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Local Tech Wire
RESEARCH TRIANGLE PARK, N.C. – Drug giant (NYSE: GSK) is planning to cut drug prices for developing countries beginning next spring, The Financial Times reported Monday.
“My preference is not a high price and 100 units of profit for 100 patients, but to drop the price and make 100 of profit from 500 patients,” Abbas Hussain, head of emerging markets at GSK, told the newspaper. “We fundamentally believe access for more of the masses is the way to go.”
Meanwhile, GSK also rreported Monday that it would provide anti-doping laboratory equipment to the 2012 Olympics after signing on as the London Games’ latest sponsor.
The world’s No. 2 drug maker will provide the equipment for King’s College London to operate an independent WADA-accredited lab that will run all day every day during the games.
The college’s Drug Control Center conducted more than 8,000 tests across 70 sports last year as part of UK Sport’s anti-doping policy.
London 2012 chairman Sebastian Coe said Monday the setup will result in “world-class facilities available for an independently run anti-doping operation.”
GSK is London’s 12th “Tier Three” sponsor — a status which costs companies about $15.1 million.
For the full Financial Times report on the drug price cuts,
The move is part of a GSK strategy to capitalize on growth in emerging markets.
The newspaper noted that emerging market sales made up 14 percent of GSK sales in the third quarter, up a full two percentage points from 2008.
GSK operates its U.S. headquarters in RTP and employs more than 4,000 people in the Triangle area.
The Associated Press contributed to this report.
