Pharma has had a tough go of it over the past year, with limited M&A, IPO, and venture financing activity. As Q1 draws to a close, many are wondering if the sector is poised for a turnaround. 

Unfortunately, the outlook is pretty grim at the moment. Even some of the biggest players in the industry have seen a decline in their market capitalisation during the first quarter of the year, making it difficult to rely on big pharma as a safe haven. While there has been some improvement in the IPO scene compared to the previous quarter, it's not exactly time to throw a party.