[4] He ran for President of Serbia in 1992, ultimately coming in second to Slobodan Milošević[5] in an election marked by allegations of media and vote tampering by the ruling party.

Faced with a growing shortage of goods due to the Nazi occupation of Belgrade, Panić started a working vegetable farm to support his family and community.

[20] During World War II, Panić, then only 14 years old, joined Josip "Marshal" Tito’s partisan resistance to fight the growing Nazi influence in Yugoslavia.

)[26] After defecting to Austria in August 1955, Panić and his wife applied for asylum in Germany and moved to a West German refugee camp.

[27] After receiving asylum in Germany several months after his initial arrival, Panić applied for a program that resettled refugees in the United States.

[3][29] Panić set out goals of achieving peace, drafting a constitution, lifting U.N. sanctions, and pushing for the closure of concentration camps.

[9] On 2 December 1992, Panić announced his intention to challenge Milošević for the Serbian presidency, campaigning on a platform of economic reforms and bringing a peaceful resolution to the Bosnian War.

Panić contended that Milošević had crippled Serbia by allowing unemployment and inflation to rise, while inciting isolation and sanctions by the international community.

[34] Panić appealed directly to Serbian youth[21] and older voters seeking a compromise in the ongoing conflict that included recognition of Croatia and Bosnia-Herzegovina in their current borders.

[7] In the aftermath, observers at the Helsinki Commission, political experts, and journalists alleged that Milošević and his supporters had manipulated the election results through improper use of state media and vote tampering.

[38] Since the end of the war, Panić has continued to push for democracy in the Yugoslav region by convening political activists and advocating in the media.

[49] In 1985, ICN and the Eastman-Kodak company launched a six-year, $45 million joint venture to research drugs that slow, halt, or reverse the aging process.

[53] In 1995, the Securities and Exchange Commission (SEC) investigated ICN over shareholder concerns related to Mr. Panić's sale of company stock before a key regulatory decision by the FDA.

[61] Over the course of his career as Chairman, CEO, and President, Panić led ICN to annual sales in 90 countries exceeding $672 million (USD), with over 600 drugs in its portfolio by his final year in 2001.

[67] On 11 December 2014, the FDA approved MP Diagnostics HTLV Blot 2.4, the first FDA-licensed supplemental test for Human T-cell Lymphotropic Virus-I/II (HTLV-I/II).

As part of his philanthropic efforts, he has supported the Muscular Dystrophy Association[69] and sponsored scholarships at the MIT-Harvard Medical School Program.

[73] He is a frequent supporter of California cultural institutions including the Los Angeles Opera, where he serves as a Vice Chairman[17] and has sponsored season-opening performances since 2002.

[77] He was named "European of the Year" in 1992 by the Wall Street Journal Europe, which cited his efforts while serving Yugoslavian Prime Minister to introduce democratic, free market reforms, bring peace, and galvanize opposition to Slobodan Milošević.