西蒙顾和：2026年执行根据MFN：后期生物技术公司的商业化选择白皮书（英文版）

For smaller late-stage biotech companies, commercialization has always involved a series of high-stakes choices: where to invest, how much infrastructure to build, when to expand internationally, and whether to partner or go it alone. Most Favored Nation (MFN) pricing raises the stakes of each of these decisions. Much of the discussion around MFN has focused on the risk of US price compression. That concern is real, but for smaller biotechs, it is not the full story. MFN does not simply threa