Continent’s drugmakers need to pay up to attract and retain talent, says Pascal Soriot
Europe is “falling behind” the US and China in life sciences innovation, the chief executive of AstraZeneca has said, warning that one of the continent’s leading industries needs to spend more on research and pay staff better.Europe is “falling behind” the US and China in life sciences innovation, the chief executive of AstraZeneca has said, warning that one of the continent’s leading industries needs to spend more on research and pay staff better.
The warning came as UK-listed AstraZeneca posted a 19 per cent increase in revenues in the first quarter of 2024 and after Mr Soriot secured a bumper potential pay rise of £1.8 million earlier this month to earn a maximum of £18.7 million this year.Central Bank lays down a marker ahead of the Budget
Mr Soriot’s comments come amid an ongoing debate over European competitiveness, with political and business leaders across the continent stressing the need for Europe’s industries to challenge the US and China more effectively.Nicolai Tangen, chief executive of Norway’s $1.6 trillion oil fund, said on Wednesday that Europeans were “less hard-working” than Americans, leading to US companies outpacing European rivals in innovation.
It has also made several small acquisitions in the past year, acquiring biotech companies working in new areas including cell therapies, obesity drugs and radiopharmaceuticals. Soriot said on Thursday that AstraZeneca’s deal activity would continue but “at a slower pace”.
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