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WASHINGTON — Ever since the Treasury Department proposed to limit U.S. investment in the Chinese biotech industry last week, players across the U.S. are arguing over the significance of the restrictions.
The main debate to date had been over whether restrictions are needed. Is it better to play offense by boosting domestic research and development, or to play defense by trying to prevent Chinese biotechs from catching up? Is it even possible to slow China’s advance?
Now, the debate has turned to the impact of the proposed rule. It’s more aggressive than some anticipated, but a Treasury official said licensing deals are exempt. That exemption is at the heart of disagreements over the effects of the proposal.
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