AstraZeneca’s chief executive Pascal Soriot has called on western pharmaceutical manufacturers to increase the pace of drug development and innovation, arguing that the sector risks falling behind Chinese competitors if it fails to operate more efficiently. Soriot emphasized that the company has adopted an internal philosophy of operating at what he termed “Chinese speed” to maintain competitiveness in global markets.
The executive noted that Chinese pharmaceutical firms are investing heavily in emerging technologies including antibody drug conjugates and cell therapy approaches. He drew parallels to the automotive industry, where western manufacturers’ focus on petrol engines allowed Chinese companies to capture dominance in the electric vehicle market. Soriot warned that dominant European and US pharmaceutical companies need to recognize the potential competitive challenge from Chinese rivals before market share is lost.
Despite acknowledging setbacks such as the recent clinical trial failure of a major heart disease drug candidate, Soriot expressed confidence in AstraZeneca’s prospects. The company reported first-half revenues of £30.7bn in 2026, representing a 6% increase year-over-year at constant exchange rates. AstraZeneca has set targets to achieve $80bn in annual sales by 2030, up from $59bn the previous year, and Soriot characterized the company’s drug pipeline as “unmatched” in supporting achievement of these goals.
Regarding broader industry concerns, Soriot downplayed risks posed by artificial intelligence to pharmaceutical employment, suggesting that AI tools would enhance productivity and enable economic growth rather than reduce workforce needs. He stated that AI capabilities would accelerate drug development processes, particularly in designing clinical trial protocols.
Soriot also indicated that AstraZeneca plans to engage with UK government leadership regarding a trade agreement with the United States that could substantially increase National Health Service expenditures on medicines.
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