INTRODUCTION Contributed by: Lincoln Tsang, Ropes & Gray LLP
A Brave New World of Evolving Global Life Sciences Landscapes Welcome to the 2025 edition of Chambers and Partners’ Life Sciences Global Practice Guide. As the new contributing editor for this publica- tion, I wish to express my gratitude to colleagues for their expert contributions to this Guide. They have collectively covered the latest develop- ments in a wide range of regulatory compliance, legal and policy issues in their respective juris- dictions. In addition, I wish to take the opportu- nity to make a few opening remarks. The life sciences and healthcare sector rep- resents a major knowledge-based global economy. It is anticipated to grow to approxi- mately USD4 trillion by 2033, poised for some breath-taking technological and medical trans- formations, driven by digitalisation and by the increasing convergence of biological, physical and computer sciences to expedite identification of novel therapeutic targets, novel materials, and new methodological approaches to evaluating the safety, quality, and clinical effectiveness of innovations. Post-pandemic challenges March 2025 marks nearly five years since the World Health Organization (WHO) officially declared the COVID-19 pandemic, beginning one of the most challenging periods in recent times. The pandemic also tested the resilience of the life sciences and healthcare sector at all lev- els. The sector has adapted its practices – and continues to do so – through increased agility and collaboration, spanning the full spectrum of R&D as well as healthcare delivery activities. The industry has begun to stabilise after the WHO lifted the global public health emergency status for COVID-19, given that the disease is now con- sidered to be ongoing and well established. Yet
now the world is confronted with a new wave of macroeconomic challenges such as high infla- tion and the rise in energy prices. Geopolitical friction is the new frontier that has contributed to the faltering of economic growth. Many eco- nomic commentators have remarked that high geopolitical risk has been associated with lower equity returns and higher forecast volatilities, as well as uncertainty in investment decisions. The Institute of International Finance has indicated that the global debt levels are extraordinarily high, with USD60 trillion added since 2020. The life sciences sector is not immune to these exis- tential economic vulnerabilities. Trade policy changes under new Trump administration The second term of the Trump administration in January 2025 – overseeing the world’s largest national economy and leading global trader – has started with some significant trade policy changes to achieve the USA’s economic and trade-related objectives. The Trump admin- istration has justified such trade measures as rebalancing the country’s large and persistent annual trade deficit in goods, where closed mar- kets abroad have reduced US exports and open markets in the USA have resulted in significant imports. These changes have already sent shockwaves around the world, as the new trade policy has broken with decades of free trade policy – in rec- ognition of globalisation, which involves increas- ing integration of economies around the world – by imposing tariffs on a number of key eco- nomic regions, including the USA’s traditional allies. At the time of writing (April 2025), the new US President famously considered 2 April 2025 as the “tariffs day”/“liberation day” on which the new tariffs will be enacted unless the tariff and non-tariff barriers are equalised.
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