Oddbean

Congress targets Chinese influence in health tech. It could come with tradeoffs ========== Complete Genomics, a San Jose biotechnology company, faces potential exclusion from the U.S. market due to ties with China; the U.S. House passed the BIOSECURE Act with a 306-81 vote on September 12, 2024, aimed at countering China's influence in health tech; the bill prevents federal funding from benefiting companies linked to China, including Complete Genomics, BGI, MGI, WuXi AppTec, and WuXi Biologics; supporters argue it protects health data and reduces reliance on China, while opponents warn it could delay drug development and raise costs; Rep. Brad Wenstrup sponsors the bill, emphasizing national security; critics, including Rep. Jim McGovern, argue against targeting specific companies; the bill allows eight years for U.S. companies to sever ties with Chinese firms; BIO supports the bill, citing national security concerns. #Congress #China #HealthTech #Biotechnology #NationalSecurity #Legislation #CompleteGenomics #BiosecureAct #DrugDevelopment #Innovation https://abcnews.go.com/US/wireStory/congress-targets-chinese-influence-health-tech-tradeoffs-113651967