AstraZeneca says no supply snags so far from Red Sea disruptions
Reuters
Published Jan 15, 2024 12:37PM ET
By Divya Chowdhury and Savio Shetty
DAVOS, Switzerland (Reuters) - Drugmaker AstraZeneca (NASDAQ:AZN) has not seen any supply issues so far due to Red Sea shipping disruptions, a top executive told Reuters ahead of the World Economic Forum (WEF) on Monday.
"We have specialized people monitoring the situation on a continuous basis. But so far, everything is going very well," Ruud Dobber, AstraZeneca's business head for its biopharmaceuticals unit, told the Global Markets Forum.
Dobber declined to give details on its supply lines as this information was business sensitive.
Attacks on ships by Houthi militants in Yemen, who say they are acting in solidarity with Palestinians, have disrupted global commerce with shipping giants re-routing vessels around the southern tip of Africa, a longer and more expensive journey.
Higher transport costs have spurred fears of new inflationary pressures on consumers.
Dobber said AstraZeneca was doubling down on China since it was a "very important business" and it was not shifting its focus to India, which remained a difficult market to crack due to "extremely low prices".
Several media reports had suggested that the Anglo-Swedish drugmaker, one of the biggest drugmakers in China, had drafted plans to spin off its business in the region.
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Written By: Reuters
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