America First policies cause transborder uncertainties

As Washington doubles down on an America First agenda, biopharma companies and investors face three interconnected policy challenges: pharmaceutical tariffs, most-favored-nation (MFN) pricing, and efforts to decouple the U.S. and Chinese life sciences sectors. Each policy is riddled with uncertainty that is unlikely to be resolved soon. Given the long timelines for drug development, companies will have to make strategic choices before the policy landscape becomes clear.

Over the past 10 months, a series of policy reversals, from shifting tariffs to the imposition and repeal of a TikTok ban, have desensitized many executives and investors to the risks that Trump administration policies could fundamentally reshape business models...