GSK China sales tumble 30% since corruption probe

GlaxoSmithKline (GSK.NYSE, GSK.LON) sales are thought to have fallen up to 30% as Chinese officials accuse the UK pharmaceutical group of corruption, Financial Times reported, citing Citi Bank research. Analysts have predicted a slowdown in the industry as China continues corruption and pricing probes into western and domestic drug companies. Andrew Baum, an analyst with Citi, predicted that GSK would suffer the most but other pharmecutical companies would also see drops in sales of between 10-20%. Chinese officials have accused the the company of bribery worth US$500 million.