Despite recent high-level U.S.-China talks, several recent developments in China have elevated international trade-related compliance risks and challenges for companies with commercial ties to mainland China or dealings with Chinese counterparties. While it is unclear the extent to which these developments move the needle in terms of practical legal and enforcement implications in China, there…
What began as a series of demand letters in July 2025 has evolved into something significantly more consequential. By February 2026, sixteen of the seventeen largest pharmaceutical manufacturers have signed Most-Favored-Nation (MFN) pricing agreements with the Trump administration, which commit them to Medicaid price parity, MFN pricing on new product launches, and participation in TrumpRx.gov…
Welcome to Part 5 of our 2026 Life Sciences Industry Outlook series. Today, we are wrapping up the week with a review of the regulatory environment for life sciences companies in 2025 and our expectations for what 2026 could bring. In 2025, life sciences companies faced a fast-moving regulatory environment shaped by the Trump administration’s…
As public companies prepare their third quarter Form 10-Q filings, the rapidly shifting policy landscape has created new disclosure challenges for the life sciences sector. The recently announced pharmaceutical tariffs and ongoing government shutdown both carry potential financial and operational implications that warrant close attention. For biotech companies, these developments underscore the need for clear,…
On September 25, 2025, President Trump announced 100% tariffs on imported branded or patented pharmaceuticals, effective October 1, 2025, unless the importing company is building U.S. manufacturing capacity (defined in President Trump’s announcement as “breaking ground and/or under construction”). The policy is being advanced under Section 232 “national security” authority.
On August 29, 2025, the Department of Justice (DOJ) launched the Trade Fraud Task Force that will coordinate efforts between DOJ’s Civil and Criminal Divisions and the Department of Homeland Security (DHS) to bring enforcement actions against importers who unlawfully evade tariffs and other customs duties, as well as against parties who unlawfully import prohibited…
