The U.S. House of Representatives on Monday overwhelmingly passed the bipartisan bill, which targets WuXi AppTec, WuXi Biologics and other Chinese biotech companies as potential national security risks.
Tag Archive for: BIOSECURE Act
With the potential passage of the BIOSECURE Act looming, WuXi Biologics reported a 24% drop in net profit in the first half of 2024.
In a letter to FDA Commissioner Robert Califf, a House committee flagged several U.S. companies—including Eli Lilly and Pfizer—that have allegedly worked with the People’s Liberation Army on clinical trials in Xinjiang, raising ethical and intellectual property concerns.
The BIOSECURE Act’s prohibition on doing business with China-based companies may have implications for biotech and biopharma markets on both sides of the Pacific.
While it remains to be seen if or when the BIOSECURE Act will become law, the proposed legislation has already impacted the biopharma industry’s confidence in Chinese firms, according to a recent survey by consultancy LEK.
With heavy reliance on Chinese contract manufacturers, U.S. companies are reevaluating their partnerships amidst the proposed regulations aimed at safeguarding national security interests. While the BIOSECURE Act remains a topic of debate, some anticipate potential onshoring benefits, while others foresee disruptions to the existing supply chains, according to GlobalData.
In a change of position as congressional scrutiny of WuXi AppTec grows, the Biotechnology Innovation Organization announced it is taking steps to separate from the China-based biotech.