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Seventy percent of decision makers at U.S. life sciences companies are bullish about what 2026 holds for their businesses, but challenges in the capital markets, shifts in political and policy issues, and the persistence of cybersecurity threats are tempering that optimism, a new report from FTI Consulting finds.
FTI’s “U.S. Healthcare & Life Sciences Outlook Survey for 2026” asked 300 industry leaders about what they saw as the opportunities and potential pitfalls that the coming year is likely to have in store.
One major hurdle that could put a dent in industry growth lies in the uncertainty surrounding fundraising. Fewer than three in 10 (28 percent) of those surveyed said they thought raising capital would be easier in 2026 than it was this year. That’s down 10 percent from what participants in last year’s survey said. Nearly a quarter (22 percent) think that fundraising is going to get tougher.
FTI’s report notes that biopharmaceutical venture funding took an unexpected slide over the past year, with Q3 2025 coming in with the lowest total in the past three years. Mergers and acquisitions took up some of the slack, with several “megadeals’ of more than $5 billion taking place over the past year.
That split is likely to remain in 2026. “Respondents are more cautious about the level of activity related to IPOs,” the report notes, “but anticipate continued momentum and greater increase in activity on the M&A front.”
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The shadow that events in Washington are throwing on the life sciences sector was also addressed by survey participants. They were roughly split on their opinion of how the Trump administration is affecting the sector, with 51 percent citing a positive effect, and 49 percent a negative effect. The effect that HHS Secretary Robert F. Kennedy and FDA Comissioner Martin A Makary are predicted to have also ticked slightly into positive territory—at 51 percent for Kennedy and 63 percent for Makary
However, when the focus is placed on the One Big Beautiful Bill Act, the views change a bit, with 64 percent saying they think the bill will increase out-of-pocket costs for patients, employers and health plan. Two-thirds said the same about the Most Favored Prescription Drug Pricing to American Patients Executive Order.
Regarding cybersecurity, close to half (47 percent) said they believe their organization is vulnerable to a cyber incident, down from 53 percent in the previous survey. Preparation for such incidents is slipping as well, with 60 percent saying they currently have a crisis plan—an eight percent drop from last year.
As is to be expected, the survey says that AI will be the top place where life science companies are expecting to make investments. Almost six in 10 (59 percent) plan to up the amount of dollars funneled toward AI and LLM initiatives, with research & development coming in at 51 percent and recruiting/retaining talent at 27 percent. Marketing lagged far behind at 8 percent.
“As we look to 2026, the most effective leadership teams will be those that balance patience with precision by grounding their strategies in a keen understanding of market condition while positioning themselves to act when momentum eventually returns,” said FTI Consulting senior managing director, financial communications Jim Polson.
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