AstraZeneca Doubles Down on China Investments, Expresses Strong Confidence in High-Quality Development
AstraZeneca
Biopharmaceutical Manufacturer
From March 24 to 25, the 2024 Annual Meeting of the China Development Forum was held in Beijing, with the theme "A Continuously Developing China." AstraZeneca, a global leading biopharmaceutical company, once again participated deeply in this important platform for international cooperation and exchange, demonstrating its unwavering commitment and confidence in the Chinese market, as well as its determination to continuously support the thriving development of China's healthcare industry. Pascal Soriot, AstraZeneca's Global Chief Executive Officer, visited China for the second time this year and attended the forum.
He said, "The keynote speech by the Premier at the opening ceremony emphasized the Chinese government's confidence in the economy and its growth prospects. At the same time, we have noted that China is placing equal importance on accelerating the development of new quality productive forces, making innovation and sustainable development key drivers of economic and social progress. China’s increasing focus on innovation and sustainable development, combined with a world-class business environment, provides strong support for multinational companies operating in China and fills us with confidence for the future."
AstraZeneca has been in China for over 30 years, and the Chinese market has now become an important growth engine and the second-largest market for AstraZeneca globally. At the start of 2024, AstraZeneca made several significant moves: not only did it announce that Shanghai would become its fifth global strategic center, in addition to those in the United States, the United Kingdom, and Sweden, but it also announced a $475 million investment to build a new small molecule drug manufacturing plant in Wuxi, further expanding its footprint in China. In 2023, AstraZeneca invested $700 million to construct a new inhalation aerosol production and supply base in Qingdao, continuously reinforcing China’s role as a key component of AstraZeneca's global pharmaceutical supply chain.
It is reported that during this year’s China Development Forum, AstraZeneca will sign a Memorandum of Understanding (MoU) for strategic cooperation with the Daxing District Government of Beijing and leading local enterprises to explore collaboration models in the vaccine field. This includes exploring potential opportunities for the localization of innovative vaccine pipelines in China, as well as clinical research, regulatory submissions, and commercialization, thereby contributing to the development of China's health ecosystem and the innovation of its medical industry.
In the keynote speech at the opening ceremony of the 2024 Annual Meeting of the China Development Forum, the Premier also mentioned that the Chinese government is actively promoting the deep integration of scientific and technological innovation and industrial innovation. New technologies are constantly giving rise to new industries, new business models, and new drivers of growth, which not only lead the transformation and upgrading of China's economy but also strongly support global green development.
In driving innovation and development in the global healthcare field, China is playing an increasingly important role. At the same time, China is taking the lead in utilizing artificial intelligence, biotechnology, and renewable energy to build the future of healthcare, and Chinese innovation can help hundreds of millions of patients worldwide.
AstraZeneca also actively plays the role of a bridge as a multinational corporation, bringing China's innovative healthcare solutions to people around the world in need. In the past twelve months, AstraZeneca has reached global licensing cooperation agreements with seven Chinese pharmaceutical companies. These include an agreement signed with Chiral Biosciences related to cardiometabolic drugs, as well as the acquisition of Gracell Biotechnologies, a cell therapy company. Moreover, AstraZeneca has joined hands with more than 130 Chinese innovative enterprises to "go global" as a group, connecting with global market opportunities.
In terms of sustainable development, China also has many advantages. Since the "Zero Carbon Ambition" strategy was proposed in 2020, AstraZeneca's sustainable development in China has taken several important steps. By using 100% renewable electricity at its production and supply bases in Wuxi and Taizhou, as well as employing systems that better track and improve energy efficiency, AstraZeneca is contributing to the decarbonization of China’s healthcare system. Meanwhile, as the co-chair unit of the Health Systems Working Group under the China Council of the Sustainable Markets Initiative, AstraZeneca is committed to working with multiple partners to accelerate the achievement of net-zero emissions and green transformation in the global healthcare field.
China has numerous advantages in accelerating global healthcare, innovation, and sustainable development. AstraZeneca looks forward to further expanding cooperation opportunities with Chinese enterprises. While strengthening its own R&D capabilities, it will also boost China's innovative development and go global. In the future, AstraZeneca will continue to adhere to the commitment of "In China, For China, Benefit the World," playing a leading role in China’s healthcare sector and contributing to addressing global healthcare challenges.
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