GlaxoSmithKline has again said it will close a consumer healthcare plant in Clifton, NJ, and move production to a facility in New York.
In its joint venture, Glaxo will front $1.8 million for work on the thermostability of vaccines. GSK will set out to make adjuvants--used to boost the effectiveness of vaccines--more heat stable. The project fits within the broad scope of work attempting to break the "cold chain" supply process that requires vaccines to remain refrigerated--a big challenge for developing countries.
Yesterday, GlaxoSmithKline CEO Andrew Witty congratulated his CFO for digging in for long-term cost-savings--namely spending on healthcare coverage and pensions. Thanks to Simon Dingemans' work on retiree medical benefits, for instance, the company saved £267 million last quarter, or about $431 million.
The discovery of a correlation between the flu vaccine and decreased risk of heart attack was met with skepticism earlier this year, particularly in light of GlaxoSmithKline's financial support of the study. But now, several months later, a new, more definitive analysis has identified the same trend.
One big question about GlaxoSmithKline's third quarter now has a definite answer: The Chinese bribery probe took a bite out of sales in the country--and a bigger bite than analysts expected. Revenue there was down 61% for the period, as doctors and sales people alike were spooked into staying behind closed doors.
The latest report on healthcare fraud settlements is out, this time from Taxpayers Against Fraud. And this time, as usual, Big Pharma features prominently. The anti-fraud group regularly totes up whistleblower settlements with federal and state governments, and we all know that drugmaker payments account for billions.
The U.S. is one of only two countries that allow direct-to-consumer (DTC) advertising of pharmaceuticals, and opinions on whether doing so is a good idea are all over the place, even among doctors....
GlaxoSmithKline's former China chief, absent from the country when bribery allegations surfaced this summer, returned in late July to cooperate with investigators. Now, The Telegraph reports that Mark Reilly is no longer on the scene voluntarily. Chinese authorities have barred him from leaving the country, the U.K. newspaper reports.
U.K. researchers are senselessly competing with each other for funds, GlaxoSmithKline CEO Andrew Witty said, and the time has come for the government to pony up £1 billion ($1.6 billion) and dedicate it to collaborative R&D across the country's academic institutions.
Why the disparity in drug prices? It's a question asked repeatedly, and the specific answers are multifarious and complex.