Hi!

On the heels of JPM, T2B's Media Minds Roundtable invited Annalee Armstrong of BioSpace, Max Bayer of Endpoints, and Mandy Jackson of Scrip to discuss the issues they believe will shape the industry news environment in 2026.

From regulatory uncertainty to the return of the IPO window to the rise of China, they shared their perspectives on how to separate signal from noise, and what makes a banner headline.

If you weren’t able to make the discussion or want to listen again, the replay is available to T2B Pro and Student members here:

Here are our top 10 takeaways from the conversation:

1. Plan for post-JPM reality checks. Reporters noted that JPM tends to breed artificial optimism where attendees find silver linings, and that "real life sets in in February for everybody."
2. Prepare for FDA uncertainty as the dominant narrative. Fresh off reporting on Moderna's vaccine application refusal, reporters agreed that regulatory unpredictability will hands down be the defining story of 2026.
3. Look beyond M&A headlines to assess industry health. Reporters noted that despite the absence of major M&A announcements at JPM this year, over $1.5 billion in private financings the week before the conference suggested venture capital firms are backing compelling new science.
4. Understand what reporters see as IPO quality signals. Reporters reinforced what many of us have observed, that recent IPOs (or lack thereof) show investors want proven data over promising technology, informing company/client storytelling angles and timing.
5. Manage AI expectations against current applications. Reporters observed that pharma is fielding AI questions on earnings calls and companies like Pfizer are attributing cost cuts to the technology; many actual applications remain focused on efficiency improvements rather than true breakthroughs.
6. Contextualize China's rise as deliberate long-term strategy. Reporters encouraged us to acknowledge the nuanced framing around China's innovation surge; it feels sudden because deals are accelerating now, but massive regulatory changes happened years ago backed by significant government investment.
7. Consider industry's responsibility to speak up on policy. Reporters observed that industry has been notably quiet on NIH funding cuts even as China's innovation surge demonstrates the impact of sustained government investment, inviting industry to "be more vocal."
8. Always bring receipts. Documented evidence of regulatory interactions gives reporters something concrete to take back to FDA, HHS, or the White House when pressing for answers about inconsistent decision-making.
9. Leverage information as currency. Journalism sometimes can be "responsible gossiping." Sources who share intelligence about the broader industry beyond their own clients/orgs build credibility and trust.
10. Map announcement timing to news cycles and competition. It might seem obvious, but reporters reminded us that a $50M financing announced when five $200M rounds drop the same day will get buried.

It’s not every day we get to hear how reporters are thinking in real time, and this conversation provided a sharper lens for planning announcements, advising leadership teams, and positioning our companies in today’s increasingly complex policy and capital markets environment.

Thank you to Annalee, Max, and Mandy for your candor!! Happy weekend, everybody!

Lynnea

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