The inaugural BIO-Europe C-Suite Survey, released shortly before the association’s annual meeting in Cologne, gathered insights from 81 senior figures across the continent’s biopharma landscape. Three-quarters of respondents anticipate a higher level of partnering and M&A activity over the next twelve months, and not a single executive foresaw a decline. This upbeat outlook arrives at a time when the industry grapples with shifting regulatory environments, funding pressures, and global competitive dynamics.
Among the key drivers cited, 52% of participants highlighted the current policy uncertainty in the United States—including sweeping FDA reforms, potential cuts to public R&D financing, and evolving tariff regimes—as a factor that makes Europe a more appealing region for collaboration and investment. While the United States and China remain the primary sources of prospective partners, European firms continue to wrestle with investor risk aversion. Nonetheless, 69% of those surveyed observed early signs of improvement in financing conditions, hinting at a gradual easing of capital constraints.
Survey reveals growing appetite despite financing constraints
The data underscores a nuanced picture: executives are hungry for deals, yet their ability to close them is still shaped by capital availability and the risk tolerance of investors. The poll showed a clear consensus that the market is moving away from a pure retrenchment mindset toward a more proactive stance on alliances. Participants also indicated that the perceived attractiveness of Europe is directly linked to the volatility of US policy, which is prompting companies to diversify their geographic risk profile.
Europe’s positioning amid US policy turbulence and Chinese innovation
Claire Macht, senior portfolio director at Informa Connect, emphasized that the scenario is far from a simple recovery narrative. She argued that while enthusiasm for strategic collaborations is resurging, the pace of execution will continue to be dictated by the intersection of financing channels and investor sentiment. Moreover, the survey participants are reevaluating the origins of future innovation, recognizing that Europe must compete in a global arena increasingly defined by U.S. regulatory flux and the rapid acceleration of Chinese research pipelines.
Therapeutic hot spots and the role of artificial intelligence
Looking ahead to 2026-27, the respondents identified oncology and antibody-drug conjugates (ADCs) as the top therapeutic areas likely to attract partnership and investment interest. These were followed by immunology and inflammationcardiometabolic diseases beyond GLP-1 and neuroscience. Conversely, sectors such as healthy ageingmental health and women’s health were flagged as under-invested commercial opportunities ripe for future focus. Regarding technology, the greatest impact of artificial intelligence to date has been felt in back-office and operational functions, with a secondary influence on target identification and early-stage drug discovery. While 22% of executives feel AI’s contribution has been overstated, a solid majority—57%—expect it to lift R&D productivity and 33% anticipate that AI will accelerate clinical development within the next one to two years.
