By Millie Turner
The chief of AstraZeneca has urged the UK government to invest in the medicines of the future, as the regulatory environment for pharma in the US grows tougher.
With the UK’s upcoming budget, CEO Pascal Soriot called on the government to protect the funding for innovative treatments as the long-term outlook for the healthcare industry appears ripe for business.
“Of course, it’s clear the government here in the UK, like in many other countries, has to balance the books,” he told reporters this morning. “It’s just the same as in a company, you need to keep your eye on the long term… I think the government needs to think of protecting industry.”
Soriot, who has helmed the pharmaceutical giant for a decade, added that he hopes the government will nurture a “stable environment” from both a financial and taxation viewpoint for overseas businesses.
The US’ Inflation Reduction Act, signed off in August, is expected to weigh on Big Pharma firms in the country.
Soriot said the inflation-busting package is “not good news for the industry” and noted the US is likely to see “less innovative products” launched in the coming years as the Act imposes price controls on pharmaceuticals.
AstraZeneca reported its 15 consecutive quarter of revenue growth today, booking a $33.1bn (£28.6bn) revenue, carried by its cancer division where revenue jumped nearly a third to $4bn (£3.4bn).
The demand for Covid-19 vaccines worldwide is falling across the board, which has pushed AstraZeneca to withdraw its application to the FDA for its coronavirus offering.
The States is being well served by competitors Pfizer and Johnson & Johnson.
The company, however, is hoping to strong arm its way into the Chinese market, where it is currently seeking approval for its Covid-19 drug Evushield.
“We’re making good progress with authorities,” said Soriot, adding that he hopes the company snags approval before China reopens, when Covid-19 cases could potentially spike.
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