Innovative Drug Export: Why Is This Window Two Weeks Later So Important?

At midnight on September 29, 2026 (UTC+8), the United States will expand the 100% tariff on imported patented drugs imposed under Section 232 of the Trade Expansion Act of 1962 from 17 major pharmaceutical companies to all companies in the market. The intention behind this tariff is not to generate revenue, but to force companies to meet three main conditions: lowering prices, building factories, and relocating production capacity.

Meanwhile, Chinese innovative drugs are at their historical peak — from 2026 to the present, the total value of out-licensing deals has exceeded $120 billion, a year-on-year increase of 36%, with upfront payments surpassing $10 billion. For two consecutive years, Chinese enterprises have occupied eight out of the top ten spots in global pharmaceutical BD deals. This window, two weeks later, will not change the export volume of Chinese innovative drugs, but rather the structure of their pricing power — the pricing mechanism for overseas distribution is shifting from “asset price” to “system price.”