How did Patrick Soon-Shiong get so rich? [Net Worth 2023]

Patrick Soon-Shiong, born on July 29, 1952, is a physician, surgeon, and businessman who rose to prominence due to his engagement in the biotechnology and pharmaceutical industries. Here’s a quick rundown of how he got his money:

1. Medical Career: Patrick Soon-Shiong began his career as a surgeon and researcher specialized in diabetes and cancer treatment. He pioneered new approaches to diabetes treatment, including the use of pancreatic cell transplants, earning him acclaim in the medical community.
2. Soon-Shiong launched two biotechnology firms, American Pharmaceutical Partners and Abraxis BioScience. American Pharmaceutical Partners specialized in the development and manufacture of generic pharmaceuticals, whereas Abraxis BioScience specialized in the development and marketing of oncology drugs.
3. medicine Development: The development of the medicine Abraxane, which is used to treat breast, lung, and pancreatic cancers, was one of Soon-Shiong’s most significant contributions to the pharmaceutical sector. This medicine was approved by regulatory agencies and was commercially successful.
4. Abraxis BioScience sale: In 2010, Soon-Shiong sold Abraxis BioScience to Celgene Corporation for $2.9 billion. This sale greatly increased his fortune.
5. NantWorks: Soon-Shiong established NantWorks, a network of healthcare and technology firms dedicated to promoting medical research and healthcare solutions. He has been involved in a variety of efforts through NantWorks, including cancer research, genomic sequencing, and artificial intelligence applications in medicine.
6. Los Angeles Times ownership stake: In 2018, Soon-Shiong purchased the Los Angeles Times and the San Diego Union-Tribune newspapers, broadening his economic holdings even further.
7. Other businesses: Soon-Shiong has been involved in a variety of other businesses, including real estate investments, charity activities, and collaborations with healthcare organizations to enhance medical research and therapies.

It’s worth noting that Patrick Soon-Shiong’s fortune has been accumulated not only via his business operations, but also through his unique contributions to medicine and healthcare. His work in the pharmaceutical sector, namely in cancer therapy, has been critical to his financial success.

Lesser-Known facts about Patrick Soon-Shiong

Patrick Soon-Shiong is a well-known name in medicine, business, and philanthropy, but there are a few lesser-known facts about him that may not be well known:

1. Early Life and Background: Patrick Soon-Shiong was born to Chinese immigrant parents in Port Elizabeth, South Africa. He grew raised in a low-income home and suffered financial difficulties throughout his childhood.
2. Diabetic Treatment Pioneer: Before becoming a successful business, Soon-Shiong established himself as a diabetic treatment pioneer. He was a pioneer in the transplantation of pancreatic cells to cure diabetes, which contributed to his early success in medicine.
3. Philanthropy: Patrick Soon-Shiong and his wife, Michele B. Chan, are generous benefactors. They have made significant contributions to a variety of causes, including healthcare, education, and research. He promised to donate $1 billion to healthcare efforts in Los Angeles, where he owns the Los Angeles Times.
4. Application of Artificial Intelligence (AI) in Medicine: Soon-Shiong has been a vocal proponent of the use of artificial intelligence and data analytics in healthcare. He believes that artificial intelligence (AI) has the potential to transform medical diagnosis, treatment, and research, and he has invested in firms that focus on AI-driven healthcare solutions.
5. Los Angeles Lakers Minority Owner: Patrick Soon-Shiong is a minority owner of the Los Angeles Lakers, an NBA basketball franchise. His ownership stake in the team displays his community ties in Los Angeles.
6. HIV/AIDS Research: Early in his career, Soon-Shiong was active in HIV/AIDS treatment and immunology research. He worked on creating HIV/AIDS therapies and published research articles in this topic.
7. Global Healthcare projects: He has participated in global healthcare projects, such as efforts to deliver healthcare solutions in disadvantaged places such as rural South Africa.
8. Various enterprises: In addition to his work in the pharmaceutical and biotechnology industries, Soon-Shiong has been involved in a number of other enterprises, including healthcare information technology, telemedicine, and customized medicine.
9. Civic Engagement: He has been an active participant in civic engagement and public health conversations, advocating for increased healthcare access and the creation of innovative solutions to healthcare concerns.
10. Award Recipient: Throughout his career, Patrick Soon-Shiong has received numerous accolades and distinctions, including recognition for his services to medical, business, and philanthropy. In 2010, Time magazine named him one of the world’s 100 most important people.

These lesser-known facts provide a more complete picture of Patrick Soon-Shiong’s numerous interests, contributions, and achievements in areas other than business.

What companies does Patrcik Soon-Shiong own?

Patrick Soon-Shiong worked for a variety of companies in several industries. Please keep in mind, however, that his commercial interests may have grown or altered since then. Here are some of the noteworthy firms and organizations with which he has been associated:

1. NantWorks: Patrick Soon-Shiong launched NantWorks, a network of healthcare and technology enterprises. NantWorks covers a number of healthcare-related firms and efforts, including NantHealth (healthcare IT solutions), NantKwest (immunotherapy), and NantOmics (genomic sequencing and analysis).
2. The Los Angeles Times: In 2018, Soon-Shiong bought the Los Angeles Times and the San Diego Union-Tribune newspapers. He has been an active participant in the ownership and operation of several media enterprises.
3. ImmunityBio: ImmunityBio, Inc., Soon-Shiong’s company, is involved in the development of immunotherapies for cancer and infectious disorders. The company’s primary focus is on developing novel therapies and vaccinations.
4. Surgical Theatres: Soon-Shiong has worked with Surgical Theatres, a business that delivers advanced 360-degree virtual reality imaging and navigation for surgical procedures, improving surgical precision.
5. NantCell: NantCell is a NantWorks company dedicated on cancer research and development, including cell-based immunotherapy.
6. NantHealth: NantHealth, Inc. is a healthcare technology firm that provides solutions to improve the efficiency and effectiveness of healthcare delivery.
7. Chan Soon-Shiong Family Foundation: Patrick Soon-Shiong and his wife, Michele B. Chan, founded the Chan Soon-Shiong Family Foundation, which is active in charitable activities in healthcare, education, and social concerns.
8. Los Angeles Lakers: Soon-Shiong is a minority owner of the NBA basketball franchise the Los Angeles Lakers.

What philanthropic initiatives is Patrick Soon-Shiong involved in?

Patrick Soon-Shiong is actively involved in a number of humanitarian and charitable initiatives. His wife, Michele B. Chan, and he have founded and sponsored numerous organizations and projects aimed at improving healthcare, education, and social concerns. Here are some of the philanthropic efforts with which he has been involved:

1. Cancer Treatment and Research: Soon-Shiong has contributed significantly to cancer research and treatment. His charitable efforts in this field have centered on enhancing cancer immunotherapy, finding novel medicines, and improving cancer patients’ access to care.
2. Access to Healthcare: He has been an active participant in projects to improve healthcare access, particularly for underserved and vulnerable groups. His charitable effort frequently overlaps with his corporate interests in healthcare technology and innovation.
3. Education: Soon-Shiong has contributed to educational efforts such as scholarship financing and educational activities. His contributions have centered on supporting STEM education (science, technology, engineering, and mathematics).
4. Education in Health and Medicine: He has given to medical schools and healthcare institutions in order to improve medical education and research.
5. Development of the Community: Patrick Soon-Shiong and his organization have been involved in community development projects aimed at addressing socioeconomic gaps and improving community well-being.
6. LA Times Community Fund: Soon-Shiong’s ownership of the Los Angeles Times has enabled him to support a variety of community and charity activities through the Los Angeles Times Community Fund.
7. COVID-19 Reaction: He promised funding and support for healthcare practitioners, research activities, and community response programs to battle the COVID-19 epidemic.
8. International Health Initiatives: His philanthropy interests extend beyond the United States, with projects in South Africa supporting healthcare and social development.
9. Research and Innovation: Soon-Shiong’s efforts have frequently centered on advancing medical research and innovation, with a particular emphasis on finding answers to complicated healthcare concerns.

What is net worth of Patrick Soon-Shiong?

Shiong’s net worth is around $8.96 billion.

What are some real stories of Patrick Soon-Shiong leadership?

Patrick Soon-Shiong has demonstrated leadership in a variety of disciplines, including medical, business, and philanthropy. Here are some real-life anecdotes and illustrations of his leadership:

1. Abraxane’s Development: The discovery of the cancer medication Abraxane is one of Soon-Shiong’s most notable achievements. He was instrumental in the research and development of this novel medicine, which enhanced therapy choices for patients with breast, lung, and pancreatic cancer. His biotechnology industry leadership aided in bringing this medicine to market, benefiting countless patients worldwide.
2. Philanthropic Support for Healthcare: Soon-Shiong’s philanthropic leadership is seen in his significant contributions to healthcare issues. He offered $1 billion, for example, to support healthcare programs in Los Angeles, with an emphasis on tackling healthcare inequities and expanding access to excellent care in underserved regions. This devotion indicates his desire to have a substantial impact on healthcare that extends beyond the world of business.
3. Control of the Los Angeles Times: The acquisition of the Los Angeles Times by Patrick Soon-Shiong represented a watershed moment in the newspaper’s history. At a period when many newspapers were facing financial difficulties, his leadership in the media business demonstrated a dedication to journalistic integrity and independence. His editorial direction and community engagement have had a significant impact on the publication.
4. Precision Medicine Advocacy: Soon-Shiong has been an outspoken supporter of precision medicine, which includes personalizing medical treatments to individual patients based on their genetic composition. His leadership in this field has sparked innovation and debate about the future of healthcare, with a focus on personalized and data-driven approaches.
5. COVID-19 Reaction: Soon-Shiong’s leadership was obvious during the COVID-19 pandemic, as he worked to mobilize resources and skills to address to the crisis. He used his power and resources to help healthcare personnel, researchers, and the spread of proper information about the virus.
6. Investing in Healthcare Technology: Soon-Shiong has played a key role in the development and adoption of healthcare technology through his different firms and activities. His focus on healthcare data analytics, artificial intelligence, and telemedicine reflects his dedication to pushing healthcare innovation.
7. Public Participation: Soon-Shiong has met with legislators, healthcare specialists, and members of the public to discuss and push for solutions to major healthcare challenges. His influence extends to influencing the debate over healthcare reform and the future of healthcare delivery in the United States.

What are some controversies is Patrick Soon-Shiong involved in?

Patrick Soon-Shiong has been embroiled in a number of disputes and complaints, most of which have centered on his commercial dealings, humanitarian activities, and ownership of media organizations. Here are some of the disputes and complaints that have been leveled at him:

1. Soon-Shiong’s ownership of the Los Angeles Times and the San Diego Union-Tribune has come under examination. Concerns have been made regarding potential conflicts of interest between his ownership of the newspaper and his commercial interests, particularly in the healthcare industry, by critics.
2. Ownership of the media and editorial independence: Some have questioned whether Soon-Shiong’s ownership of media outlets could influence editorial decisions or coverage of his enterprises or humanitarian endeavors. In circumstances where individuals with major commercial interests acquire media enterprises, maintaining editorial independence and credibility is a recurring challenge.
3. Investigative Journalism: Under his ownership, the Los Angeles Times has done investigative reporting on sometimes contentious themes. This has sparked outrage and legal action, particularly from those who have been the subject of such reporting.
4. Pharma Pricing and Practices: Some opponents have expressed concerns regarding pharmaceutical pricing and procedures related with enterprises associated with Patrick Soon-Shiong. Pharmaceutical pricing issues have been the topic of public debate and regulatory scrutiny.
5. Corporate Governance: There have been corporate governance concerns and shareholder lawsuits concerning companies affiliated with Soon-Shiong in the past. These flaws may have generated concerns about his organizations’ transparency and decision-making.
6. Promotional Claims 6 Some have chastised Soon-Shiong for making sweeping promises about the possibilities of his medical and healthcare technology, which they believe are exaggerated or unsubstantiated. This has raised questions about how some healthcare items and technologies are marketed and promoted.

What can you learn from Partrick Soon-Shiong?

Patrick Soon-Shiong’s life and work provide several lessons and insights for individuals interested in entrepreneurship, leadership, healthcare, and philanthropy. Following are some major takeaways from his experiences:

1. Healthcare Innovation: Soon-Shiong’s career exemplifies the importance of healthcare innovation. His research on cancer treatments, diabetes, and immunotherapy exemplifies how novel ideas can lead to important advances in medical science.
2. Instability and Resilience: His journey from humble origins to millionaire entrepreneur exemplifies the importance of perseverance and resilience. Despite obstacles, he remained committed to his aims and aggressively pursued his vision.
3. Interdisciplinary Approach: Soon-Shiong’s success spans medical, business, and technology disciplines. His ability to integrate disparate fields and interact with specialists from diverse backgrounds exemplifies the strength of interdisciplinary thinking.
4. Philanthropy and Volunteering: His philanthropic efforts emphasize the significance of giving back to society. His significant contributions to healthcare, education, and community development efforts demonstrate how successful individuals may have a good impact on society.
5. Balancing Business and Ethics: Soon-Shiong’s career exemplifies the necessity of making ethical business decisions. Despite working in profit-driven businesses such as pharmaceuticals, he has focused on the ethical and humanitarian aspects of healthcare.
6. Control and Influence: His ownership of media outlets like as the Los Angeles Times highlights the impact that ownership of powerful platforms can have on public discourse and accountability. It calls into doubt media owners’ commitment to maintain editorial independence.
7. Leadership in Times of Crisis: His response to the COVID-19 epidemic, as well as his attempts to mobilize resources for healthcare workers, demonstrate the need of leadership in handling global crises and public health catastrophes.
8. Global view: Soon-Shiong’s efforts in South Africa, as well as his support for global health initiatives, highlight the need of taking a worldwide view when addressing healthcare inequities and issues.
9. Managing Multiple Ventures: His involvement in a number of companies and initiatives exemplifies the problems and opportunities that come with juggling several corporate interests and charity endeavors.
10. Precision Medicine Advocacy: His support for precision medicine and the application of artificial intelligence in healthcare underscores the changing environment of healthcare delivery and the industry’s potential for transformation.

In conclusion, Patrick Soon-Shiong’s life and career teach great lessons in creativity, tenacity, ethical leadership, and the ability of individuals to make a positive effect in a variety of sectors, notably in the critical areas of healthcare and charity. His experiences serve as an inspiration for individuals seeking to improve society via their efforts and resources.+