UK drugmaker Glaxo SmithKline has said it would cease offering financial incentives to doctors to promote its products through speaking engagements, for example. The company also will stop linking remuneration of its sales representatives to the number of prescriptions generated. Starting from the beginning of 2015 it also will no longer pay healthcare professionals to attend medical conferences.
British Prime Minister David Cameron raised GlaxoSmithKline's problems in China - where it is being investigated for alleged bribery - with political leaders on Monday as the drugmaker emphasized its commitment to doing business there.
Glaxo SmithKline (GSK) has announced plans to invest £25 million in expanding its active ingredient formulating plant at Montrose, Scotland. The UK drug maker said it would locate production of four unspecified new entities at the site, where it is receiving more than £3 million in financial support from the local government of Angus and the business development agency Scottish Enterprise.
GlaxoSmithKline is to sell soft drink brands Lucozade and Ribena in a move analysts believe will raise over 1 billion pounds ($1.5 billion) and focus its consumer health business on global products.
The plan was announced on Wednesday alongside first-quarter results that saw sales at Britain's biggest drugmaker drop a slightly smaller-than-expected 3% from a year ago.
Britain's competition body accused GlaxoSmithKline of market abuse for striking deals with three generic drugmakers that paid them to delay launching cheap copies of its antidepressant Seroxat.
GSK, Britain's biggest drugmaker, said it believed it had acted lawfully. If it is found to have broken the law, it could be fined up to 10% of its worldwide turnover, which amounted to 26.4 billion pounds ($40.4 billion) in 2012.
The Rise Of Generics - In 2011, CMS Pharma was invited to take part in a conference in Mumbai to discuss the emergence of "supergenerics," a new form of generic drugs with improved properties such as safety, efficacy, stability or improved commercial attractiveness such as taste or route of administration. Those drugs are most often based on an incremental reformulation of a generic API (active pharmaceutical ingredient) or the combination of multiple generic APIs.
GlaxoSmithKline, Britain's biggest drugmaker, is placing a small but important bet on a new way of treating diseases by targeting electrical signals in the body.
The company said on Wednesday it would offer a $1 million prize to stimulate innovation in the field, as well as funding up to 40 researchers working in external laboratories.
Shares of Optimer Pharmaceuticals rose as much as 24% after a Bloomberg report said GlaxoSmithKline and Cubist Pharmaceuticals were among those interested in buying the antibiotic maker.
Optimer, the maker of diarrhea drug Dificid, aims to get as much as $1 billion in a possible auction, the report said, quoting two unnamed sources.
Drugmakers - led by GlaxoSmithKline and Johnson & Johnson - are stepping up efforts to ensure their medicines are available and affordable in poor countries, after being attacked in the past for not doing enough.
The Access to Medicines Index, which tracks the actions of the top 20 drugmakers, showed on Wednesday there had been an improvement across the board in the past two years, reflecting both commercial self-interest and a concern for reputation.
GlaxoSmithKline plans to buy up to an additional 31.8% stake in its Indian consumer products arm for about $940 million, as Britain's biggest drugmaker deepens its emerging markets and non-prescription consumer health footprint.
The move is the latest in a series of deals by GSK to increase its presence in f ast-growing economies a nd reduce its reliance on traditional pharmaceuticals in Western co untries where sales are slower.