Pace of new US drug approvals is unprecedented, but investors continue to shun biopharma industry. Uncertainty about pricing environment is clearly outweighing the favorable regulatory climate. Stocks in the sector closed the year down more than 15% are still trading well below 2015 levels. 

ApolloBio signs on to take Inovio's HPV immunotherapy into China and Senju and Fosun sign China partnerships – all part of a wave of Chinese companies looking to bring innovative new medicines to the Greater China markets. Meanwhile, GSK signs on with Indian CRO Syngene.

While reimbursement pricing issues and policies dominated the Japanese pharma market in 2016, there was also notable commercial activity during the year, although this was more about refocusing and reducing rather than major mergers and acquisitions.

If one theme dominated the Japanese pharma market in 2016 it was reimbursement pricing, with the regular price cuts in April being followed by political pressure over high-priced oncology drugs, and then major new reforms by the end of the year.