China Healthcare "Expert call takeaways: How China biopharma's BD is evo..."

研报英文原文证据摘录

China Healthcare "Expert call takeaways: How China biopharma's BD is evo..."

iple

rounds of meetings in the pharma and investment community to solicit opinions.

Despite notable differences among participants, those interactions meaningfully

deepened the government’s understanding of the industry. On this basis, the policy will

be further revised. So far, the related control measures have undergone relatively

cautious adjustments, but formal regulations have yet to be finalised. Based on available

information, compared with the document version unofficially circulated a week ago,

the overall policymaking outlook is slightly more optimistically skewed, although the

final document is still subject to uncertainty.

In terms of policy rationale, China is set to push ahead related controls on this front, and

the key lies in the scope and intensify of implementation. The government has a well-

developed set of governance responses in this area. In fact, China has developed a

complete export control legal framework since 2020, including the goods list and the

technology list. Specifically, two batches of the technology list have been released so far,

with the second batch covering some gene and cell-related technologies and

distinguished between restricted and prohibited categories. The latest regulatory

development is aimed more at reinforcing strategic security than strengthening ethics.

Previous regulatory approaches classified technologies by function, such as small nucleic

acids and ADCs. However, a key challenge now is how to define what are core

technology platforms. A widely-agreed criteria for this concept has yet to emerge,

whether in industry or academia. By comparison, a more critical dimension that could be