GSK CEO optimistic after quarterly drug sales in China drop 14%

Chief executive officer of pharmaceutical conglomerate GlaxoSmithkline Andrew Witty maintained the company’s business in China is stabilizing even as he admitted that the country’s drug market had slowed dramatically over the last year, The Guardian reported. The firm’s sales in China fell 14% in the latest quarter, but Witty said this reflected price reductions which would ultimately boost sales volumes, as well as disposal of some products. GSK has come through a damaging corruption scandal in China, for which it paid a GBP300 million (US$468 million) fine to the government in Beijing. It is still being investigated by US and UK authorities on allegations of bribery in China and other countries.