AstraZeneca chief warns high-tax UK is now 'very unattractive'

Pascal Soriot, chief executive of Britain's largest publicly traded company AstraZeneca, said the tax policy encourages investment abroad. Credit: Chris Ratcliffe/Bloomberg

High taxes make the UK 'very unattractive'. for business, warned the boss of the country's largest drug maker, saying China would likely shape the drugs of the future.

Pascal Soriot, the drug maker's chief executive, said progress in China has been «incredible»; in recent years thanks to the rapid growth of new pharmaceutical companies in the country, all of which have been investing in the development of new drugs.

He said that AstraZeneca "is definitely investing" in China because companies had «great opportunities to help patients and grow, as well as huge opportunities to harness innovation.»

AstraZeneca is the UK's largest listed company and is seen as central to the country's ambition to become a leader in healthcare. life sciences after the Covid-19 pandemic.

The company worked with Oxford University during the pandemic to create one of the world's most widely used vaccines against the virus. unattractive for investment companies" and operate in the UK.

Earlier this year, the company chose Ireland to build a new £320m factory, citing less favorable tax policies in the UK, including higher corporate tax and a significant rise in NHS fees .

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Mr Soriot is one of the most prominent business leaders, criticizing ministers for failing to capitalize on the post-Covid-19 surge in UK interest.

On Thursday, he said AstraZeneca was in talks with the government to see if there would be «an opportunity to improve the situation over the next few years.»

Talks were constructive, he said, although Mr Sorio urged ministers see to it that Britain is a better place. a place to invest.

1603 How the UK compares corporate tax.

«We're well aware of the problems that exist, the financial problems, inflation, interest rate hikes, the cost of war, but at the end of the day, it's important for any government to keep a long-term perspective as well.» he added.

This came as Mr. Suaro suggested that China was gaining more attention from AstraZeneca and that Europe was declining in importance. AstraZeneca is already the largest foreign pharmaceutical company in China.

He said: “There has been a lot of investment in big science and many companies are now innovating. Now you have more companies developing first-class products or new technologies that will shape the future of medicine. Meanwhile, Europe as a whole is struggling to keep pace. “Unfortunately, the UK and Europe as a whole lag not only behind the US, but also behind Japan, China and a number of other markets.” Mr. Suaro said.

He pointed to the numbers showing a stable level of clinical trials and the opening of new enterprises across Europe.

Mr Suaro said that this is due to the fact that countries, including the UK , more than academic research and investments from pharmaceuticals are needed. giants including AstraZeneca and GSK to create thriving life sciences sectors.

"You need an environment that basically provides the right incentives, the right tax environment, the right clinical trial environment… and very importantly, you need access because there is no point in developing the right innovative medicines if patients cannot access them.” he added.