After publicly declaring that they would not enter the contract research organization (CRO) business in 2017, Thermo Fisher purchased Pharmaceutical Product Development (PPD), one of the biggest players in the CRO space, in 2021. Much had changed in the intervening years, but questions still remained concerning the strategic about-face. Thermo Fisher, often referred to as the 800lb gorilla in the room, was already nearly a one-stop-shop for biotech and pharma companies. Now, with the acquisition complete, Thermo Fisher and its customers faced a bit of a reckoning, with many potential paths forward. What would the right path for Thermo Fisher and its customers be?

Catalent's newly appointed CEO, Alessandro Maselli, experienced the highs of the pharmaceutical contract development manufacturing (CDMO) space during COVID-19 while helping Moderna and others bring vaccines to market quickly and safely. After rushing to add capacity to help deal with the pandemic, demand for CDMO services dried up post-pandemic, leaving Maselli and Catalent to pick up the pieces. Once considered as an acquisition target by other industry giants, Catalent dealt with several struggles, including a departing CFO, several issues with plants, and declining demand. How can Maselli turn the ship around and drive Catalent to even higher heights moving forward?