AstraZeneca chief executive Pascal Soriot has issued a stark warning: Western pharmaceutical companies must adopt 'Chinese speed' to avoid falling behind more innovative rivals. This development carries profound implications for national self-reliance and public health across Europe. Soriot stated directly, "We have to make sure we don’t fall behind." He added, "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 British company, headquartered in Cambridge, reported revenues of £30.7bn in the first half of 2026, marking a 6% increase on the same period a year earlier at constant exchange rates. AstraZeneca expressed confidence on Monday in hitting its growth targets for 2030, projecting $80bn in annual sales, a significant rise from $59bn last year. Soriot, identified as the highest-paid FTSE 100 chief executive, described the pipeline of new drugs as "unmatched," asserting the company was on course to meet its growth targets despite the unexpected failure of Wainua, a major heart disease drug prospect, in clinical trials earlier this month. He acknowledged the inherent challenges, saying, "We have to accept to fail some of the time. Biology is biology."
The Threat to National Industry
Soriot urged Europe and the US to monitor China’s pharmaceutical industry closely and collaborate to bring drugs to global markets. He drew a parallel to the automotive sector, noting that Western companies' focus on petrol engines had allowed Chinese firms to dominate electric car sales. This serves as a stark reminder of how national industries can lose ground when strategic foresight is lacking. Chinese pharmaceutical companies are now investing heavily in advanced areas like antibody drug conjugates, which deliver chemotherapy agents directly to cancer cells, and cell therapy, involving the injection of live cells to combat diseases. Such advancements underscore a shifting global power balance in critical industries, impacting national economic strength and the ability to provide for citizens.
Regarding the impact of artificial intelligence, Soriot downplayed the risk to jobs, suggesting AI could accelerate drug development, particularly in designing trial protocols. He claimed AI tools would boost productivity in the pharma industry, fostering economic growth rather than reducing the workforce. "This story about AI killing jobs is a bit of a fake story. I can tell you it makes me faster and smarter," he remarked, referring to his personal experience with AI tools. However, the broader implications for national labour markets and the future of work for our own people remain a critical concern.
The Cost to Our People
Closer to home, Soriot confirmed AstraZeneca would engage with the UK government under its new leader, Andy Burnham, to seek clarity on a deal with the US. This agreement could force the National Health Service (NHS) to pay billions of pounds more for medicines, directly impacting the finite resources available for national healthcare. The deal, struck under pressure from Donald Trump who threatened heavy tariffs on UK drug exports to the US, has faced severe criticism. Analysis has suggested this arrangement could tragically lead to 229,000 excess deaths in England. Soriot emphasized the need for clear national priorities, stating, "We need to understand their priorities and where the priorities are. You have to establish your priorities and then fund them." This highlights the fundamental responsibility of national governments to prioritize the health and well-being of their own citizens above external pressures, ensuring national resources are directed where they are most needed for the people who built these nations.