AstraZeneca boss urges western drugmakers to move at ‘Chinese speed’
Summary
AstraZeneca’s CEO, Pascal Soriot, said the company must work as quickly as Chinese firms to stay competitive in the drug industry. He highlighted the growth of China’s pharmaceutical sector and said AstraZeneca is confident it will meet its sales goals by 2030 despite some drug trial setbacks.Key Facts
- AstraZeneca plans to reach $80 billion in annual sales by 2030, up from $59 billion in 2025.
- The company reported a 6% revenue increase in the first half of 2026 compared to the previous year.
- CEO Pascal Soriot said Western drugmakers must increase innovation speed to compete with Chinese companies.
- Chinese pharmaceutical firms are heavily investing in new technologies like antibody drug conjugates and cell therapy.
- AstraZeneca experienced a recent failure in a major heart disease drug trial but continues to have a strong pipeline.
- Soriot believes artificial intelligence (AI) will help speed up drug development and increase productivity, rather than reduce jobs.
- The company plans to work with the new UK government leader, Andy Burnham, to clarify a US-UK drug deal linked to higher NHS medicine costs.
- This deal was initially made under President Donald Trump and could raise drug prices in the UK significantly.
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