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.
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.
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.
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.
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.