Leon Wang, Executive Vice President International and AstraZeneca (AZ, NASDAQ: AZN) China President, is cooperating with an investigation by Chinese authorities, as stated by the UK pharmaceutical major. During this period, AstraZeneca China General Manager Lai Minglong will ensure business continuity. This development follows a series of media reports about executives from prominent pharmaceutical companies being taken in for investigations in China.
Leon Wang, who joined AstraZeneca in 2013 and previously worked at Swiss giant Roche (SWX: ROG), ascended to the position of AstraZeneca Greater China President within a year. Despite lacking a medical background, Leon Wang quickly climbed the corporate ladder, becoming Global Executive Vice President after four years. Under his leadership, AstraZeneca became the top multinational pharmaceutical company in China in terms of revenue.
In July 2021, the Healthcare Security of Shenzhen Municipality revealed insurance fraud by AstraZeneca staff involving the company’s key product, Tagrisso. By January 2022, a special team organized by the National Healthcare Security Administration (NHSA) had arrested all suspects based on public leads, according to the head of the fund supervision department.
The situation appears to have escalated over the past three years, with an increasing number of individuals under investigation. Bloomberg reported in July that AstraZeneca employees were detained for data privacy breaches and importing unauthorized drugs. Recently, Yin Min, Chief Commercial Officer of BeiGene Greater China and a former AstraZeneca employee with a 15-year tenure, including as head of its oncology business in China, was detained by anti-smuggling authorities in Shenzhen.
Yesterday, Fine Line Info & tech reported on the related news, “BeiGene CCO Yin Min Detained Amid Investigation; Company Affirms Compliance Standards” and we will continue to monitor the developments of this case.- Flcube.com
