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U.S. Crackdown on Chinese Biotech Could Harm Patients

America's crackdown on Chinese biotech could lead to drug shortages and higher costs, impacting patients without delivering promised security benefits.

by Lilu Anderson
Sat, Jun 22, 2024 8:13pm
in Business
• 2 mins read
14.8k
U.S. Crackdown on Chinese Biotech Could Harm Patients | FinOracle

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America’s Moves Against Chinese Biotech Will Hurt Patients at Home

America’s crackdown on Chinese trade is broadening. On April 17th, President Joe Biden proposed tripling tariffs on steel imports due to China's unfair trade practices. After restricting China's access to advanced semiconductors and moving to ban TikTok, lawmakers now target biotechnology. A new proposal, the Biosecure Act, aims to end government contracts with any firms involved with Chinese biotech companies. This act could have unfortunate consequences for American consumers.

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