Signs of relief for AstraZeneca as China courts foreign investors
Beijing appears to be extending an olive branch to the previously under-fire drug maker as it tries to shore up private sector confidence
British-Swedish pharmaceutical giant AstraZeneca endured a torrid time in China last year, as it underwent several investigations and saw one of its senior executives detained by authorities.
But there are signs the company may be on the road to redemption amid Beijing’s push to attract foreign investment and boost confidence in the private sector.
On Thursday, an official from China’s Ministry of Industry and Information Technology (MIIT) singled out AstraZeneca’s new small-molecule drug factory as an example of a successful foreign investment in China from 2024 during a news conference.
Earlier this month, AstraZeneca was quoted as saying it could face a fine of US$4.5 million over suspected unpaid import taxes in China, with some interpreting this as an indication that China’s investigations into the firm are winding down.
An AstraZeneca spokesman confirmed on Friday that the company had received a notice last month from a Chinese prosecutor and an appraisal from the Shenzhen customs office about “suspected unpaid importation taxes” of US$900,000, possibly related to live cancer treatments Imfinzi and Imjudo.