中国医疗：地缘政治担忧重现…… 此次聚焦药品对外授权-China healthcare - Geopolitical concerns re-emerge..._ ...this time on out-licensing of drugs

Summary of the Conference Call on China Healthcare and Pharmaceuticals Industry Overview - The focus is on the China healthcare and pharmaceuticals sector, particularly regarding the potential impact of geopolitical concerns on drug out-licensing from China [1][4]. Key Points and Arguments 1. Geopolitical Concerns: The Trump administration is reportedly considering imposing restrictions on medicines from China, which could include clinical-stage molecules and generics [1][3]. 2. Investor Advocacy: Some US-based investors and corporate executives are pushing for these restrictions, arguing that the acquisition of Chinese drug assets by large multinational corporations (MNCs) hampers the competitiveness of US biotech companies [2][3]. 3. Proposed Measures: Key proposals include: - Heavier scrutiny on American pharmaceutical companies acquiring rights to experimental drugs from Chinese manufacturers [3]. - Discouragement of reliance on clinical trial data from Chinese patients by US drugmakers [3]. 4. Impact on Out-Licensing: The proposed restrictions are expected to have a short-term negative effect on the trend of innovative drug out-licensing from China. However, the long-term impact will require ongoing monitoring [4][6]. 5. Quality of Drug Development: The proposals reflect an improvement in the quality of China's innovative drug development, which has narrowed the innovation gap with US drugmakers. In the first half of 2025, 72 Chinese molecules were out-licensed, a 38% year-on-year increase, with a total deal size of USD 62 billion, surpassing the USD 52 billion total in 2024 [4]. 6. Market Performance: The China healthcare sector has seen significant gains, with the HSHCI rising by 97% year-to-date compared to a 31% gain in the HSI. However, new geopolitical uncertainties may affect companies involved in drug out-licensing [5]. 7. Investment Strategy: Investors are advised to consider reallocating gains from biotech and CRO investments towards underperforming sectors such as medical equipment and AI healthcare [5]. 8. Resilience of Collaborations: Historical context suggests that collaborations in life sciences between the US and China have proven to be more resilient than anticipated, even during previous geopolitical tensions [6]. Additional Important Information - The report emphasizes the need for investors to monitor the evolution of the proposed measures and their implications for the sector, as increased scrutiny may not necessarily halt collaborations [6]. - The data provided by Pharmcube indicates a robust trend in out-licensing, which may continue despite geopolitical challenges [4]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the China healthcare and pharmaceuticals industry amidst geopolitical tensions.