GlaxoSmithKline China Sales Falls to 61%

GlaxoSmithKlineAccording to a latest report, the sales of drugs have fallen to 61% between July and September at the Pharmaceuticals giant GlaxoSmithKline (GSK) in China. The fall is due to bribery, according to the investigation authorities. The investigation was started in the month of July.

The British company has been accused of using travel companies in order to fetch 3 billion Yuan (£300m). This was done in order to bribe the doctors and the officials.

The company also admitted that some members of its staff were guilty of breaking Chinese Laws.

Simon Dingemans, who is the chief financial officer at GSK, said that it was clear that the ongoing investigation had put a great impact on business performance in the region.

He also said that Simon Dingemans, who is the chief financial officer at GSK, said that it was clear that the constant examination had impacted the business performance in the region.

However, during the third quarter, GSK saw sales grow by 1%.

Mike Appleby, a sustainable and responsible investment (SRI) analyst at Alliance Trust, explained earlier that why the company would remain a holding in the firm's Sustainable Future funds despite of the allegations put on it.

Mike Appleby also said, "GlaxoSmithKline has had a dark period following its $3 billion settlement in the US for miss-selling drugs".

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