Andrew Witty, GSK global CEO Photo: Courtesy of GSK

 

China's GDP growth may have slowed, but China is still the world's fastest-growing economy. The vast potential of consumer spending in the nation can make up for the rise in production costs and fall in drug prices. Furthermore, developments in technological research and innovation have bolstered our faith in the Chinese market.

Short-term economic fluctuations are not scary. GSK will continue to increase investment in China and strengthen cooperation with the Chinese government. The closer you get to Asia, the more confident you will be about Asia and China. On the other hand, the further away you are, the more concerns you have.

The healthcare industry is a major area of cooperation between China and the UK. The Chinese government is attaching increasing importance to biosafety and biodefense. As one of the global pioneers in the biodefense sector, GSK hopes to cooperate further with the Chinese government in developing innovative Ebola vaccines and solving the antibiotic resistance issue.

We hope to reinvent ourselves in the China market. GSK is undergoing a top-to-bottom reform of the company's global operations, not just its China subsidiary. The most compelling change in the company's reform is its commitment to modernizing the way it interacts with healthcare professionals. High-quality customized information on GSK products is provided to healthcare professionals via multiple channels in an efficient and objective way.

During Xi's State visit to the UK, GSK annouced that 7,000 Chinese doctors are to receive independent training in the diagnosis and treatment of Hepatitis B. And GSK is funding that program with 2 million pounds ($3.09 million).

GSK has abandoned practices such as incentivizing medical representatives on the sales they achieved, and offering financial support for healthcare professionals' promotion of GSK products at various seminars, meetings and other public forums. Although these changes will bring about challenges and risks in the short term, we hope that this transparency in our business model will result in a new chapter for GSK in China.

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