Tallon is currently deputy chief executive at Guy's and St Thomas' NHS Foundation Trust, where he has served since March 2020.
He is also managing director of the Shelford Group, which represents some of England's leading NHS teaching hospitals.
Prior to this he served as director of strategy, planning and performance at University Hospitals Birmingham NHS Foundation Trust and worked within the DHSC.
He will succeed Dame June Raine who is retiring and has led the organisation since 2019, having steered the MHRA through the Covid-19 and the UK's exit from the European Union.
Health and social care secretary Wes Streeting said: ‘We need the MHRA to work much faster so patients can benefit as soon as possible, and I'm confident that Lawrence is the man for the job.
‘The agency plays a crucial role in protecting public health and promoting medical innovation and, under Lawrence's leadership, I am confident it will continue to be a world-leading regulator.'
Professor Anthony Harnden, chair of the MHRA, said: ‘Lawrence is an impressive leader who brings with him a wealth of experience from across the healthcare sector, nationally and globally. I look forward to working with him to maintain the UK as a global centre of excellence in life sciences and strengthening safety systems in the best interests of patients and the public.'
Tallon will take up the role from 1 April 2025.