AstraZeneca's sales in China have been significantly impacted by the arrest of its country head, Leon Wang, and several other executives. Local hospitals are avoiding purchases from the company, particularly in the oncology sector, which is under investigation. Executives anticipate a substantial revenue decline in China due to the ongoing probes.
AstraZeneca’s sales in China have been hit by the arrest of its country head, say company insiders, as local hospitals shun purchasing drugs from the company. Executives at the British pharmaceutical company expect to see an “evident” revenue hit in China in the wake of the arrest of its country president Leon Wang and several other senior executives, according to two people familiar with the matter.
Chief executive Sir Pascal Soriot, in an interview with Bloomberg News in September, said it only affected a “small number of employees” and that the company has “strong compliance policies”. But then, in late October, Wang was arrested, as authorities started probing how much senior management knew about alleged wrongdoings about its sales practices. “At first, Soriot thought it was just a few salespeople gone rogue out of several thousand.
Astrazeneca China Arrest Sales Decline Pharmaceuticals
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