“封杀”中国创新药？全球大药企“第一个不答应”

Core Viewpoint - The White House is drafting an executive order that may impact Chinese pharmaceutical and biotech companies' business expansion with U.S. firms, potentially imposing stricter reviews on innovation drug licensing [1][2]. Group 1: Market Impact - The short-term impact on market sentiment is expected to be greater than the actual damage to China's innovative drug industry or commercial development trends [1]. - Global pharmaceutical companies are facing a "patent cliff" risk and urgently need high-quality Chinese assets to strengthen their product pipelines [1][2]. Group 2: Challenges and Responses - It is technically challenging to prohibit patent transactions for Chinese innovative drugs, as many companies can utilize intermediaries for commercial development [2]. - Global pharmaceutical firms are under dual pressure from the U.S. Inflation Reduction Act (IRA) and significant patent cliff risks, particularly after 2027, making the next 1-2 years a critical period for enhancing product pipelines [2]. Group 3: Long-term Outlook - Despite potential short-term adjustments due to tariffs and other factors, the long-term growth outlook for China's biotech sector remains optimistic [3]. - Even if the executive order is implemented, the actual damage to Chinese biotech companies' commercial development is expected to be minimal, although negative sentiments from U.S. policymakers may lead to short-term market volatility [3]. - The trend of foreign licensing of Chinese assets is likely to be difficult to halt, indicating a sustained interest in China's biotech sector [3].