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As the 118th Congress kicks into gear, biopharma industry observers speculate that 2023 may be a challenging year.

U.S. life sciences firm Illumina will have to divest biotechnology company Grail after an EU veto of the $7.1 billion acquisition over concerns it would hurt competition and stifle innovation.

The Federal Trade Commission (FTC) voted unanimously Thursday to increase scrutiny of pharmacy benefit managers that act as middlemen between drug companies and consumers in a renewed effort to combat soaring healthcare costs and drug prices.