Core Viewpoint - The recent announcement by Trump regarding a 100% tariff on all brand/patent drugs starting in October is expected to have limited impact on the Chinese innovative drug industry chain, according to research from CICC [1]. Group 1: Tariff Impact - Trump announced a 100% tariff on all brand/patent drugs unless manufacturers are building production facilities in the U.S. starting in October [1]. - The tariff does not apply to generic drugs, biosimilars, or active pharmaceutical ingredients (APIs) [1]. Group 2: Industry Analysis - CICC believes that most Chinese companies have either established production capacity in the U.S. or outsourced production to local Contract Manufacturing Organizations (CMOs) [1]. - The majority of Chinese innovative drugs exported are in the form of APIs or raw herbal extracts, which are not affected by the new tariff [1]. - The export ratio of finished dosage forms is low, and investments by multinational corporations (MNCs) in building factories will take time, leading to limited short-term impact on CXO orders [1]. Group 3: Future Catalysts - Upcoming catalysts include the ESMO conference scheduled for mid to late October [1]. - Results from medical insurance negotiations and the first version of the commercial insurance innovative drug catalog are expected to be announced in October to November [1].
美股异动 | 再鼎医药(ZLAB.US)涨逾4% 机构：药品关税对产业链影响有限