With the coronavirus situation recovering around the world, pharmaceutical company AstraZeneca Plc plans to double its portfolio to treat cancer.
This can be seen on the surface with Chief Executive Officer (CEO), Pascal Soriot taking the risk of switching to oncology* to restore growth in addition to fending off competition from Pfizer Inc.
* branch of medicine related to the study, treatment, diagnosis and prevention of cancer.
As information, the company from the United Kingdom (UK) has added 7 new types of cancer medicine since 2014 to treat tumors in the lungs, ovaries and blood.
During Europe's largest cancer conference last week, Soriot announced the company's new direction by aiming to become a leader in cancer treatment by 2030.
In line with the plan, AstraZeneca will emerge as a new competitor in the cancer medicine market.
That means the company has to contend with McKinsey & Co, which is estimated to be worth $143 billion in 2019, as well as several other leaders including Bristol Myers Squibb Co, Roche Holding AG and Merck & Co.
Meanwhile, another small UK pharmaceutical company, GSK Plc, is following AstraZeneca's success path.
GSK is said to have started selling its cancer products 7 years ago to Novartis AG in a deal that strengthens their vaccine and health businesses.
It is said that starting 5 years ago, GSK started its oncology trial by hiring an industry veteran, the former CEO of AstraZeneca, Luke Miels.
As of this writing AstraZeneca shares are trading at £102.93.
