The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

GSK to stop paying doctors to promote drugs - NY Times

Tue, 17th Dec 2013 02:13

Dec 16 (Reuters) - GlaxoSmithKline Plc will stoppaying doctors to promote its products, Chief Executive AndrewWitty said in an interview with the New York Times, in a movethat could be a first for a major drug company.

GSK will also stop tying compensation of salesrepresentatives to the number of prescriptions doctors write,the NY Times said. ()

The company's decision comes at a time when GSK facesallegations of illegal payments to Chinese doctors andofficials.

Chinese police have accused GSK of funneling up to 3 billionyuan ($494 million) to travel agencies to facilitate bribes toboost its drug sales. The accusations are the most seriousagainst a multinational in China in years.

However, in the interview Witty said that the proposedchanges were unrelated to the investigation in China, and arepart of a yearslong effort "to try and make sure we stay in stepwith how the world is changing."

Witty declined to comment to the newspaper on the Chineseinvestigation because he said it was still underway.

GlaxoSmithKline could not immediately be reached for commentby Reuters outside of business hours.

Related Shares

More News
Today 15:19

London close: Stocks mixed after disappointing retail sales data

(Sharecast News) - London stocks closed with mixed results on Friday, influenced by earlier declines in the US and Asian markets, as investors reacted...

Today 08:55

LONDON MARKET OPEN: FTSE 100 falls; retail sales plunge in April

(Alliance News) - Stock prices in London opened lower on Friday, with sentiment hurt across the globe.

Today 08:36

TOP NEWS: GSK celebrates Illinois jury verdict in Valadez case

(Alliance News) - GSK PLC on Friday welcomed the jury verdict in the Valadez case in Illinois state court, which found in GSK's favour in the first Za...

Today 07:52

LONDON BRIEFING: UK retail sales fall amid wet April; Co-Op Bank deal

(Alliance News) - Stocks are called to open lower on Friday, following New York lower, as hopes of interest rate cuts have come into question.

Today 07:30

Jury rules in favour of GSK in Zantac trial

(Sharecast News) - A court in Illinois has ruled in favour of GSK in the first Zantac case to go to trial, the UK drugs giant confirmed on Friday.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.