Takeaways from the BIOSECURE Act Read Out

On May 9, AmCham China hosted a sold-out event to discuss the implications of the recently introduced BIOSECURE Act. This timely event brought together a panel of industry experts to provide insights into how this significant piece of legislation could impact US companies’ interactions with biotechnology entities from China, Russia, Iran, and North Korea.

The BIOSECURE Act, introduced by a bipartisan group of Select Committee Members in the Senate and the House, seeks to prohibit executive agencies from contracting with or extending loans or grants to any company engaged with a “biotechnology company of concern.” This term broadly includes biotechnology companies headquartered in or subject to the jurisdiction of foreign adversary governments that pose a national security threat. Specifically, the bill names several companies associated with the People’s Republic of China—BGI, MGI, Complete Genomics, WuXi Apptec, and their affiliates—as entities of concern.

The event was structured around key questions regarding the future of biotechnology innovation in China amidst the US-China tech rivalry and the potential impacts of the BIOSECURE Act on market and investment strategies within the biotechnology sector. The discussion aimed to provide multinational companies with strategies to navigate the evolving landscape.

The panel featured an expert group of speakers, including: Xin Tao, Partner at Baker & McKenzie LLP; Anne Wang, Chief Operating Officer, Greater China at APCO; Zhiyun Yu, Partner at Matrix; Hong Zhang, Head of PE at Baker McKenzie FenXun.

Key topics covered during the event included:

A comprehensive overview of the BIOSECURE Act, encompassing its scope, prohibitions, and key definitions, while delving into the Act’s background and its primary objectives.
Analysis of the potential ramifications for life science and biotechnology companies should the Act be adopted.
Examination of the latest amendments to the Act and evaluation of their potential implications.
Perspectives on the potential legislative trajectory for the Act in Congress.

The event offered attendees a thorough understanding of the BIOSECURE Act and its possible impact on the biotechnology sector. It provided practical guidance on adapting to the legislative changes and maintaining competitive advantage in a rapidly evolving market.

This event was put on jointly by AmCham China’s Legal Affairs Committee and the Healthcare Industry Committee.

Interested in learning more about the Legal Affairs Committee? Click here to learn more or contact Ada Yang.

Interested in learning more about the Healthcare Industry Committee? Click here to learn more or contact Cheryl Lin.

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Author: Norris Tangen