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Pharma must speed up or risk losing out
27 Jul
Summary
- AstraZeneca CEO urges faster innovation to avoid falling behind.
- China's pharma sector rapidly advancing in new technologies.
- AI to boost productivity, not eliminate jobs in pharma.
Pascal Soriot, CEO of AstraZeneca, has issued a stark warning to the European and US pharmaceutical sectors, urging them to accelerate innovation to avoid being outpaced by China. He drew a parallel to the automotive industry, where Western companies focused on traditional engines while Chinese firms dominated the electric vehicle market.
Soriot emphasized that AstraZeneca itself is striving to operate at "Chinese speed" to maintain competitiveness. He highlighted China's significant investments in novel pharmaceutical technologies like antibody drug conjugates and cell therapy, areas where Western companies must also enhance their focus and development.
Despite acknowledging occasional failures, such as a heart disease drug prospect not progressing, Soriot expressed confidence in AstraZeneca's robust drug pipeline and its ability to achieve 2030 growth targets, projecting $80 billion in annual sales. He also addressed concerns about artificial intelligence, asserting that AI will increase productivity and speed up drug development, rather than cause widespread job losses.
Furthermore, Soriot indicated that AstraZeneca would engage with the UK government, led by Andy Burnham, to clarify a US trade deal affecting NHS medicine costs. The deal, struck under previous US pressure, has raised concerns about increased costs and potential health impacts.
