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Investing.com -- AstraZeneca (NASDAQ:AZN) Plc’s Chief Executive Officer, Pascal Soriot, has warned that Europe is rapidly losing its pharmaceutical innovation edge to China. He voiced his concerns while attending the Boao Forum for Asia in Hainan province.
Currently, the United States and China are the leading innovators in the pharmaceutical industry, according to Soriot. He predicts that China will emerge as a significant force driving innovation in the sector over the next five to ten years.
Soriot praised the support AstraZeneca has received from the Chinese government for its investment in a new research center. He commended the Beijing municipality, the mayor and his office, and the party secretary. He stated that China is completely open to AstraZeneca.
Soriot suggested that the next progression for China would be for its drugs watchdog to become a global reference regulator. This would allow emerging markets to use approvals in China as a benchmark for their own authorizations. Currently, only a few regulators, including those in the US and the EU, are used in this manner.
These comments followed shortly after the UK-based drugmaker announced the establishment of a new $2.5 billion research center in Beijing.
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