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GSK to cut prices in emerging markets – CEO
LONDON, June 12 (Reuters) – British pharmaceutical firm GlaxoSmithKline is planning to cut the prices of many of its leading medicines in emerging markets, CEO Andrew Witty said in an interview with the Financial Times.
“Making sure the price-volume equation is right is a key piece of the strategy,” Witty was quoted as saying in the paper’s Friday edition.
The plan follows the success of a pilot programme in the Philippines, the paper said. Speaking from the Philippines, Witty said a 60 percent cut in the local price of its cervical cancer vaccine Cervarix had increased sales eightfold. (Reporting by Rosalba O’Brien; Editing by Gary Hill)
Comment from Leslie
Well, GSK is not cutting prices in Jamaica where they are charging $7,500 per dose – Come on people this is called marketing – sell by volume – get those numbers up for the stockholders. Remember when the tobacco companies gave away free cigarettes?