24th Sep 2013 06:00
LONDON (Alliance News) - GlaxoSmithKline's medicine sales in China are estimated to have dropped 30% since the corruption allegations rocked the multinational pharmaceutical group, the Financial Times reported Tuesday.
GSK's top executives face increasing pressure amidst the new figures produced by analysts at Citi, with the threat of a fine of up to USD500 million also looming over the pharmaceutical in relation to the bribery allegations.
Citi analyst, Andrew Baum, said his research suggests an absolute drop in revenues because manufacturers have suspended activities, while wary hospitals are less likely to talk to drug companies following the bribery allegations.
http://www.ft.com/cms/s/0/20e5fe62-2462-11e3-8905-00144feab7de.html?ftcamp=crm/email/2013924/nbe/UKBusiness/product#axzz2fmlRayqY
By Samuel Agini; [email protected]; @samuelagini
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