China charges former AstraZeneca executive – what it means for global pharmaceutical firms
Foreign drug makers face pressure in the Chinese market, from tighter regulatory oversight to growing local competition
AstraZeneca’s former China head has been formally charged with medical insurance fraud, illegal trading and unlawful collection of personal information, more than a year after he first came under investigation – casting a shadow over the Swedish-British drug maker’s expansion in its second-largest market.
The pharmaceutical giant confirmed to the Financial Times and Reuters that Leon Wang was one of two individuals indicted, as referenced in its latest earnings report published on Tuesday. The company did not name him in the report, stating only that a former executive vice-president and “senior employee” had been charged.
AstraZeneca also said it was not alleged to have received any illegal gains from Wang’s offences.
The company did not respond to a request for comment from the South China Morning Post.