In October 2023, the World Health Organization (WHO) released a draft of the WHO Pandemic Agreement, which seeks to negotiate a global consensus on how best to strengthen pandemic prevention, preparedness and response (PPPR). As drafted, the negotiating text included both positive and negative implications for global health and biopharmaceutical innovation. To achieve its goal of ensuring that the world is better prepared for future pandemics, it is critical that the PPPR agreement does not undermine biopharmaceutical innovation and collaboration.