GlaxoSmithKline's growth is not an accident: Andrew Witty, global CEO - (The Economic Times via NewsPoints Desk)

  • GlaxoSmithKline CEO Andrew Witty indicated that there is need for good IP framework in India, noting that an IP framework, which is not enforced or bureaucratically slow, is useless, The Economic Times reported.
  • Witty noted that the company has grown up in India in a non-IP regime, but it is not by accident that it is right up there at the top of the heap along with major Indian companies while other foreign pharmaceutical firms are at the low-end, or need to spend millions to buy into the market.
  • In regards to a pricing policy, the executive indicated that the company follows a tiered pricing approach, which means that countries with a higher GDP should contribute more to the cost of R&D.
  • He added that the Drug Price Control Order (DPCO) is a little bit redundant in India, with about 20 percent of the company's drugs coming under the DPCO, so it's not a big concern, but the whole policy seems a little bit anachronistic.

To read more NewsPoints articles, click here.

Reference Articles