A refugee who built a pharmaceutical empire and challenged a dictator for peace

Cultures · Published 10 October 2026 Swipe more like this →

In short: Milan Panić escaped Yugoslavia in 1955, arriving in America with little to his name. He transformed a garage-based startup into a global pharmaceutical powerhouse, then returned to his homeland as Prime Minister to challenge Slobodan Milošević. His life was a singular intersection of high-stakes science, international diplomacy, and political defiance.

Born in 1929, Milan Panić lived a life defined by radical transitions. After fighting as a Yugoslav Partisan at age 14, he defected to Austria in 1955 and eventually settled in California. By 1959, he had founded the International Chemical and Nuclear Corporation (ICN) in his garage with just $200. Under his leadership, ICN grew into a global entity, discovering ribavirin—the first broad-spectrum antiviral agent—and eventually managing annual sales exceeding $672 million across 90 countries.

Panić’s career took a historic turn in 1992 when he became the Prime Minister of the Federal Republic of Yugoslavia while maintaining his American citizenship. He was the first U.S. citizen to hold such a high-level foreign political office since Golda Meir. His tenure was marked by a direct challenge to Serbian President Slobodan Milošević, whom Panić accused of crippling the nation through isolation and economic mismanagement. Despite allegations of vote tampering by the ruling party, Panić secured 32% of the vote in the 1992 presidential election.

Beyond politics, Panić was a dedicated philanthropist and cultural patron. He supported institutions ranging from the MIT-Harvard Medical School Program to the Los Angeles Opera. His influence extended to the highest levels of international diplomacy; he engaged in years of correspondence with U.S. President Bill Clinton to advocate for a peace conference, which eventually culminated in the 1995 Dayton Accords. Panić remained active in business and humanitarian work until his death in 2026 at the age of 96.

His legacy remains complex, marked by both significant scientific contributions and legal controversies. While his company produced life-saving treatments like Virazole, he also faced SEC investigations and sexual harassment suits during his time at ICN. Nevertheless, his efforts to promote democratic reform and peace in the Balkans earned him recognition as 'European of the Year' in 1992, cementing his status as a unique figure who moved between the worlds of corporate boardrooms and war-torn political landscapes.

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