It remains to be seen how much GlaxoSmithKline's China bribery scandal will cost the British pharma, but it has already cost CEO Andrew Witty up to $410,000 in potential bonus money, according to the company's annual report.
GlaxoSmithKline is tossing out the Big Pharma marketing playbook. No longer will Glaxo pay doctors to promote its drugs or shell out bonuses to sales reps based on their ability to boost prescription numbers.
GlaxoSmithKline CEO Andrew Witty says he's a "huge bull" on India, despite the ongoing patent-rights tug-of-war between foreign drugmakers and domestic officials. Now, Witty is putting another $1 billion where his mouth is.
You have to hand it to GlaxoSmithKline: The company knows how to play politics in its home country. After lobbying for years for a "patent box" that would cut its taxes, the company has announced two major investments in the U.K.--and credited the patent box with both.
U.K. Prime Minister David Cameron thinks GlaxoSmithKline is a "very decent and strong British business" and has been talking it up with Chinese officials during his trade visit there.
GlaxoSmithKline CEO Andrew Witty is on his first trip to China since authorities there alleged his company funneled $490 million in bribes to doctors. Despite the scandal, GSK says it remains committed to doing business in China.
Indian officials must have been glad to hear from GlaxoSmithKline CEO Andrew Witty. During a trip to the country, Witty told Indian media that the country's policies on pricing and patents are understandable, even reasonable, though they may pain the pharma industry.
Yesterday, GlaxoSmithKline CEO Andrew Witty congratulated his CFO for digging in for long-term cost-savings--namely spending on healthcare coverage and pensions. Thanks to Simon Dingemans' work on retiree medical benefits, for instance, the company saved £267 million last quarter, or about $431 million.
U.K. researchers are senselessly competing with each other for funds, GlaxoSmithKline CEO Andrew Witty said, and the time has come for the government to pony up £1 billion ($1.6 billion) and dedicate it to collaborative R&D across the country's academic institutions.
Why the disparity in drug prices? It's a question asked repeatedly, and the specific answers are multifarious and complex.