AstraZeneca's executive team announced that Wang Lei, the Global Executive Vice President and President of China operations for AstraZeneca (AZN, Financial), is currently assisting with an investigation in China. Despite this, the company continues to operate normally under the leadership of its current general manager. AstraZeneca has committed to fully cooperating with the investigation as required.
Wang Lei was initially scheduled to attend a major domestic exhibition and provide interviews. However, the underlying reasons for the investigation have not been disclosed by the company. Industry insiders speculate that this may be linked to recent regulatory scrutiny. Notably, BeiGene's Chief Commercial Officer in Greater China, Yin Min, was also under investigation. Before joining BeiGene, Yin Min held various high-level positions at AstraZeneca between 2006 and 2021.
In January 2022, the National Healthcare Security Administration reported that employees of AstraZeneca were suspected of altering genetic test results of cancer patients to fraudulently claim health insurance funds. A joint task force was established to delve into the case, resulting in the arrest of 17 individuals involved in the alleged fraud.
AstraZeneca has stated that they identified these compliance issues during an internal review and reported them to assist with the investigation. The Shenzhen Medical Security Bureau released a statement detailing how the organization uncovered fraudulent activities in July 2021, leading to a thorough investigation.
Wang Lei, born in Shanghai in 1972, began his career in the pharmaceutical industry in 1996 when he joined Roche Pharmaceuticals. He joined AstraZeneca in 2013 and rapidly climbed the ranks, becoming a key figure in the company's global management team. Under his leadership, AstraZeneca China has significantly contributed to the company's global performance, even equalling the US market at one point. Wang's vision was to integrate Chinese R&D and decision-making more closely with the company and to promote Chinese products on the international stage.
