The field of targeted protein degradation (ProTACs) is maturing. Next-generation "TAC" technologies are moving beyond simply destroying proteins. New approaches can stabilize proteins, alter post-translational modifications, and control a protein's location, expanding the therapeutic possibilities of induced proximity.
CEOs are in an awkward position, supporting the administration in public but asking Congress not to codify the Most Favored Nation drug pricing policy. They fear legislation would create a permanent, stricter, and more broadly applied version than their private deals with the White House.
While innovation from China is increasingly integrated into Western pharma pipelines, there's little expectation of outright acquisitions of Chinese companies. The consensus is that licensing a specific asset is far simpler and avoids the significant political and regulatory complexities of a full M&A transaction.
While China is known for licensing novel assets, its researchers are also becoming leaders in a more fundamental area: drug delivery and formulation. This is particularly evident in the targeted protein degradation space, where Chinese publications dominate innovations related to improving drug-like properties.
A key debate surrounds the Korean biotech ecosystem: are companies building with a global mindset from day one? Some US investors argue that Korean firms focus too much on their domestic market initially, requiring significant "handholding" to succeed globally, a view contested by local leaders.
Attendance at the JPM conference felt lower, attributed to a competing London event and tighter budgets. This shift means companies only attend for pre-arranged, high-value meetings, leading to more productive and focused conversations, moving away from a 'fear of missing out' culture.