野村：中国医疗保健行业-特朗普可能出台的药品价格行政令带来的不利影响

Investment Rating - The report does not explicitly provide an investment rating for the healthcare and pharmaceuticals sector in China, but it indicates potential negative impacts from US drug price reductions on Chinese firms [1][3]. Core Insights - The US healthcare expenditure is a significant portion of global healthcare spending, with high drug prices being a contributing factor [2]. - A potential executive order by the US government to reduce drug prices by 30-80% could adversely affect Chinese companies involved in the US market, including those with innovative drugs, CROs providing services to US pharmaceutical firms, and companies out-licensing clinical-stage assets to multinational corporations [1][3]. Summary by Sections - US Drug Price Impact: The potential executive order from the US president aims to lower drug prices significantly, which could lead to pressure on Chinese firms with drugs in the US market and those providing services to US pharmaceutical companies [1][3]. - Market Dynamics: The report highlights that if US drug prices are cut, it may create a long-term negative price outlook for Chinese firms that out-license clinical-stage assets to multinational corporations [3].