In this week’s episode of "The Top Line," Fierce Biotech’s Gabrielle Masson and Darren Incorvaia sit down to discuss a recent special report from Fierce Biotech, ranking the top 10 R&D budgets from 2024. 

Did Merck hold on to its 2023 crown? And did any new faces crack this year’s list? Listen to find out!

To learn more about the topics in this episode: 
The top 10 pharma R&D budgets for 2024 

This week's episode is brought to you by Cencora.

In this week&rsquo;s episode of "The Top Line," Fierce Biotech&rsquo;s Gabrielle Masson and Darren Incorvaia sit down to discuss a recent special report from Fierce Biotech, ranking the top 10 R&amp;D budgets from 2024.&nbsp;
Did Merck hold on to its 2023 crown? And did any new faces crack this year&rsquo;s list? Listen to find out!
To learn more about the topics in this episode:&nbsp;
<ul>
<li><a href="https://www.fiercebiotech.com/special-reports/top-10-pharma-rd-budgets-2024">The top 10 pharma R&amp;D budgets for 2024&nbsp;</a></li>
</ul>
This week's episode is <a href="https://www.cencora.com/initiatives/pharma/supporting-biopharma-breakthroughs?utm_source=FiercePharma&amp;utm_medium=audio&amp;utm_campaign=gps_100_awareness&amp;utm_content=breakthrough-emerging">brought to you by Cencora</a>.

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&D and device development. Available every Friday morning. 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech, and Fierce Pharma recount the latest industry trends and why they matter. We'll analyze the week's biggest business news, from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.&nbsp;

The Top Line

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We’ll analyze the week’s biggest business news—from mergers and marketing to drug R&D and device development. Available every Friday morning.

 

Biopharma and medtech explained. Every week, journalists from Fierce Biotech, Fierce Medtech and Fierce Pharma recount the latest industry trends and why they matter. We&rsquo;ll analyze the week&rsquo;s biggest business news&mdash;from mergers and marketing to drug R&amp;D and device development. Available every Friday morning.
&nbsp;

A closer look at pharma's top R&D budgets 

President Donald Trump put the pharmaceutical industry on notice early Monday with the signing of his "most favored nation" (MFN) executive order on drug prices. The order seeks to tie U.S. prices to significantly lower costs overseas.

Many questions remain about how the measure will be implemented, and legal challenges are almost certain. To assess the seriousness of the threat, Fierce Pharma assembled a team of reporters and editors to break down the executive order and the industry’s response.

After examining the MFN executive order, the group dives into other recent policy developments in Washington, D.C., and beyond, including tariffs, Medicare drug price negotiations and more.

To learn more about the topics in this episode: 
Trump signs sweeping executive order to cut US drug prices by 'up to 90%'
Sanofi, Novartis CEOs lambast EU price control as Trump reportedly weighs drug cost parity with other nations
As Trump threatens tariffs on drugs, industry warns EU of $100B-plus pharma exodus to US
US net drug spending surged 11.4% last year, boosted by obesity and oncology meds: IQVIA

This episode is sponsored by Cencora. 

President Donald Trump put the pharmaceutical industry on notice early Monday with the signing of his "most favored nation" (MFN) executive order on drug prices. The order seeks to tie U.S. prices to significantly lower costs overseas.
Many questions remain about how the measure will be implemented, and legal challenges are almost certain. To assess the seriousness of the threat, Fierce Pharma assembled a team of reporters and editors to break down the executive order and the industry&rsquo;s response.
After examining the MFN executive order, the group dives into other recent policy developments in Washington, D.C., and beyond, including tariffs, Medicare drug price negotiations and more.
To learn more about the topics in this episode:&nbsp;
<ul>
<li><a href="https://www.fiercepharma.com/pharma/trump-signs-sweeping-executive-order-cut-price-drugs-us-90">Trump signs sweeping executive order to cut US drug prices by 'up to 90%'</a></li>
<li><a href="https://www.fiercepharma.com/pharma/sanofi-novartis-ceos-press-higher-drug-prices-europe-trump-weighs-international-reference">Sanofi, Novartis CEOs lambast EU price control as Trump reportedly weighs drug cost parity with other nations</a></li>
<li><a href="https://www.fiercepharma.com/pharma/trump-tariffs-drugs-industry-warns-eu-100b-plus-pharma-exodus-us">As Trump threatens tariffs on drugs, industry warns EU of $100B-plus pharma exodus to US</a></li>
<li><a href="https://www.fiercepharma.com/pharma/2024-us-drug-market-rose-114-historic-growth-backed-spending-obesity-oncology-meds-iqvia">US net drug spending surged 11.4% last year, boosted by obesity and oncology meds: IQVIA</a></li>
</ul>
This episode is sponsored by&nbsp;<a href="https://www.cencora.com/initiatives/pharma/supporting-biopharma-breakthroughs?utm_source=fiercepharma&amp;utm_medium=audio&amp;utm_campaign=gps_100_awareness&amp;utm_content=podcast">Cencora</a>.&nbsp;

A Fierce breakdown of the 'most favored nation' executive order

Angela Hwang spent nearly three decades at Pfizer before joining Flagship Pioneering in 2025 as a CEO-partner and the CEO of Metaphore Biotechnologies.

In this week’s episode of "The Top Line," the former Pfizer chief commercial officer speaks with Fierce Pharma Deputy Editor Angus Liu about her transition from marketing drugs at a Big Pharma company to advancing novel technology at a young biotech startup.

Hwang discusses how her upbringing in apartheid-era South Africa—and two key lessons from her career—shaped who she is today. A longtime champion of diverse talent, she emphasizes that regardless of the broader environment or the size of an organization, it’s essential to ensure “everybody has a chance of developing in their careers and that they have a level playing field.”

To learn more about the topics in this episode: 
'We have not seen anything similar': Novo Nordisk pens $600M obesity pact with Flagship's Metaphore
2022's Fiercest Women in Life Sciences—Angela Hwang
Done deal: Pfizer completes $43B acquisition of Seagen, doubling its oncology pipeline

Angela Hwang spent nearly three decades at Pfizer before joining Flagship Pioneering in 2025 as a CEO-partner and the CEO of Metaphore Biotechnologies.
In this week&rsquo;s episode of "The Top Line," the former Pfizer chief commercial officer speaks with Fierce Pharma Deputy Editor Angus Liu about her transition from marketing drugs at a Big Pharma company to advancing novel technology at a young biotech startup.
Hwang discusses how her upbringing in apartheid-era South Africa&mdash;and two key lessons from her career&mdash;shaped who she is today. A longtime champion of diverse talent, she emphasizes that regardless of the broader environment or the size of an organization, it&rsquo;s essential to ensure &ldquo;everybody has a chance of developing in their careers and that they have a level playing field.&rdquo;
To learn more about the topics in this episode:&nbsp;
<ul>
<li><a href="https://www.fiercebiotech.com/biotech/novo-nordisk-pens-600m-pact-flagships-metaphore-next-gen-obesity-treatments">'We have not seen anything similar': Novo Nordisk pens $600M obesity pact with Flagship's Metaphore</a></li>
<li><a href="https://www.fiercepharma.com/special-reports/2022s-fiercest-women-life-sciences">2022's Fiercest Women in Life Sciences</a>&mdash;<a href="https://www.fiercepharma.com/special-reports/2022s-fiercest-women-life-sciences#47847a10-bc31-4832-a460-fc671c855e81">Angela Hwang</a></li>
<li><a href="https://www.fiercepharma.com/pharma/done-deal-pfizer-completes-43b-acquisition-seagen-doubling-its-oncology-pipeline">Done deal: Pfizer completes $43B acquisition of Seagen, doubling its oncology pipeline</a></li>
</ul>

Angela Hwang on her pivot from Big Pharma to biotech 

Although East Asians make up a significant share of entry-level roles in U.S. biopharma, few have risen to senior leadership positions. That disparity is what inspired the launch of ElevAAte—a new nonprofit founded this year to support and grow East Asian American leadership in the industry.

In this week’s episode of "The Top Line," Fierce Pharma Deputy Editor Angus Liu speaks with two of ElevAAte’s co-founders: Architect Therapeutics CEO Angie You and Candid Therapeutics CEO Ken Song. The veteran biotech leaders discuss why a group like ElevAAte is needed and how East Asian Americans can harness their collective strength to build the next generation of biopharma executives.

You and Song—who led Amunix’s $1.2 billion sale to Sanofi and RayzeBio’s $4.1 billion acquisition by Bristol Myers Squibb, respectively—also share insights from their dealmaking careers and offer advice for young professionals entering the field.

To learn more about the topics in this episode: 
Though prevalent in the lab and middle management, East Asian Americans are underrepresented in biopharma C-suites: report
Candid's T-cell engager shopping spree rolls on with WuXi Biologics pact worth up to $925M
A reason to fight: Former FDA leader Janet Woodcock inspires 3rd Biotech Sisterhood summit
Takeda taps Julie Kim to take over for retiring CEO Christophe Weber

 

This episode is sponsored by Cencora. 

Although East Asians make up a significant share of entry-level roles in U.S. biopharma, few have risen to senior leadership positions. That disparity is what inspired the launch of ElevAAte&mdash;a new nonprofit founded this year to support and grow East Asian American leadership in the industry.
In this week&rsquo;s episode of "The Top Line," Fierce Pharma Deputy Editor Angus Liu speaks with two of ElevAAte&rsquo;s co-founders: Architect Therapeutics CEO Angie You and Candid Therapeutics CEO Ken Song. The veteran biotech leaders discuss why a group like ElevAAte is needed and how East Asian Americans can harness their collective strength to build the next generation of biopharma executives.
You and Song&mdash;who led Amunix&rsquo;s $1.2 billion sale to Sanofi and RayzeBio&rsquo;s $4.1 billion acquisition by Bristol Myers Squibb, respectively&mdash;also share insights from their dealmaking careers and offer advice for young professionals entering the field.
To learn more about the topics in this episode:&nbsp;
<ul>
<li><a href="https://www.fiercebiotech.com/biotech/though-prevalent-lab-and-middle-management-east-asian-americans-are-underrepresented">Though prevalent in the lab and middle management, East Asian Americans are underrepresented in biopharma C-suites: report</a></li>
<li><a href="https://www.fiercebiotech.com/biotech/candid-continues-t-cell-engager-shopping-spree-925m-biobucks-deal-wuxi-biologics">Candid's T-cell engager shopping spree rolls on with WuXi Biologics pact worth up to $925M</a></li>
<li><a href="https://www.fiercebiotech.com/biotech/biotech-sisterhood-annual-summit-features-fda-legend-janet-woodcock">A reason to fight: Former FDA leader Janet Woodcock inspires 3rd Biotech Sisterhood summit</a></li>
<li><a href="https://www.fiercepharma.com/pharma/takeda-tabs-julie-kim-take-over-retiring-ceo-christophe-weber">Takeda taps Julie Kim to take over for retiring CEO Christophe Weber</a></li>
</ul>
&nbsp;
This episode is sponsored by <a href="https://www.cencora.com/initiatives/pharma/supporting-biopharma-breakthroughs?utm_source=fiercepharma&amp;utm_medium=audio&amp;utm_campaign=gps_100_awareness&amp;utm_content=podcast">Cencora</a>.&nbsp;

A closer look at pharma's top R&D budgets

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