西蒙顾和：2026年为不确定性、价值和投资者审查设计：MFN对早期生物技术意味着什么（英文版）

For years, early-stage biotech companies have operated with a relatively clear value logic: strong science, a meaningful unmet need, and a compelling clinical profile would translate into a credible commercial opportunity. That foundation, while still essential, is no longer sufficient. The emergence of Most Favored Nation (MFN) pricing dynamics signals a deeper structural shift in how pharmaceutical value is assessed. Instead of a system anchored primarily in US pricing, we are moving toward