GSK Building, Brentford – Courtesy of Flickr
One of the biggest drug producers in the world, GSK has come under a lot of scrutiny from the Asian super power. This has culminated in court action with the UK-based pharmaceuticals company hit with the fine after allegations the firm bribed medical staff and institutions to promote its products.
GSK’s firmer head of operations in the country, Mark Reilly, has also been handed a suspended prison-sentence of three-years and will be deported. Further executives at the firm have also received suspended jail terms.
Saying that it had published an apology to the Chinese authorities and its people, the boss of GSK, Sir Andrew Witty, said in a statement:
“Reaching a conclusion in the investigation of our Chinese business is important, but this has been a deeply disappointing matter for GSK,
“We have and will continue to learn from this. GSK has been in China for close to a hundred years and we remain fully committed to the country and its people,”
He went on to add that the firm will continue to invest in China, saying:
“We will also continue … to support the government’s health care reform agenda and long-term plans for economic growth.”
Analysts of the Chinese marketplace said that GSK will now be able to draw a line under the episode but should expect a dip in its operations in the country for some time.