Private equity deal activity sharply softened in 2025 across all of pharma services. Bourne Partners attribute this softness to the lagged capital markets impact of the Federal Reserve sharply raising interest rates in 2022 and 2023 — as well as the ongoing impact of the Inflation Reduction Act (IRA) of 2022, the One Big Beautiful Bill (OBBB) Act of 2025, and the various uncertainties related to the new regulatory/trade policies of the second Trump administration. In Bourne Partners’ view, one of the most notable aspects of the OBBB for pharma services companies was its favorable treatment of “orphan” drugs. Under the OBBB, essentially all orphan drugs will be excluded from IRA Medicare price negotiations.
Read the full article: Q3 2025 Pharma Services Market Update //
Source: https://bourne-partners.com/wp-content/uploads/2025/11/Pharma-Services-Market-Update_3Q25_Nov2025.pdf