The chief executive of CBI member AstraZeneca has hailed a big push into China, unveiling collaborations with two big Chinese technology companies and forecasting sales growth in the country of more than 20 per cent in the coming year.
The Anglo-Swedish drug maker has signed memorandums of understanding with Ali Health, a subsidiary of Alibaba, and Tencent, with the aim of harnessing technologies such as artificial intelligence and the “internet of things” to improve care for patients. No value has been placed on the deals.
Unveiling full-year results earlier this month, Astra said sales in China had grown 15 per cent in the past year, to just under $3bn, and by 30 per cent in the last quarter alone. Pascal Soriot, chief executive, contrasted this with a market that, overall, was growing at between 6 per cent and 8 per cent, “so we truly have a fantastic performance there”.
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