Pharma, Geopolitics and Trade Policy — conclusion

Conclusion

The pharmaceutical industry of Basel enters the decade to 2035 in a position of strength and exposure at the same time. Its strength lies in its scientific base, its global market position, its financial resources and the support of a canton and a country that regard it as a pillar of their prosperity. Its exposure arises from its dependence on the American market, which since 2025 has used tariffs, pricing policy and security legislation to reshape the location decisions of foreign pharmaceutical groups, and from a geopolitical environment in which China has become both a source of innovation and a target of Western restrictions. Syngenta, a Basel company owned by the Chinese state, embodies this tension in a single corporate structure. The four scenarios developed in this chapter, "Atlantic anchor", "Hollowing out", "Bloc builder" and "Biotech renaissance", are analytical constructs designed to test strategies against different combinations of these forces, and the signposts identified allow observers to recognise which of them is gaining ground.

For the financial centre of Basel, the lesson is that its fortunes are tied to those of its largest industry more closely than its banks' balance sheets suggest. Treasury business, pension fund returns, the wealth of private clients, cantonal revenue and the demand for legal and tax advice all depend on decisions taken in Washington, Brussels and Beijing about medicines and trade. How Swiss banks themselves can adapt their business model to a world of fragmentation, competition and regulatory change is the subject of the next chapter.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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Pharma, Geopolitics and Trade Policy — conclusion

Conclusion

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