生物技术的地缘政治

Lazard Geopolitical Advisory Senior Advisors S SIpherLovegrcveSerin* Av snr Cer..nhuabizaic te.)Sn:1inr Acvisnr A:irn. willisrriMckaren .et.Srnkcr Alvisor Eerrf-cikSriur A scir KonaklJemoluCh et aketSllslepis. Faltiek delk.rt:Se1lor Acueor Senicr Leaclership Ir. Sic:h:rthSIEX IkI[OFDire.ker i.u I[Xx1I LI.PaInzalI lisx: of LGA 2etggDlestcr Lazard Geopolitical Advisory Taarri aus zlsngS.ialegis!Cecpo l:bsl lce Frgskent csrles FetktsenVce Mresldent Je.ceD JelLsct?#lce Fraslilert RobccL BailuyCespoi.islArialyst ursumm.Cecpoit calArralysl .INiSrs.eyhilGeopclitica a pkirsCe:poitcalSAdlegist LAZARD [kr:hiriz. :Nar Raha.: k: PlzaK6w k, Y -n1131 il+131>I+* 212 $: ttV P:ris+ $ 1 +1 1: * 11 Abouit Gcopolitical AdvisoryAp Gecpolilicalblarxisload nggoopolltlcalInslghtswltlunmatarad expartis in inancial advisnry:advising c ianls or row geupolilivaltrends tra'islate into susiness impact. 24:7 -1ccr"an Fan:/sco, GA 2411.1r. Stat.:+1 41: F53 532n Austit?233 es:6:1tccs1 xrsIrtxd =khcse X_+* 5123 7Ff.n TokpeSrr: Par+ lo.srr H00*CHrr.rin 4. Trkn1 1 N.gab: 2 cham:-3-6176+:* >>11 t+*1 To discuss this repert zr ho! LazardGeopolilical Advisory could sJppo't you.contao:geopoliticalacvisory@lazard.com. LAZARD Tableof Contents EXECUTIVE SUMMAAY4 EMERGING POLICY TRENDS15 III United Stales17Europea Ur ian18Chlina19Jeder18Inclia20 AITAENDS IN TAADE, INNOVATION & INVESTMENT The Future ot Biotech: Folloving the Invastrerit Flews22China's: Growing Role in the R atech Sector25 Talont & I I.llrall CapltalCapital nd R&D Funding35Cnabling Toehinologlos & ToolsRegularory & Technelegs Ecasystams37 YIBUSINESSCONSIDERATIONS&RECOMMENDATIONS39 LAZARD ExecutiveSummary LAZARD Executive Summary Biotechnolory is emerging as a pivotal frontier in 21st century geopolitical competition, driven by its Thnis report exslores these dynanmics, taking s'ack f wher eopolitioal somaeti-ion over the biqtechsector stands today and what it coulcl ook like tomorrow. It analyzes the key national plavers in thesector and iden: fies eocoltical choke points that could be leveraged as alobal tracde tensions ancnationa security pressures rise, It also naps how these plavers are attemptin to crctect natic na.leadership in biotech, promote new iniovation, and srter through emerging technoloical alliances.compaies-from small start-ups to lobal investo's and large, mltinational life sciences and toolscompanies. The report makes several key fingings relevant to a brad range o' stakehokiers in the bhintech sectorand policy ecosystem 1Biotech is increasingly an arena ofgcopolitical and tcchnological compctition.Hocognition of the soctor's imoorlanco toationasocuirity.ccoromicgrowth,andumar heallh is growing rapidly, pusring il lothe forofront of colicymaking. Ihis inclucos abroad ralnse of pollcy Initlathvcs focusod onbo.h thpromotio1 t3.g..crit calmecicincsubsicllosipuecrotoctlofc.5l..POOEACEtoollngacxportcontrols! of natkonalblotcchsoctors. 3Several geopolitical choke pointscxist within thc biotcch scctor, cspcciallyrelated to the now of data and capital.Intcnsifiod compotitio1. cxport controls, anesuoplychaindecouolingsllorlsarefragmentirg tre industry a'id criving nat ons tolocallzo Inovatlon. Tio levol of sioosolltleal s<partly dopcncs on the spocific biotochnology infocus.wihsyrthcticblolosly.Al-infusccblotoc1 plat"ons, ancl Innovatlvo ticraplesIlikly facing the most signifieant nsks. 4Geopolitics is increasingly drivingbiotach investment decisions relative totaditional economic and market factors.Over thg last dec2.ue. gespoliticzlly-relareureportad rnctive for rriore than orle in twotereign direct irvest'nerit projects, up near yGoneguently, bintachrolugy IianLtact.rers.inriov.ors, ard capila allvalurs rnus! ovsallanlion10gessolilicalconsiugrzlioll tharn evar elury. 2China's role in biotech is risingrapidly and is creating a new competitivelandscape.S,EUOrisais challengirglanigstandinig riarkat dynarics in biotech.whare tha :raditional techinekugical edga haldty te Us.Eurae, arid Japar is beingsigriicantly chal grgeu. Cther actors such asIrdid anu Suuth Koreu ure alsu ulayirg lgrawing role. 5Growing fragmentation of biotechvalue chain6 along geopolitical fault lines isprosenting an evolving sot of risks andopportunitigs for companigs. Trgrid: sLch ausSupply chainkacalizz.tiorlaridirivestlerr:rgstrictiuns uose chal griges to cross-burdarLusinass aicliviligs, bul Lhey ar alsu crealirng'rew uzthrways tor rrovatiorn (e.g..fast-trackedapprovalsj.(u.g..rugul.orysimpl licalicni, anu governmenil supporl (ag..subsidies]. 6Othgramergingdomesticpolicydynamicscouldshiftthastatusquo forbiotach.Corngsticpclicyceve oprnants-! sl.rianpe sr se onsragu latory funidingandstaffinig.r11ountirgpressurgss on drugpricingrid Pproductionie.g.."inost tavoredIzlion' μricing, Imilalior Reuuc liur Acl, larillsj.anurriovesPJE..O:regulatorysirrμ il icalioll-cuuld signilicanilly res'laue lliebiclac'1 seclor's incanlives and s.ruclurg irways hal could 'ud