are changing for Big Pharma, pulling companies in different directions. Major drugmakers have spent the last decade rebuilding their R&D engines while embracing a focus on personalized and even curative medicine. Meanwhile, the external landscape is shifting — from regulatory changes to macroeconomic forces and technological leaps — complicating the decisionmaking process at the top tiers of leadership.

Some of the industry-specific transformations for top pharma companies include an unprecedented number of patent cliffs in coming years, changing priorities at the FDA, the rise of a major new GLP-1 drug class, AI’s influence on almost every facet of the business, rising costs and turnover in the C-suite.

Here’s a look at what’s been happening in an industry beset by change.

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