GSK Plans to Pull Out from China?
GlaxoSmithKline is mulling over China withdrawal and the company has a few serious negotiations still ongoing in the matter.
Sources are confirming that after the recent highly political criminal investigation which ordered the company to pay £2bn fine, further resulting into its severance of ties with major hospitals, has forced the company to decide over its pulling out of China.
The company is already into negotiating with the other pharmaceutical giants in the country. Moreover, it is also talking with the Chinese government to resolve the allegations put over it. According to reports, GSK has given £323m in kickbacks to the Chinese doctors to gain the market share.
A source close to the company has confirmed that the matter is serious for GSK. It is highly concerned over its future in the world's second-largest pharmaceutical market. GSK's last year's revenues in China were £750m.
Senior China-based industry figures point at the possibilities of GSK's pullout from the country. They said the company has paid a big fine and is also facing increasing difficulty of doing business in the country, which altogether has forced it to decide over its pulling out from China.
"Quite a few major hospitals are not allowing sales representatives to enter and the public security bureau has said plain clothes policemen have been sent out to observe what is going on", the source said.
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