Advancing Japan’s Life Sciences Ecosystem: Incubate Coalition Japan Returns to Tokyo
November 11–14, 2025 | Tokyo, Japan
Incubate Coalition Japan (ICJ) returned to Tokyo in November 2025 with a delegation of U.S.-based life sciences investors and industry leaders to continue its engagement with Japanese policymakers, investors, entrepreneurs, and other stakeholders working to strengthen Japan’s biotechnology ecosystem.
Over four days, the delegation met with members of the National Diet, officials from the Ministry of Health, Labour and Welfare (MHLW) and Ministry of Economy, Trade and Industry (METI), representatives of the U.S. Embassy, venture investors, pharmaceutical leaders, founders, and academic and ecosystem partners. Throughout the week, ICJ created opportunities for investors, founders, pharmaceutical leaders, academics, and policy experts from both countries to engage directly with one another.
Engaging with Government Officials
In conversations with Diet members and officials from MHLW and METI, the delegation discussed the policy environment necessary to attract greater life sciences investment and strengthen Japan’s startup ecosystem.
ICJ highlighted concerns about Japan’s current approach to valuing medicines and the connection between pricing, investment, and patient access. The delegation also discussed the potential implications of international reference pricing policies, including U.S. Most Favored Nation (MFN) proposals, which could create additional pressure on countries where innovative medicines are already priced below other major markets.
Government officials also shared ongoing efforts to strengthen Japan’s biotechnology sector, including new startup support programs, infrastructure investments, R&D funding, and initiatives intended to attract overseas investors and companies. Discussions underscored the importance of incorporating the perspective of global investors as these programs and policies continue to develop.
Strengthening the U.S.–Japan Life Sciences Partnership
The delegation met with the U.S. Embassy in Tokyo to discuss opportunities to deepen bilateral cooperation around biotechnology and innovation.
The conversation focused on Japan’s strengths in scientific research, the challenges associated with translating discoveries into new companies and commercial products, and the importance of building stronger connections between U.S. investors and the Japanese ecosystem.
The visit also built on ICJ’s engagement with the Embassy of Japan in Washington, D.C. immediately before the trip. That discussion explored many of the same themes, including drug pricing, investment, access to innovative medicines, and opportunities for continued dialogue on the U.S.–Japan biotechnology relationship.
Bringing the Investor Perspective to Science 2 Startup Japan
ICJ participated in the Science 2 Startup (S2S) Japan Conference, with our delegation speaking on a panel which examined how policy affects investment decisions and what Japan can do to develop a stronger environment for biotechnology company formation and growth. Panelists emphasized the relationship between predictable policies, access to capital, a healthy startup pipeline, and continued participation by established pharmaceutical companies.
The delegation also joined S2S finalists, entrepreneurs, and U.S. and Japanese venture capitalists for discussions focused on commercialization, cross-border investment, and the infrastructure needed to help promising Japanese science reach patients around the world.
Taking the Conversation to the Making Medicine Podcast
The delegation closed out the week by recording a special episode of Incubate Coalition’s Making Medicine podcast reflecting on the visit and the future of Japan’s biotechnology ecosystem.
The conversation brought together members of the delegation to discuss what they heard throughout the week, including Japan’s strengths in scientific research, the challenges facing biotechnology commercialization, the importance of predictable drug pricing, and the relationship between startups, venture investors, and established pharmaceutical companies.
The episode also explored how policies such as Most Favored Nation pricing could affect investment incentives in Japan and why strengthening the environment for innovation will require coordinated action across government, industry, and the investment community.
Released shortly after the delegation returned from Tokyo, the episode extended the conversation beyond the trip itself and provided an opportunity to share the investor perspective with a broader audience in both the United States and Japan.
Continuing the Momentum
The November visit demonstrated the growing interest across government and industry in making Japan a more competitive environment for biotechnology innovation and investment. It also reinforced the importance of bringing the perspective of global investors directly into policy discussions.
ICJ will continue working with policymakers, investors, entrepreneurs, and ecosystem partners in both countries to strengthen the U.S.–Japan life sciences relationship and advance a policy environment that supports investment, innovation, and access to new medicines.
ICJ Delegation Members
ICJ Staff: John Stanford (Executive Director) and John Guy (Policy Director)
Heather Berger, PhD (Forge Life Science Partners)
Johannes Fruehauf, MD PhD (Founder and CEO, Biolabs)
Patrick Jordan (Managing Partner, NovaQuest Capital Management)
Shaan Gandhi (Head of Partnerships, Pfizer PAVE)
Our Delegation met with the following people:
Japanese Embassy to US (met week prior to Tokyo trip)
Naohiro Manago, First Secretary for Health and Welfare, Economic Section
Hideo Amiya, Second Secretary, Finance Section
LDP Policy Research Council
Suzuki Eikei, Member of House of Representatives, LDP Policy Research Council
MHLW:
Masahiro Mori, Assistant Minister for Pharmaceutical Industry Promotion & Healthcare DX
Annaka Takeshi, Director, Policy Planning Division for Pharmaceutical Industry Promotion and Medical Information Management, Health Policy Bureau
Eiki Urushibata, Deputy Director, Health Policy Bureau, Policy Planning Division for Pharmaceutical Industry Promotion and Medical Information Management
US Embassy
John Breidenstine, Commercial Attache
Robert Scully, Commercial Attache
Hiroyuki Hanawa, Senior Commercial Specialist
Matthew Boulton
METI
Hirose Hiroya, Director, Bio-Industry Division, Commerce and Service Industry Policy Group
Nakamura Saki, Bio-Industry Division, Commerce and Service Industry Policy Group
Iwabuchi Yuta, Deputy Director, Bio-Industry Division, Commerce and Service Industry Policy Group
Summary:
Prior to our trip, ICJ met with staff Japanese Embassy staff in Washington DC on November 6. We discussed ICJ's upcoming trip to Tokyo and our top policy priorities, specifically concerns over MFN-drug price controls and impacts to investment and innovation across the ecosystem as a result. Embassy staff were particularly interested in the topic of drug loss. At the end of the meeting we shared interest in reconvening following our trip to Tokyo and possibility of coordinating on a briefing or roundtable at the Embassy on US/Japan biotech ecosystem in 2026.
From November 11 to 14, a delegation of U.S.-based investors led by Incubate Coalition Japan (ICJ) visited Tokyo for a full series of engagements with Japanese government leaders (LDP, MHWL, and METI), U.S. Embassy officials, investors (including VCs), and other ecosystem partners.
Across every meeting and venue, the ICJ delegation emphasized that Japan has a strong basic research ecosystem that is routinely awarded for its innovations, but its undervaluing of innovation has stifled the environment for both startups and large manufacturers and led to drug loss and declining investment in Japan.
Most Favored Nation (MFN) pricing was highlighted as a specific policy that would undermine efforts to rebuild Japan’s innovation ecosystem.
Tuesday, November 11:
Delegation Dinner with ICJ Members
The week opened with an internal strategy dinner between the U.S.-based delegation and Tokyo-based ICJ members, including PhRMA’s Hans Klemm. Attendees emphasized that Japan has world-class science but lacks commercialization infrastructure. This session set expectations for the trip:
consistent messaging on innovation value
the importance of pricing stability (including the impact of policies like MFN)
strengthening Japan’s startup pipeline
recognition that startups and large manufacturers are interdependent
Wednesday, November 12:
Delegation Meetings with Government Officials & Dinner with Science 2 Startup (S2S) Summit Finalists and VCs
Meeting 1: LDP Policy Research Council
Attendees:
Suzuki Eikei, Member of House of Representatives, LDP Policy Research Council
Eikei Suzuki of the LDP acknowledged that pricing is a barrier to Japan’s biopharmaceutical leadership and noted that major reforms were being considered. MFN was discussed directly – although briefly – as a reality that may cause increased pricing pressure in Japan.
Meeting 2: MHLW
Attendees:
Masahiro Mori, Assistant Minister for Pharmaceutical Industry Promotion & Healthcare DX
Annaka Takeshi, Director, Policy Planning Division for Pharmaceutical Industry Promotion and Medical Information Management, Health Policy Bureau
Eiki Urushibata, Deputy Director, Health Policy Bureau, Policy Planning Division for Pharmaceutical Industry Promotion and Medical Information Management
Leaders from MHLW previewed emerging startup support programs, including infrastructure subsidies and R&D seed funding, as a means to address Japan’s lag in access to innovative medicines. Incubate was invited to provide input in shaping these programs.
Meeting 3: US Embassy
Attendees:
John Breidenstine, Commercial Attache
Robert Scully, Commercial Attache
Hiroyuki Hanawa, Senior Commercial Specialist
Matthew Boulton
The U.S. Embassy underscored the need for strong alignment on innovation value, and highlighted Japan’s weak tech-transfer and commercialization capabilities. Staff indicated that ICJ’s expertise would be welcome as they prep talking points and messages for the Ambassador’s meetings with MHLW.
Meeting 4: METI
Attendees:
Hirose Hiroya, Director, Bio-Industry Division, Commerce and Service Industry Policy Group
Nakamura Saki, Bio-Industry Division, Commerce and Service Industry Policy Group
Iwabuchi Yuta, Deputy Director, Bio-Industry Division, Commerce and Service Industry Policy Group
METI outlined AMED’s $2.2B program, growing venture activity, and ambitions in regenerative medicine and biomanufacturing. They acknowledged that although they have budget authority, they lack deep technical expertise on how global biotech investment decisions are made. METI expressed strong interest in partnering with Incubate, including future Japan Innovation Night collaborations.
Dinner with Science 2 Startup (S2S) Japan Finalists and VCs
Incubate participated in a dinner with S2S finalists, Japanese entrepreneurs, and U.S. and Japanese VCs. Themes from earlier meetings carried throughout the evening, including:
the need for predictable pricing, commercialization infrastructure, and a bilateral approach to supporting Japan’s startup ecosystem.
Several attendees expressed interest in deeper collaboration, including potential participation in Incubate’s advisory councils.
Thursday, November 13:
S2S Japan Conference and Incubate-hosted Bilateral Dinner
At S2S, Incubate opened the day with an investor panel focused on the policy and investment environment. The hour-long conversations focused on Japan’s current pricing regime undervaluing innovation and that ecosystem growth depends on both a strong startup pipeline and robust engagement from large manufacturers.
Midway through the panel, Akihisa Shiozaki addressed the audience and publicly identified Incubate as a key partner for providing international, practical feedback on emerging policy proposals, an important public validation.
The subsequent government panel (including Hirokazu Shimoda) repeatedly echoed themes raised during our session, including the need for commercialization support and global collaboration. There was no mention of pricing reforms.
That evening, Incubate hosted a 20+ person bilateral dinner with U.S. and Japanese VCs, founders, pharma leaders, academics, and policy experts. The dinner was highly successful, with multiple participants expressing interest in joining either the U.S. or Japanese Incubate Advisory Councils and remaining actively engaged in Incubate’s advocacy in 2026.
Friday, November 14:
Incubate “Making Medicine” Podcast Recording & Meeting with Link-J
The delegation recorded a podcast episode covering the week’s engagements, ecosystem challenges in Japan, pricing issues (including MFN), and the interdependence of startups and large manufacturers. The episode launched on November 20 and will help reinforce the trip’s key messages.
The delegation met with Link-J to discuss 2026 planning, potential joint events, and expanded U.S.–Japan collaboration. Link-J expressed strong interest in formalizing more routine engagement with ICJ, and partnering on programming that aligns with the themes identified throughout the week. There are several opportunities both in Japan and U.S. for continued collaboration:
Link-J's annual R&D x Investment Conference: Scheduled for May 8-9, 2026. We discussed continued partnership at this event in Tokyo. In addition, Link-J is in early stages of planning a grand opening event of the BioLabs Tokyo building on May 11, which Incubate may also participate in.
JPM: Link-J will be hosting a reception at JPM Conference on Monday, January 12. Incubate staff will attend the reception.
BIO: Link-J will be hosting 2 events during BIO in San Diego; a reception on Monday night (June 26) and a pitch competition featuring Japanese start-ups, in partnership with UCSD. Incubate plans to participate in both.
PMDA: Link-J is considering a trip in partnership with the new PMDA office in DC. Incubate has offered to facilitate meetings should this trip be scheduled.
Following the visit, Incubate will:
Develop a concise findings-and-priorities document for 2026
Expand talking points for upcoming Embassy engagements
Deepen collaboration with METI, MHLW, and Link-J
Continue building its advisory councils
Leverage its podcast release to reinforce the themes and momentum from the trip
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