PitchBook：2025年生物技术和制药关税驱动的风险投资机会报告（英文版）

Tariff-driven American biotech resurgence: The biotech sector is entering an “America-first resurgence” phase. From 2025 onward, protectionist tariff policies that incentivize domestic manufacturing repatriation, accelerate AIdriven innovation, and enhance national security through advanced platform technologies will create structural advantages for US biotech, although they may temporarily suppress M&A activity because of Big Pharma’s focus on manufacturing infrastructure.