China Healthcare: Takeaways From Our 47th Global Healthcare Conference and Investor Feedback From US Marketing

Goldman Sachs analysts summarize investor feedback from their recent Global Healthcare Conference, noting a cautious but potentially turning sentiment toward the China healthcare sector. Opportunities are identified in resilient CDMOs and innovative biotech firms with strong global asset potential.

Key Takeaways

• 1.Investor positioning in China healthcare remains cautious, but there is growing interest in sub-sectors showing resilience and global innovation potential.
• 2.Global biopharma maintains strong interest in China-sourced innovation, despite geopolitical and regulatory concerns.
• 3.CDMO sector is viewed as resilient, with fundamental strengths offsetting geopolitical risk.

Table of Contents

• CHINA HEALTHCARE
• Key themes and debates with our investor discussion
• CDMO: showing resilience, strong execution underpins re-rating potential in 2H
• MedTech & Services: selective interest; go-global remains key differentiator
• Read-across from global conference – sentiment subdued, but positioning selective; China remains structurally relevant
• China-sourced BD activities remain active YTD 2026

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