alt Hacker NewsEurope isn't the one to watch, IMO. It's China. China has already significantly increased it's R&D funding and in some areas, particularly solar and battery tech, it's world leading.
China also has been playing the long game with the build out of it's technology capabilities. I could very easily see them doing the same for medicine. They aren't afraid of losing money on investment for a particularly long period of time. They are currently thinking in decades and not quarters.
I agree that China is a science superpower and will only improve. That said, I would prefer living under a wester democratic system, so I really do hope that the west picks up what the US drops. I'm totally fine if the west is merely close to equal to China in terms of science.