Japan's healthcare sector is entering a catalyst-rich period, with R&D data, strategic briefings, and new drug launches set to reshape company growth expectations

Overview

Based on company updates during the April–June earnings season, the report compiles an FY3/27 event calendar for Japanese pharmaceutical, medical technology, and small- and mid-cap biotechnology companies. Its core view is that medium-term plans, R&D data, new drug approvals, and launch pricing over the next several quarters could change company growth and earnings expectations, while healthcare policy changes in the US, China, and Japan represent external risks.

Core views

The report first groups the principal FY3/27 catalysts into four themes: corporate strategy briefings, R&D pipeline data, new drug approvals and launches, and changes in the operating environment. Goldman Sachs focuses particularly on five events that could change growth outlooks: results from Daiichi Sankyo's Dato-DXd AVANZAR trial, progress in Takeda's narcolepsy business, Ono's Phase 2 results for ONO-1110, Kyowa Kirin's Phase 2 results for KHK4951, and Terumo's new medium-term plan. The report does not offer a single directional view on the sector, instead arguing that these events will widen differences in expectations among individual stocks. Regarding strategic briefings, Shionogi plans to hold an R&D Day on November 18 and is expected to showcase its pipeline after integrating assets acquired from the former Japan Tobacco group's pharmaceutical business. Goldman Sachs is focused on whether the acquisition-driven strengthening and diversification of the pipeline, post-restructuring cost optimization, and new revenue opportunities created through out-licensing can improve the earnings outlook. Takeda will hold a Capital Markets Day on December 11, with key topics including market penetration prospects for new products such as Orzeyful and Rusfertide, as well as growth initiatives to improve profitability and advance the R&D pipeline. Terumo will announce its GS31 medium-term plan on December 15; because the company expects to achieve all financial targets in its GS26 plan through FY3/27, the next phase's numerical targets and the path to achieving them will be critical to assessing its long-term growth capabilities. On R&D data, Chugai's Phase 2 trial of GYM329 (emugrobart) in obesity, used in combination with tirzepatide, is scheduled for completion in August 2026, with results expected to be disclosed in FY3/27. Because development of the drug for spinal muscular atrophy and facioscapulohumeral muscular dystrophy has already been discontinued, Goldman Sachs believes stock market expectations for the obesity indication are not particularly high, meaning the data could create a new variable for expectations. Daiichi Sankyo's AVANZAR trial will report first-line non-small cell lung cancer data for Dato-DXd in 2026; this is the first prospective use of the QCS biomarker for patient stratification with the drug, and the results will test not only whether the primary endpoint is met but also the biomarker's effectiveness. QCS is also planned for use in TROPION-Lung07 and TROPION-Lung08, with related data expected in the first half of 2027, giving the AVANZAR results implications for subsequent pipeline development. For Otsuka HD, the Phase 3 trial of the schizophrenia drug ulotaront is expected to be completed in October 2026; the REZILIENT3 trial of zipalertinib as first-line treatment for non-small cell lung cancer with Exon20 insertion mutations has generated positive topline results at interim analysis, with detailed data scheduled for presentation at the World Conference on Lung Cancer plenary session on September 14. PeptiDream's PSMA-targeted prostate cancer diagnostic agent 64Cu-PSMA I&T is expected to generate trial results in the second half of 2026, with filing planned for 2027; 177Lu-PSMA I&T, which links the same compound to a therapeutic radionuclide, is undergoing a registration-enabling trial, with filing planned for 2029. Goldman Sachs is focused on whether the two programs can support the company's establishment of an integrated diagnostics and therapeutics business in radiopharmaceuticals. Proof-of-concept results for Takeda's TAK-360 in narcolepsy type 2 and idiopathic hypersomnia are expected in 2026, representing an important milestone for assessing the potential of the company's narcolepsy portfolio. In addition to the more advanced psoriasis program, Phase 2b results for zasocitinib in inflammatory bowel disease are expected in 2H3/27; Goldman Sachs believes that assessing sales potential requires consideration not only of whether the primary endpoint is met but also of the magnitude of efficacy. TAK-928 (IBI363), co-developed with Innovent, is expected to begin reporting US proof-of-concept results and initiate global Phase 3 trials from FY3/27. Ono plans to obtain proof-of-concept results for ONO-1110 and ONO-2020 in 2H3/27, with Phase 2 results and subsequent development plans for ONO-1110, which covers five indications, to be disclosed before the 2Q3/27 earnings release. Phase 2 data for Kyowa Kirin's KHK4951 (tivozanib) in neovascular age-related macular degeneration and diabetic macular edema will be disclosed as soon as possible after acceptance by an academic conference; Goldman Sachs will also focus on how the company determines product positioning and partnership policy based on the level of efficacy. New drug approvals and launches constitute another group of near-term catalysts. Daiichi Sankyo's I-DXd could become the company's third ADC after Enhertu and Datroway and receive US approval for small cell lung cancer, with a PDUFA date of October 10; small cell lung cancer accounts for around 15% of all lung cancers and is an area of high unmet need. Otsuka's ADHD drug Simtriyo has received US approval and will launch after the DEA completes its controlled-substance classification; if its abuse-risk classification is lower than that of existing stimulant ADHD drugs, Goldman Sachs believes it could establish a market position based on a more balanced efficacy and safety profile. Takeda's NT1 treatment Orzeyful has also received US approval and is awaiting DEA classification, with Goldman Sachs particularly focused on the launch pricing of this first-in-class drug. Both Simtriyo and Orzeyful plan to complete their respective launch processes within the year. Regarding the operating environment, April–June results from US hospital management companies showed that the expiration of ACA insurance coverage for some patients has negatively affected operating conditions. During the same period, most global medical technology companies said they had not yet experienced a material earnings impact or had limited concerns, but Goldman Sachs notes that if patient and procedure volumes decline, consumables usage and hospital capital expenditure could subsequently come under pressure. China may advance detailed implementation rules and nationwide rollout of standardized IVD testing prices in 2026, with Sysmex specifically highlighted in the report for the potential earnings impact. Japan also requires monitoring of generic drug measures: companies pursuing product consolidation, such as Sawai Group HD, may receive subsidies under a generic drug manufacturing infrastructure development program, for which the application deadline is September 14; authorized generics launched from October 2026 are expected to maintain the same drug prices as originator products, potentially changing the competitive landscape of the generic drug market. Valuations and ratings further illustrate stock-level divergence. The valuation table assigns PeptiDream a Buy rating and ¥2,650 target price, implying 140.6% upside; Daiichi Sankyo is rated Buy with a ¥4,250 target price, implying 48.2%; Astellas is rated Buy with a ¥3,100 target price, implying 28.2%; Chugai is rated Buy with a ¥8,950 target price, implying 26.0%; CUC is rated Neutral with a ¥900 target price, implying 22.3%; Shionogi is rated Buy with a ¥3,500 target price, implying 19.4%; and JMDC is rated Buy with a ¥4,050 target price, implying 16.9%. Otsuka, Santen, Olympus, Takeda, Terumo, Sysmex, and M3 have implied upside of 11.1%, 15.4%, 5.2%, 3.0%, 2.9%, 1.6%, and 0.0%, respectively. More cautious names include Sawai Group HD, rated Sell with a ¥1,600 target price and -2.7% implied downside; Eisai, rated Neutral, and Ono, rated Sell, whose target prices both imply -11.3%; and Kyowa Kirin, rated Sell with a ¥2,050 target price, implying -21.9%. These target prices and ratings show that the report emphasizes differences in company-specific catalysts and risks rather than taking a single directional view on Japan's healthcare sector.

Analysis framework

Goldman Sachs first builds an FY3/27 event calendar based on April–June earnings updates, then analyzes the effects of four categories of catalysts—medium- to long-term strategy briefings, clinical data, new drug approvals and launches, and the external operating environment—on sales, profits, and growth expectations. Company valuations combine DCF, EV/EBITDA, and, for certain companies, theoretical M&A value, while deviations of actual results from model assumptions are identified as risks.

Methodology notes

• Event Strategies and Behavioral FinanceEvent-driven analysis

  Catalyst and Event Calendar Analysis

  The report arranges strategy briefings, clinical data, approvals, launches, and policy milestones by expected timing and assesses whether these events could change company growth outlooks and stock market expectations.

• Valuation MethodologyDCF Discounted Cash Flow

  10–15-Year DCF and Terminal Value Assumptions

  The report uses discounted cash flow valuation for multiple companies and identifies actual operating conditions deviating from DCF assumptions as a risk. Explicitly disclosed examples include Chugai's 12-year DCF with a 6% WACC and 0% terminal growth rate, Sawai's 12-year DCF with a 7% WACC and 0% terminal growth rate, and PeptiDream's 15-year DCF with an 8% WACC and 0% terminal growth rate.

• Valuation MethodologyEV/EBITDA valuation

  Valuation Based on FY3/28 EV/EBITDA Multiples

  Olympus uses FY3/28 EV/EBITDA of 12.0x at a 10% discount to the global medical technology average, Terumo uses the global medical technology average multiple of 12x, and Sysmex uses 12.0x at a 20% discount; CUC's valuation also incorporates a target EV/EBITDA multiple.

• Valuation Methodology

  Weighted DCF and Theoretical M&A Value

  Santen's theoretical value is a weighted combination of two components: 85% from a 12-year DCF valuation assuming a 6% WACC and 0% terminal growth rate, and 15% from theoretical M&A value calculated at 15x EV/EBITDA.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Kyowa Kirin（4151.T）

  Sell rating, target price ¥2,050, implying -21.9%; Phase 2 data for KHK4951, product positioning, and partnership policy are the principal catalysts.

  Strengths

  KHK4951 covers neovascular age-related macular degeneration and diabetic macular edema.

  Weaknesses

  The current target price is below the latest closing price shown in the report.

  Risks

  Better-than-expected sales of key drugs, R&D progress, changes in product assessments, relations with the parent company or business restructuring, deviations from DCF assumptions, and exchange rates could all affect the assessment; the report also focuses on rocatinlimab and Komzifti/ziftomenib.

• Takeda Pharmaceutical（4502.T）

  Neutral rating, target price ¥6,000, implying 3.0%; the Orzeyful launch, TAK-360 data, and December 11 Capital Markets Day could change growth expectations.

  Strengths

  The narcolepsy business includes the approved Orzeyful and follow-on pipeline assets such as TAK-360.

  Weaknesses

  New product penetration, profitability improvement, and pipeline advancement still require validation through subsequent disclosures.

  Risks

  Sales of key drugs deviating from expectations, R&D discontinuations or delays, changes in drug pricing and healthcare systems, financing risks arising from major acquisitions, deviations from DCF assumptions, and exchange-rate fluctuations.

• Astellas Pharma（4503.T）

  Buy rating, target price ¥3,100, implying 28.2% upside.

  Risks

  Below-expectation sales of key drugs, R&D discontinuations or delays, declining product assessments, negative news regarding medium-term growth products, US drug pricing disputes, deviations from DCF assumptions, and exchange-rate fluctuations.

• Shionogi（4507.T）

  Buy rating, target price ¥3,500, implying 19.4%; the November 18 R&D Day will showcase the pipeline following the integration of acquired assets.

  Strengths

  The acquisition could strengthen and diversify the pipeline, restructuring may optimize costs, and out-licensing could generate new revenue.

  Weaknesses

  Post-integration earnings improvement still requires validation at the R&D Day and through subsequent operating results.

  Risks

  Declining sales of core products, changes in product assessments or partnership relationships, changes in treatment guidelines and reimbursement systems, the prevalence of seasonal infectious diseases, drug prices or tariffs, deviations from DCF assumptions, and exchange-rate fluctuations.

• Chugai Pharmaceutical（4519.T）

  Buy rating, target price ¥8,950, implying 26.0%; Phase 2 results for GYM329 in obesity are an FY3/27 catalyst.

  Strengths

  GYM329 is being explored in combination with tirzepatide to preserve muscle mass, and the report judges current market expectations to be not particularly high.

  Weaknesses

  Development of GYM329 for SMA and FSHD has been discontinued.

  Risks

  Sales of key drugs, R&D progress, and product assessments falling short of expectations; intensifying competition in hemophilia drugs and antibody therapies; biosimilar regulatory changes; the licensing relationship with Roche; deviations from DCF assumptions; and exchange-rate fluctuations.

• Daiichi Sankyo（4568.T）

  Buy rating, target price ¥4,250, implying 48.2%; AVANZAR data and US approval of I-DXd are the principal catalysts.

  Strengths

  The company has ADC products including Enhertu, Datroway, and I-DXd for potential use in small cell lung cancer, and has introduced QCS patient stratification into Dato-DXd development.

  Weaknesses

  AVANZAR must validate both the primary endpoint and the effectiveness of the QCS biomarker.

  Comparison

  If approved, I-DXd will become the company's third ADC after Enhertu and Datroway.

  Risks

  Below-expectation sales of key drugs, R&D discontinuations or delays, negative news regarding the ADC business, changes in drug pricing and healthcare systems globally—especially in the US—deviations from DCF assumptions, and exchange-rate fluctuations.

• Otsuka HD（4578.T）

  Buy rating, target price ¥14,000, implying 11.1%; ulotaront and zipalertinib data and the Simtriyo launch are growth milestones.

  Strengths

  The interim analysis of zipalertinib's REZILIENT3 trial generated positive topline results, and Simtriyo has received US approval.

  Weaknesses

  Simtriyo must still await completion of the DEA's controlled-substance classification before launch.

  Comparison

  If Simtriyo's abuse-risk classification is lower than that of existing stimulant ADHD drugs, the report believes it could establish a more balanced efficacy and safety profile.

  Risks

  Sales of key drugs or discontinuation of sales, R&D progress falling short of expectations or project discontinuations and delays, deviations from DCF assumptions, and exchange-rate fluctuations.

• Eisai（4523.T）

  Neutral rating, target price ¥4,400, implying -11.3%.

  Risks

  Sales of key drugs deviating from expectations, negative news concerning the Alzheimer's disease pipeline, Lenvima-related negative news changing expectations for payments from MRK, deviations from DCF assumptions, and exchange-rate fluctuations.

• Ono Pharmaceutical（4528.T）

  Sell rating, target price ¥2,200, implying -11.3%; proof-of-concept results for ONO-1110 and ONO-2020 are key FY3/27 events.

  Strengths

  ONO-1110 is under development for five indications.

  Weaknesses

  Phase 2 results and subsequent development plans for ONO-1110 have yet to be disclosed.

  Risks

  Better-than-expected sales of key drugs, pipeline progress or changes in product assessments, changes in expectations for Opdivo indications and market share, pipeline expansion through in-licensing, development of overseas business platforms, deviations from DCF assumptions, and exchange rates could all change the current assessment.

• Santen Pharmaceutical（4536.T）

  Buy rating, target price ¥2,250, implying 15.4%.

  Strengths

  The valuation considers both going-concern value and potential M&A value.

  Comparison

  The valuation weights 85% to the 12-year DCF value and 15% to theoretical M&A value at 15x EV/EBITDA.

  Risks

  Declining sales of key drugs, R&D discontinuations or delays, changes in product assessments, substantial price reductions for long-marketed drugs, slow improvement in US business profitability, changes in China's drug pricing system, deviations from DCF assumptions, and exchange-rate fluctuations.

• Sawai Group HD（4887.T）

  Sell rating, target price ¥1,600, implying -2.7%; Japanese generic drug subsidies and changes in authorized generic pricing are policy catalysts.

  Strengths

  Companies advancing product consolidation may receive subsidies under the generic drug manufacturing infrastructure development program.

  Weaknesses

  Pricing authorized generics at the same level as originator drugs could change the competitive landscape.

  Risks

  Drug pricing or healthcare systems favorable to generics, industry restructuring, deviations from DCF assumptions, and exchange-rate changes could all affect the current assessment.

• Olympus（7733.T）

  Neutral rating, target price ¥2,300, implying 5.2%.

  Strengths

  The valuation references the average multiple of global medical technology companies.

  Weaknesses

  The valuation applies a 10% discount to the global medical technology average.

  Comparison

  Based on FY3/28 EV/EBITDA of 12.0x, representing the global medical technology average at a 10% discount.

  Risks

  Global regulatory changes, China's medical technology operating environment, exchange rates, inflation and manufacturing costs, the R&D environment, growth investments, and geopolitical risks.

• Terumo（4543.T）

  Neutral rating, target price ¥2,650, implying 2.9%; the GS31 medium-term plan on December 15 is the principal catalyst.

  Strengths

  The company expects to achieve all financial targets in its GS26 plan through FY3/27.

  Weaknesses

  The numerical targets and growth strategy for the next phase have yet to be disclosed.

  Comparison

  The valuation is based on the FY3/28 global medical technology average EV/EBITDA multiple of 12x.

  Risks

  Greater-than-expected reductions in healthcare spending, competition and changing customer demand causing deviations in core product sales, manufacturing and quality issues, healthcare workforce shortages affecting procedure volumes, inflation, and exchange-rate fluctuations.

• Sysmex（6869.T）

  Buy rating, target price ¥1,950, implying 1.6%; China's standardized IVD testing pricing reform is a key operating variable.

  Strengths

  The report cites the long-term growth and commercialization potential of Alzheimer's disease diagnostics, genomic analysis, and diagnostic reagent businesses.

  Weaknesses

  The valuation applies a 20% discount to the global medical technology average.

  Comparison

  Based on the FY3/28 global medical technology average EV/EBITDA multiple of 12.0x at a 20% discount.

  Risks

  Healthcare system reforms in various countries, intensifying competition—especially the rise of local manufacturers and price declines in emerging markets—exchange rates, and the long-term growth and commercialization progress of new diagnostic businesses.

• M3（2413.T）

  Neutral rating, target price ¥1,750, implying 0.0%.

  Strengths

  The valuation combines a 10-year DCF and EV/Sales based on FY3/28 forecasts.

  Comparison

  EV/Sales of 2.5x is used, taking into account the correlation between sales growth prospects and the multiple.

  Risks

  Changes in restrictions on pharmaceutical and medical device marketing and use of healthcare data, service or product issues, changes in the competitive landscape, and adverse earnings effects from acquisitions and alliances.

• JMDC（4483.T）

  Buy rating, target price ¥4,050, implying 16.9%.

  Strengths

  The valuation combines a 10-year DCF with EV/Sales for the healthcare data business.

  Comparison

  The FY3/28 valuation uses 3.0x EV/Sales, comparable to M3's multiple over the past year.

  Risks

  Weak data investment due to clients reducing healthcare costs, restrictions on access to healthcare information, delays in digital reform of clinical trials, progress in M&A and alliances, behavioral changes among pharmaceutical companies and medical institutions, and the influence of major shareholders.

• CUC（9158.T）

  Neutral rating, target price ¥900, implying 22.3%.

  Strengths

  The valuation considers both DCF value and target EV/EBITDA value.

  Comparison

  The target value weights a five-year DCF and FY3/28 target EV/EBITDA valuation equally at 50% each, with the DCF assuming an 8% WACC and 0% terminal growth rate.

  Risks

  Healthcare system regulatory adjustments, changes in the recruitment environment, and changes in the competitive landscape.

• PeptiDream（4587.T）

  Buy rating, target price ¥2,650, implying 140.6%; 64Cu-PSMA I&T and 177Lu-PSMA I&T could support an integrated diagnostics and therapeutics business.

  Strengths

  The same PSMA-targeted compound is being developed for both diagnostic and therapeutic radionuclide drugs.

  Weaknesses

  The diagnostic agent is planned for filing in 2027 and the therapeutic program in 2029, resulting in a relatively long commercialization path.

  Comparison

  The valuation uses a 15-year DCF with an 8% WACC and 0% terminal growth rate.

  Risks

  Drug discovery and development progress, proactive business investment, deviations from DCF assumptions, and exchange-rate fluctuations.

Key data

• Kyowa Kirin（4151.T）Sell; latest closing price ¥2,625; target price ¥2,050; -21.9%12-month target price and downside shown in the valuation table
• Takeda Pharmaceutical（4502.T）Neutral; target price ¥6,000; 3.0%12-month target price and upside shown in the valuation table
• Astellas Pharma（4503.T）Buy; target price ¥3,100; 28.2%12-month target price and upside shown in the valuation table
• Shionogi（4507.T）Buy; target price ¥3,500; 19.4%12-month target price and upside shown in the valuation table
• Chugai Pharmaceutical（4519.T）Buy; target price ¥8,950; 26.0%12-month target price and upside shown in the valuation table
• Daiichi Sankyo（4568.T）Buy; target price ¥4,250; 48.2%12-month target price and upside shown in the valuation table
• Otsuka HD（4578.T）Buy; target price ¥14,000; 11.1%12-month target price and upside shown in the valuation table
• Eisai（4523.T）Neutral; target price ¥4,400; -11.3%12-month target price and downside shown in the valuation table
• Ono Pharmaceutical（4528.T）Sell; target price ¥2,200; -11.3%12-month target price and downside shown in the valuation table
• Santen Pharmaceutical（4536.T）Buy; target price ¥2,250; 15.4%12-month target price and upside shown in the valuation table
• Sawai Group HD（4887.T）Sell; latest closing price ¥1,645; target price ¥1,600; -2.7%12-month target price and downside shown in the valuation table
• Olympus（7733.T）Neutral; latest closing price ¥2,187; target price ¥2,300; 5.2%12-month target price and upside shown in the valuation table
• Terumo（4543.T）Neutral; latest closing price ¥2,577; target price ¥2,650; 2.9%12-month target price and upside shown in the valuation table
• Sysmex（6869.T）Buy; latest closing price ¥1,919; target price ¥1,950; 1.6%12-month target price and upside shown in the valuation table
• M3（2413.T）Neutral; latest closing price ¥1,751; target price ¥1,750; 0.0%12-month target price change shown in the valuation table
• JMDC（4483.T）Buy; latest closing price ¥3,465; target price ¥4,050; 16.9%12-month target price and upside shown in the valuation table
• CUC（9158.T）Neutral; latest closing price ¥736; target price ¥900; 22.3%12-month target price and upside shown in the valuation table
• PeptiDream（4587.T）Buy; latest closing price ¥1,102; target price ¥2,650; 140.6%12-month target price and upside shown in the valuation table

Impact & implications

The report believes FY3/27 will not be driven by a single sector trend but will instead be a period of intensive realization of company-specific events. Successful clinical data, clear medium-term growth targets, reasonable new drug pricing, or favorable policy arrangements could improve sales and profit expectations; conversely, trial failures, tighter health insurance and drug pricing, and weaker procedure volumes and hospital capital expenditure could depress expectations, so stock performance may continue to diverge.

Risks

• Failure of key clinical trials to meet primary endpoints, insufficient magnitude of efficacy, and R&D program discontinuations or delays could weaken pipeline value and growth expectations.
• Core drug sales, new product market penetration, or launch pricing deviating from expectations could lead to revisions in sales and profit forecasts.
• Changes in drug pricing, health insurance, and healthcare systems in the US and other countries could affect drug demand, reimbursement, and profitability.
• The expiration of US ACA insurance coverage could reduce patient and procedure volumes and further depress consumables usage and hospital capital expenditure.
• Standardized IVD testing prices and nationwide rollout in China could affect the profitability of companies such as Sysmex.
• Changes in Japanese generic drug subsidies and authorized generic pricing could reshape the industry's competitive landscape.
• Manufacturing and quality issues, healthcare workforce shortages, intensifying competition, acquisition financing pressure, and exchange-rate fluctuations are all company-specific risks.
• Actual operating conditions deviating from DCF or valuation multiple assumptions would change the target prices listed in the report.

What to watch

• Watch for detailed data on Otsuka's zipalertinib at the World Conference on Lung Cancer plenary session on September 14.
• Watch subsidy developments following the September 14 application deadline for Japan's generic drug manufacturing infrastructure development program.
• Watch the October 10 US PDUFA outcome for Daiichi Sankyo's I-DXd.
• Watch the completion of the ulotaront Phase 3 trial in October 2026 and implementation of Japan's same-price policy for authorized generics.
• Watch the integrated pipeline, cost optimization, and out-licensing opportunities disclosed at Shionogi's R&D Day on November 18.
• Watch new product penetration, profitability improvement, and R&D progress disclosed at Takeda's Capital Markets Day on December 11.
• Watch the GS31 financial targets and growth strategy announced by Terumo on December 15.
• Watch the Dato-DXd AVANZAR results, QCS biomarker performance, and TAK-360 proof-of-concept results during 2026.
• Watch the DEA controlled-substance classifications, launch timing of Simtriyo and Orzeyful, and Orzeyful pricing.
• Watch FY3/27 data for GYM329 in obesity, Phase 2 data for KHK4951, and its partnership policy.
• Watch the Phase 2 results and subsequent development plans for ONO-1110 before the 2Q3/27 earnings release, as well as ONO-1110, ONO-2020, and zasocitinib data in 2H3/27.
• Watch the detailed implementation rules and nationwide rollout of standardized IVD testing prices in China in 2026, as well as changes in consumables volumes and hospital capital expenditure at US medical technology companies.