UK and Europe risk falling behind US and China in biotech, says AstraZeneca boss

Pascal Soriot says decline in startups across Europe differs markedly from explosion' of firms and clinical trials in China

The boss of Britain's biggest drugmaker has said that the UK and the rest of Europe are falling behind China and the US in the creation of biotech firms and clinical trials of new medicines.

Pascal Soriot, chief executive of AstraZeneca, said that while China had seen an explosion of biotech companies", and a rapid expansion of clinical trials" that puts it ahead of the US, the UK and EU had posted declines.