伯恩斯坦：2026年中国制药与生物科技政策逆风及其对估值的影响报告（英文版）

US policies and legislative efforts (Biosecure Act, COINS/BINSA) increasingly target the full stack: capital flows, data access, licensing, and supply chains. While implementation remains staged, the direction is unambiguous and calls for reduced US capital participation, tighter scrutiny on cross-border deals, and rising friction in collaboration. This shift matters because the US still anchors global pharma economics, representing ~50–60% of commercial value, and therefore sets the ceiling