Themed "No Future Without Technological Innovation", the 2021 New Year Forum of Fudan University School of Management focused on the strongest momentum for the industrial development, providing deep insight into the trend of technological innovation as well as the Chinese economy.
Guest speaker Mr. Wang Lei, Global Executive Vice President, President of International Business and President of Business in China of AstraZeneca, shared his insight concerning opportunities and challenges faced by the pharmaceutical industry at the moment, then provided suggestions for pharmaceutical companies to achieve innovative development in the new era.
New opportunities and challenges brought about by the pandemic
Mr. Wang pointed out that technological innovation can only come from successful research and development, which in turn often comes from breakthroughs in basic disciplines. Therefore, what we need most are excellent scientists and entrepreneurs who devote themselves to the benefit of patients.
The COVID-19 pandemic has had a profound impact on the entire pharmaceutical industry, rendering technological innovation all the more important. Severe challenges have also brought new opportunities for the development of the industry. Digital healthcare has seen a more rapid growth with internet platform giants like JD and Alibaba entering the scene. Mr. Wang predicted that with the universalization of online medical treatment in the future, even repeat dispensing can be done online. Vertical integrated service for chronic disease management will also become feasible.
AstraZeneca's road to innovation
In the past 28 years, AstraZeneca has brought nearly 40 innovative drugs in six major therapeutic areas into the Chinese market, covering treatment areas from chronic diseases to tumors. Then through the acquisition of Alexion, it has expanded its business to the treatment of rare diseases.
As an international company, AstraZeneca has been actively playing a bridging role, bringing in foreign technology to China, and at the same time using its global resources to help with the localization and incubation of domestic and foreign enterprises.
In terms of innovation, AstraZeneca has always been adhering to the patient-centered innovation strategy. In addition to the development and marketing of innovative drugs. AstraZeneca has also attached great importance to patient management. From education and disease prevention, early detection of diseases, to standardized diagnosis and treatment, as well as follow-up care and rehabilitation, they have built an integrated diagnosis and treatment ecosystem for the whole cycle of disease management.
AstraZeneca has been using a series of digital platforms to improve the interaction between doctors and patients, providing patients with integrated online services for diagnosis and treatment. During the pandemic in 2020, AstraZeneca and Hillhouse Capital cooperated in bringing millions of doctors to hundreds of millions of patients through online hospitals.
Challenges concerning cross-border innovation
Although it has made numerous achievements in innovation, AstraZeneca also faces great challenges when it comes to cross-border innovation. One of the biggest challenges is to learn about potential suitable partners. Then the second challenge is to establish a win-win cooperation with the partner. The third major challenge is to break down the internal obstacles between departments within the company and maintain effective communication with the headquarters. Mr. Wang believes that the key to solving all these problems is the true care for patients.
Localization + internationalization
Mr. Wang advised managers of the Chinese pharmaceutical companies that, when taking the road to internationalization, they should pay great attention to integrate local needs, make good use of local talents, and achieve effective communication with local governments. Meanwhile, it is necessary to realize the localization of R&D and production. Finally, it is essential to understand the local culture in order to achieve efficient transnational management.
