British Drug Company to Lower Prices in China
GlaxoSmithKline the British drug giant is planning to lower the prices of their products in China, after admitting that several of its senior executives have appeared to break several Chinese laws. GSK’s president for Europe, Japan, emerging markets and the Asia-Pacific, Abbas Hussain said during a visit to China, have admitted that certain senior executives of GSK China appeared to have acted outside of our processes and controls, which breaches the Chinese law.
The Ministry of Public Security reported that senior Chinese executives of GSK have turned to bribery in hopes to raise drug prices to increase sales to control unjustified profits, this not only violates Chinese law but also harms the interest of Chinese patients. Last week Vice Premier Wang Yang has called for the acceleration reform of the country’s food and drug administration in efforts to eliminate illegitimate profits and for the severe crackdown on illegal activities that threatens the safety of food and drugs.
During a meeting with the police, Hussain apologized in the behalf of the company and is fully supporting all efforts being made by the Chinese authorities for the reforms in the medical sector and is ready to work alongside to help make changes in the benefits of patients in China.