The industry’s retreat from the UK reflects a deeper shift about how Beijing is rewriting the rules of innovation When Merck abruptly scrapped its billion-pound London research hub last week, critics blamed Britain’s lacklustre support for life sciences and a Scrooge-like grip on NHS drug prices. But one important factor may have been missed. That Merck, which is also cutting jobs elsewhere – 6,000 globally – is recalibrating not just in response to the UK or the US, but to China. Merck’s cash cow is pembrolizumab (brand name Keytruda), an…