Astrazeneca CEO Pascal Soriot warned that Europe is rapidly losing its advantage over China in pharmaceutical innovation. "Today, the two major innovators in our industry are the United States and China," Soriot said during the Boao Forum for Asia held in Hainan. "I believe that in the next five to ten years, China will become the real driving force of innovation in our industry."
Soriot has long been optimistic about China's innovation potential, but the timing of his remarks is noteworthy, as U.S.-China relations are increasingly tense, and companies are trying to align with the Trump administration. Soriot praised the Chinese government for its support of the company's investment in new research centers. He stated, "China is absolutely open to us."