The head of Britain's largest pharmaceutical company has warned that Western drugmakers must accelerate innovation or risk being overtaken by Chinese rivals investing heavily in cutting-edge cancer treatments and cell therapies.
Pascal Soriot, chief executive of Cambridge-based AstraZeneca, said his company now operates at "Chinese speed" internally to keep pace with competitors. "We have to make sure we don't fall behind," he said. "What we are learning ourselves is we have to move much faster. We always talk about Chinese speed in our company, and we want to operate in Chinese speed."
The comments came as AstraZeneca reported revenues of £30.7bn in the first half of 2026, a 6% increase on the same period a year earlier at constant exchange rates. The company said on Monday it remains confident of hitting its growth targets for 2030, when it expects to make $80bn in annual sales, up from $59bn last year.
The Innovation Race
Soriot said Chinese pharmaceutical companies are investing heavily in antibody drug conjugates, which deliver chemotherapy agents directly to cancer cells, and cell therapy, in which live cells are injected into the body to help fight diseases. He urged Europe and the US to collaborate to take drugs to global markets, citing the automotive industry as a cautionary tale. Western companies focused on petrol engines and left the way clear for Chinese companies to dominate electric car sales, he said.
The warning comes despite the surprise failure of Wainua, one of AstraZeneca's major heart disease drug prospects, in clinical trials earlier this month. Soriot, described as the highest-paid FTSE 100 chief executive, said the pipeline of new drugs was "unmatched" and the company remains on course to hit its growth targets in 2030 and beyond. "We have to accept to fail some of the time," he said. "Biology is biology."
AI and Productivity
Soriot played down the risk to jobs posed by AI, saying it could increase the speed of drug development, particularly in the design of trial protocols. He said AI tools would help improve productivity in the pharma industry, allowing for economic growth rather than fewer people being needed. "This story about AI killing jobs is a bit of a fake story. I can tell you it makes me faster and smarter," he said, referring to his experience with AI tools.
NHS Drug Pricing Deal
Soriot said AstraZeneca would engage with the UK government under its new leader, Andy Burnham, to seek clarity on a deal with the US that could result in the NHS paying billions of pounds more for medicines. The deal was struck under pressure from Donald Trump, who threatened heavy tariffs on UK drug exports to the US. Analysis has suggested the deal could lead to 229,000 excess deaths in England.
Soriot said it was too early to say whether the change in leadership would affect the deal. "We need to understand their priorities and where the priorities are. You have to establish your priorities and then fund them," he said.
Why This Matters:
The pharmaceutical industry sits at the intersection of industrial policy, public health, and international competition. Soriot's warning about Chinese innovation highlights a broader challenge facing European economies: how to maintain technological leadership while protecting workers and ensuring affordable healthcare. The NHS drug pricing deal raises urgent questions about whether post-Brexit trade agreements are forcing the UK to choose between access to medicines and patient safety. With analysis suggesting 229,000 excess deaths could result from higher drug costs, the new government faces a critical test of whether it will prioritize public health over trade relations. Meanwhile, the debate over AI and jobs reflects a wider anxiety about automation—but also the opportunity for productivity gains that could fund better public services if managed with social protections in place.