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US bill on Chinese biotech firms may be more ‘narrowly tailored’, lawmaker says By Reuters

February 23, 2024
in Stock Market
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US bill on Chinese biotech firms may be more ‘narrowly tailored’, lawmaker says By Reuters

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US bill on Chinese biotech firms may be more 'narrowly tailored', lawmaker says
© Reuters.

By Ben Blanchard

TAIPEI (Reuters) – A invoice within the U.S. Congress concentrating on Chinese language biotech corporations might find yourself being extra “narrowly tailor-made”, the U.S. lawmaker who proposed it mentioned on Friday, including that he was cautiously optimistic one thing could possibly be handed this 12 months.

A congressional committee centered on China launched a invoice late final month that might prohibit federally funded medical suppliers from permitting China’s BGI Group, WuXi Apptec and different biotech corporations from accessing genetic details about People.

The proposed laws has sparked a sell-off in WuXi shares.

“I am really cautiously optimistic that we will get one thing carried out,” Republican Congressman Mike Gallagher, chair of the Home choose committee on China, informed reporters whereas on a visit to Taiwan.

“Now it might finish being one thing just a little bit extra narrowly tailor-made however I might say, simply talking for myself, the first concern is BGI and the secondary is WuXi,” he added.

A companion invoice within the U.S. Senate hit a delay earlier this month.

Gallagher mentioned this month he won’t run for re-election.

“I will not be right here subsequent 12 months, so we have got to get it carried out earlier than I depart,” he added.

Democratic committee member Raja Krishnamoorthi, who’s accompanying Gallagher in Taiwan, mentioned the invoice would embody extra than simply these two corporations.

“That invoice really applies to international adversary managed biotech corporations, not simply these two corporations,” he mentioned.

“The opposite huge concern is that after they promote these gear and items within the U.S., they will proceed to gather knowledge on People after which funnel it again to the CCP managed knowledge bases,” Krishnamoorthi added, referring to China’s ruling Communist Get together.

WuXi has repeatedly mentioned that it’s not a nationwide safety danger to any nation and doesn’t accumulate human genomic knowledge in any of its enterprise.

BGI has mentioned that it helps defending private knowledge, however the laws “which is able to successfully drive BGI from the U.S. market won’t accomplish this objective.”

Items of BGI Group seem on a U.S. Division of Commerce export management record over allegations that they pose a “important danger” to contributing to Chinese language authorities surveillance.

Reuters additionally has reported that BGI was accumulating genetic knowledge from hundreds of thousands of girls for sweeping analysis on the traits of populations, and collaborates with China’s navy.

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