As we cross the midpoint of 2025, BioPharma APAC presents this Mid-Year Report—an incisive look at emerging biopharmaceutical dynamics, key innovations, and market momentum across the Asia-Pacific region. With the industry evolving rapidly, this report identifies transformative trends, persistent challenges, and proactive solutions redefining drug discovery, biologics manufacturing, and regulatory strategy across APAC. We spotlight how precision medicine and AI are transforming pipelines, how regional collaborations are streamlining regulations, and how APAC is asserting itself as a global clinical trials powerhouse. We also examine major investments in biologics, the top regional biopharma hubs, efforts to educate teams on complex therapies, and an outlook for the rest of 2025. The goal: to equip biopharma leaders with a comprehensive, engaging update on APAC’s trajectory at mid-year.

Trends, Challenges & Solutions

Trend Watch: Rise of Precision Medicine and AI-Driven Drug Pipelines

Across APAC, biopharma R&D is increasingly shaped by precision medicine and AI-driven approaches. Advanced genomics and data analytics are allowing drugs to be tailored to the region’s diverse genetic makeup, moving away from one-size-fits-all treatments. At the same time, artificial intelligence has become a critical enabler of drug discovery and development. AI platforms can analyse vast datasets to identify new targets and optimise molecules, dramatically reducing costs and timelines. APAC is rapidly emerging as a leader in AI-driven drug discovery, fuelled by robust research ecosystems and strong industry collaboration.

Notably, after the breakthrough success of DeepMind’s AlphaFold in predicting protein structures (hailed as a scientific milestone in 2023), the industry has embraced AI to make drug development faster, safer, and more cost-effective. China and Singapore, among others, are investing heavily in AI – for example, Hong Kong-based Insilico Medicine uses AI to design novel therapeutics. These advancements are accelerating pipelines for oncology, rare diseases, and immunotherapies, enabling more precise and personalised treatments for patients. In short, precision medicine and AI are not just buzzwords in 2025 – they’re becoming standard practice, powering APAC’s drug pipelines into a new era of innovation.

Challenge: Harmonising Regulatory Pathways across ASEAN Markets

A persistent challenge in the region is the regulatory patchwork across ASEAN countries. Biopharma companies often face disparate requirements and timelines when seeking drug approvals in multiple Southeast Asian markets. This lack of harmonisation can delay patient access to new therapies and increase compliance costs.

However, efforts are underway to address this. ASEAN regulators have been collaborating on frameworks to harmonise drug approval pathways, with initiatives like the ASEAN Pharmaceutical Regulatory Policy (APRP) laying a foundation for unified standards. In fact, regulatory harmonisation across APAC is already enabling faster approvals – the ASEAN Joint Regulatory Framework is streamlining processes, fostering cross-border trade, and reducing time-to-market for new drugs. For example, alignment on common technical dossiers and mutual recognition of GMP inspections are helping to avoid redundant reviews. Nonetheless, fully harmonised pathways remain a work in progress. Diverse healthcare priorities and regulatory capacities among ASEAN members mean progress is uneven. Bridging these gaps through continued dialogue and capacity-building is critical. The challenge ahead is ensuring that a new therapy—say, a cell therapy or rare disease drug—can be approved efficiently across ASEAN as a bloc rather than via ten separate, protracted processes. The good news is that the political will for harmonisation is growing, recognising that smoother regulatory pathways will benefit patients and industry alike in Southeast Asia.

Solution: Regional Alliances and Digital Compliance Tools Accelerating Approvals

To overcome regulatory fragmentation, regional alliances and digital innovations are proving to be effective solutions. APAC governments and agencies are forming alliances to share best practices and even enable work-sharing for drug evaluations. For instance, the Asia-Pacific Economic Cooperation (APEC) launched an Action Plan on Rare Diseases in 2018 to promote cooperation in orphan drug approval, and many Asian countries have adopted Orphan Drug Act-style frameworks to expedite rare disease treatments. Such collaborative regulatory pathways have established general criteria to accelerate registration of drugs for rare conditions, including expedited review channels and special marketing exclusivity, which smooth approvals across multiple jurisdictions.

In parallel, digital compliance tools are revolutionising regulatory operations. The adoption of electronic common technical documents (eCTD), online submission portals, and AI-driven document review is speeding up interactions with regulators. Many service providers now leverage digital platforms to enhance documentation and automate compliance checks, easing the regulatory burden. This digitisation improves transparency and allows simultaneous submissions to multiple agencies, thereby shortening approval timelines. For example, some ASEAN regulators are piloting digital systems for cross-border inspection reports and pharmacovigilance data sharing. The result is a more synchronised approach where a drug approved in one country can more readily be considered in another. Industry experts note that improving regulatory collaboration and using such digital tools have significantly streamlined approval pathways, enabling faster access to medicines. In essence, the solution to regulatory complexity in APAC lies in unity and technology: regional regulatory alliances backed by modern, digital compliance infrastructure to accelerate safe approvals.

Highlight: Growing Role of APAC as the Global Clinical Trials Powerhouse

One of APAC’s standout achievements in recent years is its emergence as a global clinical trials powerhouse. The region has seen a consistent surge in clinical trial activity, even as other regions plateaued. In the last five years (2020 through mid-2025), six APAC countries – China, India, Australia, Japan, South Korea, and Singapore – hosted nearly 40,000 clinical trials in total. This is a remarkable figure, underscoring that Asia-Pacific is now arguably the world’s most dynamic arena for clinical development. China alone accounted for over 25,000 trials in that period, followed by significant contributions from South Korea (~5,000 trials) and Australia (~3,800). These numbers reflect APAC’s vast patient populations, faster recruitment rates, and growing research capabilities. Oncology trials lead the pack – for example, China had over 11,000 active cancer trials (44% of its total) by mid-2025, indicating the region’s crucial role in global cancer research.

Importantly, many APAC trials are industry-sponsored, especially in countries like Japan and Australia, which have high proportions of pharma-led studies. This suggests that multinational sponsors view APAC as a prime location for trials, thanks to improved regulatory support and high-quality sites. Governments have also incentivised this growth by streamlining ethics approvals and allowing decentralised trial methods (telemedicine, local labs) to increase patient reach. The highlight is clear: APAC is no longer just a participant in clinical research – it’s a driving force. By leveraging its large treatment-naïve patient pools and research expertise, the region has cemented itself as a global hub for clinical trials, often accelerating studies that benefit patients worldwide.

Biologics Global Update: APAC’s Role Expands

Surge in CDMO Investments

Contract development and manufacturing organisations (CDMOs) in South Korea, Singapore, and India attracted surging investments, totalling over $3 billion in H1 2025 across announced projects and expansions. South Korea in particular is making huge bets on biologics capacity. Lotte Biologics, for example, broke ground on a new plant in Korea with a 4.6 trillion won (~$3.3 billion) investment, aiming to become a global CDMO player by adding massive antibody-drug conjugate (ADC) production capabilities. Not to be outdone, WuXi Biologics has begun constructing a $1.4 billion biologics facility in Singapore to add 120,000 L of manufacturing capacity – a clear sign of Singapore’s appeal as a biologics hub. In India, government incentives (like the Production Linked Incentive scheme) are fuelling new biologics facilities and expansions in fermentation, fill-finish, and R&D. One notable example is Aragen’s new Bangalore biologics plant, which completed qualifications and is starting GMP production by July 2025. These investments underscore APAC’s commitment to building world-class manufacturing infrastructure for monoclonal antibodies, vaccines, and advanced therapies. With regional CDMOs offering cost-effective, high-quality services, APAC’s share of global biomanufacturing capacity is climbing steadily.

Therapeutic Focus – mAbs, ADCs & Biosimilars

Monoclonal antibodies (mAbs) and antibody-drug conjugates (ADCs) remain dominant products in APAC’s biologics pipeline. Many of the region’s new facilities (like Samsung Biologics’ Plant 5 and upcoming Plant 6 in Korea) are dedicated to mAbs and ADCs, reflecting strong demand. Meanwhile, APAC continues to be a hotbed for biosimilar innovation, especially in China and Japan. China’s biosimilars industry is thriving: by late 2024, dozens of biosimilars targeting blockbuster antibodies (e.g. adalimumab, bevacizumab, rituximab) had been filed or approved in China. Chinese biotech firms like Bio-Thera and Henlius even had biosimilars approved in the US and EU, signalling world-class capabilities. Japan, while traditionally focused on novel drugs, has also embraced biosimilars to address cost pressures. The Japanese biosimilar market is growing at over 20% annually, and companies are innovating “biobetter” approaches (e.g. new formulations) for ageing-related diseases. Regionally, leading players such as Biocon (India) and Samsung Bioepis (Korea) have been global frontrunners in biosimilars. Additionally, APAC scientists are advancing next-generation biologics like bispecific antibodies and novel conjugates. Japan and Korea, for instance, are conducting cutting-edge ADC trials (often in oncology) and pioneering niche biologics for their ageing populations. In summary, mAbs and ADCs drive APAC’s biologics sector today, while homegrown biosimilars and novel biologics platforms ensure the region will continue to lead in both innovation and affordability.

Notable Partnerships & Expansions

The first half of 2025 saw high-profile collaborations underscoring APAC’s growing clout. Samsung Biologics (Korea) secured one of its largest manufacturing deals ever – a $1.4 billion contract to produce drugs for a European pharma giant. This multi-year deal (inked in January 2025) alone accounted for 40% of Samsung’s 2024 order book, exemplifying how global drug makers are leaning on APAC for production capacity.

Moreover, Samsung Biologics launched a dedicated ADC production facility and is now planning a sixth mega-plant in Songdo to meet demand. In China, WuXi Biologics struck a noteworthy partnership with GSK: a licensing deal giving GSK access to up to four of WuXi’s preclinical bi- and multi-specific antibodies, worth up to $1.5 billion in milestone payments. This alliance highlights how Western firms are tapping into Chinese innovation (WuXi’s proprietary antibody platforms) for next-gen immunotherapies. Meanwhile, Korea’s Celltrion continues its global expansion beyond biosimilars into novel drugs and services. The company is on track for a record $3.7 billion in 2025 sales, supported by surging biosimilar revenues and a bold push into the CDMO business. Celltrion’s strategy includes building new production plants (one planned in Korea by 2025 and envisioned facilities abroad) and opening R&D centres in the US and Europe. Additionally, Celltrion merged with its distribution arm to streamline operations for global growth. These partnerships and expansion moves signal a clear trend: APAC-based companies are not just local manufacturers or generic suppliers, but key collaborators and consolidators on the global stage. By teaming up with Big Pharma (for example, Samsung with Sanofi on fill-finish contracts, or Takeda with local partners for ADC development) and scaling up aggressively, APAC firms are cementing the region’s role in the worldwide biologics supply chain and innovation ecosystem.

Quick Look: Top 5 APAC BioPharma Regions (H1 2025)

China

Strengthening its dominance in AI-led drug discovery and boasting a vibrant domestic IPO pipeline. China’s deep investments in biotech R&D and artificial intelligence are paying off – labs in Beijing, Shanghai, and beyond are applying AI to accelerate everything from target identification to clinical trial design. The country is also leveraging its massive data (genomic and health records) to advance precision medicine tailored to Chinese populations. On the capital front, China’s biotech sector is red-hot: 36 mainland biopharma and medtech companies filed for Hong Kong IPOs in the first half of 2025 alone, aiming to raise capital for expanding pipelines. This domestic IPO wave indicates robust investor confidence and provides funding to fuel innovation. Notably, China is now clearing innovative drugs faster than ever – it approved 55 rare disease drugs in 2024, a record number enabled by regulatory reforms. With strong government backing (e.g. Made in China 2025 initiatives) and growing global integration, China is poised to remain a powerhouse in new drug discovery, development, and commercialization.

India

Experiencing rapid CDMO (contract development & manufacturing) growth, aided by government incentives powering new facilities. India has emerged as a global hub for pharmaceutical manufacturing and is now scaling up in biologics and specialty drug production. The government’s “Make in India” strategy and Production Linked Incentive (PLI) schemes have committed around $3 billion to boost domestic pharma manufacturing capacity. This is spurring a wave of new factories for APIs, biologics, and vaccines. For instance, multiple Indian firms opened state-of-the-art biologic production suites in 2025; Aragen Life Sciences just completed a GMP biologics facility in Bangalore and will commence manufacturing in July 2025. Such expansions give India end-to-end capabilities (from cell line development to fill-finish) alongside its traditional strength in generics. India’s talent pool and cost advantages have also made it a favoured destination for global companies seeking partnerships or outsourcing. The country’s CDMO players are attracting foreign contracts for everything from biosimilars to gene therapy components. In short, India’s biopharma landscape in H1 2025 is defined by growth and modernisation – rapid capacity build-out backed by supportive policies and a drive to capture a larger share of high-value biologics manufacturing and R&D.

Singapore

Leading in advanced therapeutics and smart biopharmaceutical manufacturing. Singapore has solidified its status as Asia’s biotech innovation hub, focusing on cutting-edge fields like cell and gene therapies, regenerative medicine, and precision oncology. World-class research institutions (A*STAR, SGInnovate, etc.) and biomedical clusters give Singapore a strong foundation in advanced therapeutics – for example, local institutes are pioneering rapid gene-editing techniques and novel cell therapy trials, as well as multi-omics diagnostics for personalised medicine. Concurrently, Singapore is a model for “Factory of the Future” biomanufacturing, emphasising automation, digitalisation, and sustainability. Many pharma giants run their most high-tech plants in Singapore; a case in point is Sanofi’s new Evolutive Vaccine Facility (EVF) which uses modular, digital production technology for vaccines. The city-state is also set to host Asia’s first end-to-end ADC manufacturing facility, as AstraZeneca recently outlined plans to establish a high-tech site in Singapore for producing antibody-drug conjugates. On the “smart” manufacturing front, Singaporean facilities widely use IoT sensors, predictive analytics, and robotics, achieving high efficiency and quality. The government actively supports this with initiatives like the Pharma Innovation Programme Singapore (PIPS), which develops continuous manufacturing and digital twin capabilities. In H1 2025, Singapore continues to punch above its weight – producing advanced therapies, attracting top-tier pharma investments, and setting benchmarks for modern biopharma manufacturing in APAC.

South Korea

Evolving into a global biologics and vaccine development hub, and successfully attracting global giants. South Korea has invested heavily in its biopharma sector, with stellar results. It is home to some of the world’s largest biomanufacturers: Samsung Biologics and Celltrion anchor a booming biologics CDMO industry. By early 2025, Samsung Biologics had four plants running at full capacity and a fifth (for ADCs) coming online, and even signed a huge $1.4 billion production deal with a European pharma – evidence that global drug makers trust Korean capabilities. The government’s ambitious goal for Korea to be a top 5 global vaccine producer by 2025 is also on track. It has invested KRW 2.2 trillion (~$1.7 billion) in vaccine R&D and infrastructure, supporting companies like SK Bioscience in developing homegrown vaccines and manufacturing for international partners. Korea’s rapid COVID-19 vaccine progress (for example, SK’s GBP510 vaccine reaching Phase 3) showcased its potential. Now, global vaccine and biotech companies are increasingly collaborating with Korean firms or setting up R&D centres in Korea to leverage local expertise. For instance, Moderna partnered with Samsung for fill-finish of its mRNA vaccine, and other multinationals are exploring similar tie-ups. Add to this the strong clinical trial ecosystem (Korea conducts a large number of early-phase trials, often first-in-human) and government incentives, and it’s clear why Korea is a magnet for global biopharma. In H1 2025, the country also launched programmes to train international talent (through the WHO mRNA vaccine training hub in Seoul) – reinforcing its image as a biopharma innovation hub. With a mix of world-class manufacturing, aggressive expansion plans, and an export-focused mindset, South Korea stands out as an APAC leader bridging East and West in the biopharma value chain.

Japan

Maintaining a strong clinical innovation ecosystem with a focus on ageing-related therapies. Japan’s pharmaceutical industry is distinguished by its deep scientific base and a keen focus on the diseases of an ageing society. With over 28% of Japan’s population above 65, huge efforts are directed at age-associated diseases: cancer, neurodegenerative disorders (like Alzheimer’s), and metabolic/cardiovascular conditions. Japanese companies and academia are innovating therapies in these areas – for example, developing antibody drugs and regenerative medicines for osteoarthritis, dementia, and other chronic illnesses of the elderly. Next-gen immunotherapies are also a priority: Japan has been pioneering cancer immunotherapies (CAR-T cell therapies for solid tumours are being trialled in Japan) and vaccine research for chronic diseases. The country’s clinical trial ecosystem is robust, supported by fast-track regulatory pathways such as the Sakigake designation and conditional early approvals for regenerative medicine. This enables innovative treatments to reach patients sooner, especially in unmet-need areas. In the past year, Japan approved novel therapies like lecanemab (an anti-amyloid Alzheimer’s drug) ahead of most of the world, underscoring its commitment to tackling ageing-related conditions. Moreover, Japan’s pharma companies (Takeda, Astellas, Daiichi Sankyo, etc.) are actively in-licensing or co-developing cutting-edge therapies (like gene therapies or RNA-based drugs) to address domestic needs. The government’s support in regenerative medicine (for example, favourable policies for iPS cell therapies) has also made Japan a leader in that domain. Overall, in H1 2025 Japan balances tradition and innovation – leveraging its clinical excellence and regulatory pragmatism to foster drugs that cater to its “super-aged” society, while also exporting those innovations globally through foreign partnerships. Its ecosystem remains one of the most advanced in APAC, particularly in quality and depth of clinical research.

Creating Biotech Education for Sales Teams and “Growers”

With complex biologics and cutting-edge therapies entering mainstream markets, APAC biopharma companies are investing in education and training to ensure both their commercial teams and broader stakeholders (“growers” of the biotech ecosystem) can understand and champion these innovations.

Upskilling Field Teams

Firms are upskilling their field sales and medical liaison teams on biologics, biosimilars, and precision diagnostics. Selling a monoclonal antibody or a gene therapy requires a different level of technical knowledge than traditional small-molecule drugs. Companies are therefore implementing intensive training programmes to turn representatives into semi-specialists. This includes modular courses on biologic manufacturing, mechanisms of action for immunotherapies, and cold-chain logistics, ensuring sales teams can confidently engage physicians on complex science.

According to industry trends, upskilling programmes and partnerships with universities are helping address the talent and knowledge gap in APAC’s biopharma industry. By mid-2025, many APAC pharma companies report that a large portion of their sales force has completed advanced certification in areas like oncology or rare diseases, improving the quality of engagements with healthcare professionals.

Academic Partnerships for Certifications

There’s a growing trend of biopharma companies partnering with universities and professional institutions to offer certification courses for their staff (and sometimes clients). For instance, a vaccine company might collaborate with a university’s public health department to run a certificate programme in vaccinology for its regional sales managers. These courses (often part-time or online) give participants a deeper grounding in the therapeutic area – from disease pathology to health economics. In one case, a major pharma in Singapore partnered with the National University of Singapore (NUS) to certify its oncology sales team in cancer biology and genomics. Such academia-industry collaborations benefit both sides: employees gain respected credentials and cutting-edge knowledge, while universities and companies strengthen ties and ensure curricula remain industry-relevant. Importantly, this strategy extends beyond sales representatives – companies are also educating distributors, pharmacists, and even physicians through sponsored programmes, thereby raising the baseline of biotech understanding in the market.

Gamified E-Learning & Grower Engagement

To drive engagement, companies are deploying gamified e-learning tools and interactive platforms. Gamification – using game-like elements in training – has proven effective at improving knowledge retention and enthusiasm in adult learning. APAC firms have rolled out mobile apps and online portals where sales reps can, for example, take part in competitive quizzes on product mechanisms, earn badges for completing modules, or simulate clinical conversations in a game scenario. This approach has dramatically improved participation rates in training, as one industry case study noted for pharma sales teams.

The trend is reflected in market data: the Asia-Pacific gamified learning market is booming, expected to nearly triple from about $1.2 billion in 2024 to $3.5 billion by 2033, fuelled in part by pharma and healthcare adoption. Additionally, companies are extending educational outreach to biotech “growers” – which include startup founders, researchers, and even local manufacturers involved in the biotech supply chain. Through gamified webinars, hackathons, and e-modules, large pharma is helping to educate these stakeholders on regulatory standards, quality control, and new technology adoption. This not only helps create a more informed ecosystem (benefiting the adoption of new therapies) but also identifies potential talent and partners. In summary, APAC companies recognise that success with novel therapies depends on knowledge dissemination. By creatively educating their sales teams and the broader community – using certifications, partnerships, and gamified learning – they are building a more knowledgeable market that can sustain and grow the uptake of breakthrough biotech products.

Outlook: What to Expect in H2 2025

Accelerated Approvals in Rare Diseases

Regulatory agencies in APAC will likely green-light more orphan drugs at record pace, especially in China and Australia. China has been integrating into the global rare disease drug framework and introduced expedited pathways (priority review, conditional approval) for urgently needed rare disease therapies. As a result, dozens of rare disease drugs (for conditions like spinal muscular atrophy, certain paediatric cancers, etc.) could see approval in H2. Australia, too, is leveraging its fast-track channels and global collaborations (such as Project Orbis) to bring rare disease treatments to patients quickly. We expect announcements of new gene therapies and orphan drugs approved in these markets months ahead of traditional schedules.

Strategic M&As by Regional Players

Mergers and acquisitions are poised to ramp up, led increasingly by APAC companies looking to scale pipelines and global footprint. With patent cliffs looming for some blockbuster drugs, companies in the region are turning to M&A to secure innovation externally. Don’t be surprised to see a cash-rich Japanese or Korean pharma acquire a biotech in the US or Europe, or an ambitious Chinese biotech merge with a peer to combine pipelines. The fundamentals for deal-making are strong – moderate valuations, the need for new technology (like cell and gene therapy platforms), and supportive capital markets. Analysts predict the second half of 2025 could bring a wave of deals as firms bolster their portfolios in areas like oncology and neurology. Licensing agreements and joint ventures will also complement acquisitions as growth strategies, continuing the partnership trend of H1.

Investor Sentiment Shifts to mRNA and Next-Gen Immunotherapies

After the success of mRNA COVID-19 vaccines, investors in APAC are increasingly favouring mRNA platforms (for vaccines and therapeutics) and cutting-edge immunotherapies. We expect H2 to see sustained or growing investment flows – via venture funding, IPOs, and research partnerships – into mRNA-based startups and programmes targeting not only infectious diseases but also cancer and rare conditions. The market for mRNA therapeutics is projected to grow robustly (some analyses suggest it could reach around $15 billion globally in 2025 and expand about 20% annually thereafter), reflecting confidence in this modality. Likewise, “next-gen” immunotherapies such as personalised cancer vaccines, TCR-T cell therapies, NK cell therapies, and bispecific immune engagers are gaining traction. The global cancer immunotherapy market, for instance, is forecast to roughly double from 2025 to 2033, and APAC investors want a significant piece of that growth. In H2, we foresee more APAC-led funding rounds and collaborations in these domains, as well as positive clinical data that could further excite investor sentiment — for example, results from an mRNA cancer vaccine trial or an NK cell therapy study in Japan.

ESG-Led Biopharma Manufacturing on the Rise

Environmental, Social, and Governance (ESG) principles are becoming integral to biopharma operations, and the coming months will see growing regulatory and investor interest in sustainable manufacturing. APAC regulators are beginning to include green considerations – for example, expecting companies to have plans for waste reduction or energy efficiency when approving new plants. Investors, including large institutional funds in Asia, are also pressing pharma companies to improve their ESG metrics. We anticipate more APAC pharma firms announcing carbon-neutral manufacturing targets, green packaging initiatives, and eco-friendly process innovations. Already, companies are adopting renewable energy (such as installing solar panels on factory roofs in India or using biomass power in Australian facilities) and water recycling in production. In H2 2025, these efforts could gain further momentum, possibly aided by government incentives for green tech. ESG integration is even shaping how companies raise capital – biopharma IPOs and annual reports now often highlight ESG commitments as part of their value proposition. Expect to hear about “firsts” like a net-zero emission laboratory or a fully recyclable single-use bioreactor bag coming out of APAC. In summary, sustainable and socially responsible pharma manufacturing is shifting from a nice-to-have to a core expectation, and APAC aims to be at the forefront of this trend.

As we enter the second half of 2025, the Asia-Pacific biopharma landscape stands as a testament to bold ambition and remarkable progress. From AI-powered discovery and precision medicine to the rise of biologics and sustainable manufacturing, the region is no longer on the sidelines. It is at the forefront of shaping global healthcare.

This Mid-Year Report captures the energy, the innovation and the strategic shifts that define our industry today. What sets APAC apart is not only its scientific capability but its spirit of collaboration, resilience and vision for a healthier tomorrow.

To all our readers, thank you for your continued trust and curiosity. We hope this report informs your decisions, sparks new ideas and reaffirms your role in this vibrant ecosystem. The story of biopharma in APAC is still unfolding and its most exciting chapters may be just ahead.