Since taking over AstraZeneca in 2012, French-Australian Pascal Soriot has transformed the British pharmaceutical company that once lagged behind competitors into a global innovation powerhouse. The group, which today employs more than 94,000 people, generated $54.1 billion (€46.10 billion) in revenue in 2024, with nearly 43% of that from the United States. Soriot points out that Europe now faces a double threat. On one hand, major pharmaceutical companies are investing heavily in the United States to avoid their products being heavily taxed by the Trump administration. On the other, China is already a leader in generics and has become a formidable competitor in innovative medicines.

Is Europe still a major pharmaceutical power?

That used to be the case. When I started in this industry, most pharmaceutical innovation came from Europe. But things have changed over the past 20 years. The US has risen to become the main center of innovation. Meanwhile, China, which once focused on generics, has been investing massively in new technologies over the past seven or eight years, advancing at breakneck speed. During this time, Europe, choosing regulation over support for industry development, has fallen behind.

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