AstraZeneca must operate at ‘Chinese speed’, warns CEO

By the Editorial Team · Tuesday, July 28, 2026

AstraZeneca CEO Pascal Soriot called for faster innovation in the pharmaceutical industry to compete with rapidly advancing Chinese companies and avoid stagnation similar to the western automotive sector’s delay in electric vehicle development. Despite a recent drug trial failure, AstraZeneca reported rising revenues and aims to nearly double annual sales by 2030, while also preparing to engage with the UK government on drug pricing concerns linked to potential NHS cost increases.

AstraZeneca’s chief executive has urged the company to adopt the pace of innovation seen in China’s pharmaceutical sector to avoid falling behind rivals, drawing parallels to the western automotive industry’s missed opportunities in electric vehicle development. Pascal Soriot, speaking on Tuesday, emphasized that companies in the US and Europe must accelerate their innovation cycles to remain competitive globally.

The FTSE 100 pharmaceutical giant, headquartered in Cambridge, reported £30.7 billion in revenues for the first half of 2026, reflecting a 6% increase compared to the same period last year at constant exchange rates. AstraZeneca aims to reach $80 billion in annual sales by 2030, up from $59 billion in 2025, with Soriot describing the company’s drug development pipeline as “unmatched,” despite the recent clinical trial failure of Wainua, a heart disease drug candidate.

Soriot acknowledged that setbacks are inherent to drug development, stating, “We have to accept to fail some of the time. Biology is biology.” However, he remains optimistic about AstraZeneca’s long-term growth prospects.

Highlighting the growing influence of Chinese pharmaceutical companies, Soriot noted their heavy investment in cutting-edge technologies such as antibody drug conjugates and cell therapy. He likened the situation to the automotive sector, where western manufacturers largely concentrated on conventional petrol vehicles while Chinese companies swiftly advanced in electric vehicle and battery technologies, ultimately capturing significant market share.

Addressing concerns about artificial intelligence and employment, Soriot downplayed risks of job losses, asserting that AI could accelerate drug development and improve productivity. He described AI tools as making him “faster and smarter” in his own work and dismissed public fears of AI causing widespread unemployment as overstated.

On the policy front, Soriot said AstraZeneca planned to engage with the UK government under new Prime Minister Andy Burnham to clarify the implications of a drug pricing deal with the United States. The agreement, negotiated under former President Donald Trump, has raised concerns about increased costs for the NHS and potential impacts on patient outcomes, with some analyses linking it to a significant rise in excess deaths in England.

“We need to understand their priorities and where the priorities are,” Soriot said regarding discussions with the UK government. “You have to establish your priorities and then fund them,” he added, underscoring the importance of clear policy direction in the pharmaceutical sector’s future.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.