The British pharmaceutical company AstraZeneca has appointed a new head for its China business after the previous chief, Leon Wang, came into focus due to investigations by Chinese authorities.

The shares of the company listed on the London Stock Exchange, considered the most valuable corporation in the index, have fallen by around 20 percent since the end of August. Reic, a Croatian who has been with AstraZeneca since 2001, takes over the position of "Executive Vice President, International." Most recently, she led the vaccines and immunotherapies division, which was responsible for the development of the Covid-19 vaccine in collaboration with the University of Oxford. In contrast to Wang, who was considered an industry expert with extensive contacts in China, Reic does not bring direct experience in the Chinese market.

AstraZeneca CEO Sir Pascal Soriot emphasized, however, that Reic is an "extremely successful leader with extensive international experience" who is "indispensable" for the growth of the business in the region. In addition to China, she will also be responsible for Asia, the Middle East, Africa, and Latin America. AstraZeneca operates the largest business of any foreign pharmaceutical company in China. The country is the company's second-largest market after the USA. Despite recent challenges, Soriot still sees great potential in China as a location for science and sales market, especially considering the aging population.

Most recently, AstraZeneca was also able to report positive news: The breast cancer drug Enhertu was included in China's national insurance list – an important success in a market characterized by regulatory uncertainties.