Nicholas Jacobus

Trade & Channel Strategies 2025: 2025's Topics of Interest

, Curatio’s Cheryl Allen reflected on two decades of evolution in commercial trade and distribution, noting how traditionally separate functions, supply chain operations and patient support services, are increasingly merging. She highlighted a growing shift toward integrated downstream models, including the rise of medically integrated dispensing, where physician groups establish in-house pharmacy capabilities to streamline access and enhance continuity of care. What began in oncology, Allen noted, is now expanding into specialties such as neurology, rheumatology, and dermatology, driven by practice consolidation and new value levers tied to management services organizations and group purchasing dynamics.

As the industry gathers at the conference, Allen said she is particularly focused on how organizations can safeguard the integrity of the US drug supply chain. She underscored persistent training gaps and the need for manufacturers to build stronger internal development pathways, ensuring future leaders are equipped to manage increasingly complex distribution environments. More foundational education, she added, could open doors for talent interested in entering the trade and channel space.

Looking toward 2026, Allen outlined Curatio’s priorities around navigating a shifting regulatory landscape and deepening its analysis of both pipeline and on-market products. She emphasized the role of emerging technologies and business-support tools in helping trade teams evaluate analogs, anticipate distribution needs, and design models resilient to regulatory change. Curatio, she said, is focused on supporting manufacturers as they plan for the next three to five years of product movement and patient access.

A transcript of Allen’s full conversation with 

What topics are you looking to learn more about here at the show?

 Yeah, I think when I start thinking about, how do we as an industry make sure that the drug supply chain here in the United States is available to our patients and it is safe for our patients, I think about the leaders that are leading those organizations to make sure that that's happening. I think about gaps in in those areas of training. How do we make sure that we are putting the support structures in place within our own organizations as manufacturers to make sure that folks can step into those roles? 

I think that there's tons of opportunity just to have teach and train seminars just base-level understanding what commercial, trade and distribution is, and opening that up to growth pathways within the ranks of the pharmaceutical realm, I find that very intriguing, and so I'm looking to have those conversations here to talk about how we can create opportunities for folks who may want to get into the space.

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Cheryl Allen, BS Pharm, MBA, founding partner, Curatio Scientia Advisors, hopes to use the conference to explore how manufacturers can build the talent and support structures required to keep the US drug supply safe and accessible.

Trade & Channel Strategies 2025: Topics of Interest

Trade & Channel Strategies 2025: Trade and Channel Strategies in the Era of Medically Integrated Dispensing

How does the channel’s evolution tie into your “Trade and Channel Strategies in the Era of Medically Integrated Dispensing” session that you’ll be leading at the conference?

Generally, we had two aspects, this is patient access and support services, and then we had distribution and supply chain. So what we're beginning to see is sort of a blending of those two such that now commercial trade and distribution teams are really thinking about and preparing for that in the downstream channel. And I'll give you an example of that. It is medically integrated dispensing. We'll be talking about that tomorrow. Actually, we'll talk about first physician volume bill. We know what that is. We talk about in office dispensing, we've come through the evolution of that, and then when we think about medically integrated dispensing, that's where we have the physician, a physician group finds value drivers and actually setting up their own pharmacy structure such that they are supplying access for that patient right there within the continuum of their practices. 

So we all know oncology was the first to do that. They're great examples of teams that have done that from a you know, state-to-state perspective, each of the organizations has to go by their either the medical board or the pharmacy board to support the state to state structures. But beyond that, what we're seeing now is coming evolving and what we originally saw in oncology, we're now seeing in other areas, right? So we think about neurology, we think about rheumatology, dermatology, and we sort of sit back and say, what are the drivers there? When do physicians find value in inserting themselves into that distribution role. What's happening in those spaces? One of the key drivers is consolidation of the management services. So management services organizations, as well as the discounts through group purchasing.

Cheryl Allen, BS Pharm, MBA, founding partner, Curatio Scientia Advisors, discusses how the convergence of patient access services with traditional distribution models is setting the stage for medically integrated dispensing to expand beyond oncology.

Trade & Channel Strategies 2025: Channel Evolution Over the Last 20 Years

 Trade & Channel Strategies is celebrating 20 years. How has the channel evolved during that time when it comes to commercial trade and distribution?

 I'm just super excited to be here, you know, 20 years of trade and channel, and I was just reflecting on that coming over this morning and thinking about all of the changes that have happened in the past 20 years, when we think of commercial, trade and distribution and the opportunity to meet here and to share our ideas and opportunities. You know, one of the things that we got involved in in this past year is looking across organizations from almost like a benchmarking perspective, to think about not only where the organization is today, pharmaceutical manufacturer from commercial trade and distribution, but where will the organization be in three years, in five years, in 10 years, and how do we appropriately set up the structure for that? What are the technologies that need to support that? And one of the very important, important things is training for that. And that really, going through that project with a manufacturer client was so eye opening for me on that third aspect, the training, how things have changed. I mean, commercial, trade and distribution has always been very complex, working to make sure that, from a supply chain perspective, product is where it needs to be for patient access well now the evolution of the channel is such that commercial trade and distribution teams also are thinking about patient access provider support services and almost that entire like support system for the products.

Cheryl Allen, BS Pharm, MBA, founding partner, Curatio Scientia Advisors, highlights how two decades of commercial trade and distribution have transformed the channel from a primarily supply-chain-focused function into a more integrated discipline.

The company has announced its three-year business strategy, including its expected revenue growth projections for 2026.

Moderna is aiming to rebuild its financial strength as the biotech company confirms that it has secured a five-year, $1.5 billion loan from Ares Management. Looking ahead, it is targeting a 10% growth in revenue for 2026.

The loan is broken down into three tranches, including a $600 million upfront term loan funded at closing, $400 million in delayed drawing term loan facility (DDTL) available in multiple draws at Moderna's discretion through November 2027, and an additional $500 million DDTL, available in multiple draws at Moderna's discretion through November 2028, contingent on the achievement of key regulatory milestones aligned with Moderna's late-stage clinical pipeline.

"While we remain well-positioned to achieve our 2028 cash breakeven target, this additional capital enhances our strong balance sheet and enables increased flexibility over the coming years," said Jamey Mock, Moderna’s CFO. "Ares is a highly reputable lender in the healthcare space, and we are proud to have their valuable financial backing in pursuit of our long-term financial targets."

“Over the near term, Moderna will continue to build a large seasonal vaccine franchise targeting at-risk populations and propelling the Company to 2028 cash breakeven.”

Why did Moderna take out the $1.5 billion loan?

Moderna has been relying on revenue from its new mRNA-based vaccines, including mResvia for RSV and an experimental Covid/flu combination shot.

Sales of its RSV shot have not produced as successfully as expected, yet as Moderna president Stephen Hoge told 

, the loan would give the company flexibility to fund business development or manage risk. "As we see opportunities to invest, whether in the company or other programs, we want to be able to do that without any questions," he said.

Hoge continued, saying that the projected 10% revenue growth for next year was riding on momentum from Moderna’s partnerships in the UK, Canada and Australia, along with increasing demand from the U.S. for its Covid vaccine mNexspike.

"We do expect we will be the first and perhaps only [player] in those vaccine categories," he said.

Along with announcing its new five-year loan, Moderna revealed its new three-year business plan, "Over the next three years, we expect to build a large seasonal vaccine franchise for at-risk populations and invest the cash generated into oncology and rare disease therapeutics," commented Stéphane Bancel, the company’s CEO. "We plan to deliver up to 10% revenue growth in 2026 while continuing to reduce our research and development investments and diversify further into oncology. Our financial outlook remains strong, and we are focused on disciplined execution as we advance our pipeline and bring innovative mRNA medicines to patients around the world."

As part of the business plan, Moderna expects impacts from commercial growth drivers, such as geographic expansion and new product launches.

 In 2026, Moderna anticipates growth from its long-term partnerships in the UK, Canada and Australia, enhancing research and development investments, supporting national security and defense, and providing revenue visibility through onshore manufacturing.

Along with its expected growth, the company is also projecting continued uptake of mNexspike in the U.S. and its launch in other countries.

"We are pleased to provide flexible capital to Moderna at this pivotal moment in their growth trajectory," said Doug Dieter, DrPH, co-head of Ares Specialty Healthcare. "Moderna has already demonstrated the power of its mRNA platform with multiple commercial products and has an impressive and differentiated clinical pipeline. This investment reflects Moderna's disciplined approach to capital management and our support of their long-term financial strategy."

1. Moderna Secures $1.5 Billion Five-Year Credit Facility from Ares Management. 

https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/moderna-secures-1.5-billion-five-year-credit-facility-from-ares-manag-1103861

2. Wingrove P. Moderna Takes $1.5 Billion Loan, Expects 10% Revenue Growth Next Year. 

https://www.reuters.com/business/healthcare-pharmaceuticals/moderna-takes-15-billion-loan-expects-10-revenue-growth-next-year-2025-11-20/

3. Moderna Analyst Day Highlights Pipeline Progress and Business Strategy Updates. 

https://feeds.issuerdirect.com/news-release.html?newsid=5758345706655596&symbol=MRNA

Articles

Moderna has secured a $1.5 billion loan from Ares Management to bolster its financial position and support its strategic goals. The loan is structured in three tranches, with funds available through 2028, contingent on regulatory milestones. Moderna aims for a 10% revenue growth by 2026, driven by partnerships and demand for its mRNA vaccines. The company plans to expand its vaccine franchise and invest in oncology and rare disease therapeutics. This financial move aligns with Moderna's strategy to enhance its pipeline and global market presence.

Moderna secures a $1.5 billion loan to enhance financial flexibility while targeting a 10% revenue growth by 2026, focusing on innovative mRNA therapies.