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Articles by Kai Grass
Why This Is Clinical Development’s Defining Moment
The model for clinical development is structurally incompatible with the direction of the industry. Consider that 53% of current phase 2 and 3 trials are delayed, according to a recent Bain & Company survey of 120 sponsors, contract research organizations (CROs), and trial site professionals. Most say trials are more complex than they were three years ago. And 76% expect complexity to increase over the next three years, whereas only 2% foresee relief.
Why Pharma Transformations Stall—and How to Fix Them
Pharma hasn’t had to be good at change, and the window to build that muscle is narrowing fast. For 30 years, the economics rewarded companies for moving with caution. Wide US margins meant that even a slow-moving, process-heavy organization generated enough of a return to make wholesale redesign hard to justify. The industry's transformation track record reflects it. Only 11% of healthcare and life sciences transformation programs fully achieve their targets. Another 83% (vs.
Inside Bain's 2026 Midyear M&A Outlook
Related Brief M&A Midyear Outlook 2026: A Winner's Paradox New challenge: Can companies pair an ambitious M&A agenda with AI’s disruption? Sign up for upcoming webinars with Bain experts, and watch previous recordings of conversations on topics that matter to your business.
M&A Midyear Outlook 2026: A Winner's Paradox
The great M&A rebound of 2025 was no flash in the pan. In the first five months of 2026, the global M&A market is up 41%, on track for the second-highest year ever (see Figure 1). The rebound remains broad-based across markets and sectors as well as grounded in strategic transformations required in a rapidly changing world (see Figure 2), although financial sponsor deal value declined 9% (see Private Equity Midyear Report 2026).
The Doctor Is Always On: Dynamic Medicine Is the Next Frontier for Pharma
We’ve come a long way from “take two and call me in the morning.” Advancements in genomics, biomarkers, and artificial intelligence (AI) have enabled precision medicine, allowing clinicians to prescribe treatment plans based on an individual’s specific biology. Now, the rapid proliferation of data is pushing personalized medicine even further. Abundant, rich data sources, such as multiomics and wearables, are giving clinicians deeper insights to support first-line treatment decisions.
Takeaways from Bain's 2026 M&A Report
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Looking Ahead to 2026: Getting a Boost from the Great Rebound
This article is part of Bain's 2026 M&A Report. The year 2025 marked a near-record rebound in M&A, with global deal value rising 40%, to $4.9 trillion. Total M&A as a percentage of nominal GDP grew from 3.2% to 4.2% (see Figure 1). The rebound of 2025 was notably broad-based across industries and geographies, and it was fueled by a resurgence in megadeals valued at greater than $5 billion (see “Looking Back at M&A in 2025: Behind the Great Rebound”). The wave may not have crested.
M&A Report 2026: 10 Takeaways from Our M&A Executive Survey
We asked more than 300 practitioners across the globe about their deal-making efforts in today’s market. Here’s what they said.
Pharmaceuticals M&A
Pharma M&A is no longer just about chasing the next blockbuster; it’s about platforms, production, and strategic control across the value chain. The race to secure capacity is rapidly redefining what it means to buy growth.
Looking Back at M&A in 2025: Behind the Great Rebound
In a year marked by artificial intelligence’s rampant advancement, shifting trade policies, and tepid global volume growth, companies across industries saw the urgent need to reboot strategy. And for many, that meant a return to M&A. The year 2025 is on track to become the second-highest in deal activity: up 36% in value, to an estimated $4.8 trillion, and 5% in volume (see Figure 1), with similar gains across strategic, private equity (PE), and venture capital (VC) acquirers.
You’ve Decided to Buy a Carved-Out Business. Now What?
Whether the objective is to expand into new markets, fill gaps in a product portfolio, or gain quick access to revenue, customers, operational capacity, and talent, buying a carve-out can create significant value for the acquirer. It also comes with some tricky caveats that can put that value at risk. Buyers can set themselves up for success by clearly understanding the common obstacles.
Global M&A resilient to tariff shock as executives lean in with dealmaking to exploit disruptions-Bain & Company M&A Midyear Report
Skip to Content Leading companies will pursue multi-year M&A roadmaps to secure scale advantage, expanded capabilities and future-proof portfolios amid volatility June 27, 2025 min read Press release Global M&A resilient to tariff shock as executives lean in with dealmaking to exploit disruptions—Bain & Company M&A Midyear Report Featured Experts
M&A in a New Economic World Order
The tariffs announced on April 2, 2025, marked the end of the beginning for a new economic world order. The effect on dealmaking has been swift, with strategic M&A dropping by 39% in April. Now, as companies wrestle with the immediate and long-term impacts on strategy and the rising risk of recession, those that thrive will rapidly retool for a world in which the free movement of goods, capital, IP, and people cannot be taken for granted.
Takeaways from Bain’s 2025 M&A Report
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M&A in Healthcare and Life Sciences
This article is part of Bain's 2025 M&A Report. Once the frontrunners of M&A activity, healthcare and life sciences companies largely found themselves on the sidelines in 2024. While many other industries saw an uptick, would-be dealmakers in healthcare and life sciences were disproportionately dissuaded by the tougher regulatory environment, high interest rates, and unfavorable valuations.
Looking Ahead to 2025: Preparing for What Comes Next
This article is part of Bain's 2025 M&A Report. After three years of underwhelming M&A activity, 2025 may finally be the year that the M&A market breaks through. During that slow time, the best companies persisted, learning how to navigate unfavorable market realities to deliver inorganic growth. For many, there wasn’t an option. Foundational shifts in technology, sector profit pools, and the broader global economy demanded a strategic response.
Executive Survey Highlights | Bain & Company
We asked over 300 practitioners across the globe about their dealmaking efforts in today’s market. Here’s what they said.
How Pharma Companies Can Gain an Edge with M&A
Skip to Content Infographic en Authors We work with ambitious leaders who want to define the future, not hide from it. Together, we achieve extraordinary outcomes. Your email Please enter a valid email address
How the Big Backlog Will Shape the 2024 M&A Agenda : 4Hoteliers
Many of the assets that didn’t come to market in the down year of 2023 will fuel active dealmaking in 2024. Corporates will sell assets that do not fit with their strategy, and private equity will sell aging portfolio companies. We expect more scale deals for consolidation before seeing a return to scope-oriented capability investing to drive growth. As competition intensifies, conviction and speed will be necessary to win deals and make them succeed. This article is part of Bain's 2024 M&A Report.
Healthcare and Life Sciences M&A
This article is part of Bain's 2024 M&A Report. This year demonstrated that despite high interest rates, regulatory scrutiny, and macroeconomic uncertainty, the healthcare and life sciences industry can’t keep M&A on the back burner for too long. And we anticipate this trend to continue. The industry is sitting on high levels of cash—$171 billion across pharma companies (see Figure 1). Also, top-line growth has a disproportionate impact on total shareholder returns (TSRs) in this industry.
Looking Ahead: How the Big Backlog Will Shape the 2024 M&A Agenda
This article is part of Bain's 2024 M&A Report. History shows that downturns, market lulls, and times of disruption always produce newer, stronger competitors that used the mayhem to make market gains. The M&A downturn of 2023 will likely be no exception, but it is not too late to act. We expect to see more deals get done in 2024—if for no other reason than there are a lot of assets that should trade.
Three Prescriptions for the Future of Biopharma Productivity
Remarkable advances in patient outcomes, technological innovation, and strong financial returns have been the hallmarks of biopharma for the past 30 years. The sector has brought life-sustaining medicines to patients across disease areas and geographies. Compared with other industries, biopharma has been a productivity powerhouse.
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