US-headquartered global genomic sequencing giant Illumina has endured a tough few years. However, now that various legal wrangles over its acquisition of cancer diagnostics developer GRAIL have been largely resolved and with a new global CEO in place, the firm has outlined a new growth strategy and is predicting high single-digit revenue increases over the next three years.
Greater China, which already accounts for almost ten percent of the company’s revenues, has been pinpointed as a key growth engine in this push. Illumina can count on almost 20 years of history in China and more than 20 diagnostic tests or assays (“panels”) built on or using Illumina’s sequencing platforms have received clinical approval in the Greater China region. While China sales slowed in 2023, the fundamentals for growth are still in place, especially given the ‘Healthy China 2030’ national healthcare transformation plan’s focus on large-scale genomic initiatives.
Spearheading the rejuvenation of Illumina in Greater China is Jenny Zheng. A seasoned pharma industry veteran, prior to her appointment at Illumina in February 2024, Zheng most recently oversaw double-digit topline and bottom-line growth as chairman and president of Xian Janssen. One of the Forbes China Top 100 Businesswomen of 2022 and Fortune China’s Most Powerful Women of 2022, Zheng brings a wealth of experience to the company at a pivotal moment in its history.
Reflecting on her bold decision to leave behind a stellar career in pharma to join Illumina, Zheng explains that “What truly motivated me to join this field was the prospect of delving into genomics in a deeper, more impactful way. The company is at a strategic crossroads under new leadership, envisioning genomics as foundational to future innovations in life sciences, medical treatments, including vaccines, and beyond.”
In addition to serving as Greater China GM, Zheng has also taken up a position on Illumina’s global executive committee, underlining the importance of the region to the company. Considering China’s status as the world’s second-largest economy and its vast population of 1.4 billion, Zheng considers the integration of the country into Illumina’s global strategy as “not just logical but essential for advancing our mission.”
“Joining the executive team provides me with a direct involvement in shaping Illumina’s global initiatives,” she adds. “It allows me to contribute actively to discussions that impact our global strategy and innovation efforts.”
As the most well-established company in the genomic sequencing field, Illumina boasts a client base in China that spans academia, hospitals, biotechs, and other research institutions. However, with competition hotting up, Zheng feels that an updated strategy, with focus squarely on the customer, will ultimately keep Illumina ahead of the pack. “Historically, Illumina’s focus has been on product-centric solutions, but moving forward, there will be a strategic shift towards a customer-centric approach,” she explains. “This means embedding more deeply into the workflows and needs of their customers rather than solely focusing on products.”
Additionally – as well as aligning with the executive committee on a cohesive China strategy and ensuring financial targets are met – Zheng wants to double down on organisation, talent, and culture. This means bringing in and retaining the best scientific talent and ultimately creating pathways for other Chinese executives to follow in her footsteps. “To thrive in the next five years, Illumina China needs an innovative domestic portfolio, which means attracting top scientists and highly qualified talents in all main functions,” she concludes.
“We also want to create a roadmap for developing future leaders. My legacy should include nurturing a pool of talent that can eventually produce a general manager talent pool for Illumina Greater China. If we can develop a future GM, then we can build a strong leadership pipeline across the board.”
