What is Patrick Soon Shiong’s Net Worth?
Patrick Soon Shiong is a South African American transplant surgeon, drug developer, and billionaire.
Soon-Shiong was the inventor of Abraxane. This drug is well-known for its ability to fight lung, breast, and pancreatic cancers. NantWorks, a network of startups in artificial intelligence, healthcare, and biotech, was founded by Soon-Shiong.
He has published over 100 scientific papers and more than 230 worldwide issued patents on advances in technology and medicine.
Patrick Soon Shiong’s net worth was estimated at $15.5 billion in June 2022.
Patrick Soon Shiong was born in Port Elizabeth, South Africa on the 29th of July 1952.
Soon-Shiong is the child of Chinese immigrant parents, who fled China during World War II.
At the University of Witwatersrand, he was 4th in his class. Soon-Shiong was 23 when he received a bachelor’s in medicine. He did his internship in medicine at Johannesburg’s General Hospital. He went on to study at the University of British Columbia and earned a master’s of science degree there in 1979.
Soon-Shiong quit UCLA in 1991 to start Abraxis BioScience, a biotechnology company. His leadership led to the development of a novel drug for the treatment and prevention of pancreatic, lung, and breast cancers.
The FDA approved Abraxane and the European equivalent in 2005 to treat breast carcinomas that had not responded to chemotherapy.
Abraxane generated $315million in revenue annually. Abraxis BioScience, still owned by Soon Shiong, was sold to Celgene in 2010 for $3 billion.
His 1997 founding of American Pharmaceutical Partners was his biggest achievement in the business world.
APP was generating $750 million per annum in revenue by 2008. Approximately $300 million of that was pure profit. Homberg, Germany-based Fresenius SE signed a deal to buy APP for $5.6billion in July 2008.
NantWorks, which he also started in 2011, was another company. Nantworks’s NantHealth health division aims to provide cloud-based information to the healthcare sector.
Here are some highlights from Patrick Soon-Shiong’s career:
- He is the inventor of the drug Abraxane
- Soon-Shiong is the founder of NantWorks
- Soon-Shiong joined UCLA Medical School (1983)
Three Life Lessons From Patrick Soon-Shiong
Now that you’re familiar with Patrick Soon-Shiong and his net worth, let’s see some of the lessons we can take from him.
1. The Physical World
iD, a machine vision and sensor browser designed for the physical environment, is called a machine vision and sensor browser. Soon-Shiong worked with Coca-Cola. Verizon. Bank of America. Disney.
2. Nouvelle Diagnoses
The U.S. has approximately two million cancer survivors each year and around two million new cancer diagnoses every year. This means there are roughly 10,000 patients who need analysis every day. This is five petabytes worth of data that needs to be transmitted and calculated daily.
3. Live and Play
Every patient can be considered a customer, and each potential patient is a patient. NantWorks is creating the world in the same way that Da Vinci saw, and augmenting every frame of vision a human being has as they work, play, and live.
Favorite Quotes From Patrick Soon-Shiong
My goal is for standards to meet the international standards of the US and Europe. Also, I want SA to become the largest exporter of next-generation biological drugs for cancer and other diseases. This is not an impossible goal, and it can be achieved in five years.
If chronic diseases are viewed as an epidemic, and the chronically ill are the poorest, then this problem of the uninsured does not have a moral but a fiscal obligation to improve health care.