GlaxoSmithKline says Europe must stop cutting drug prices

Pharmaceutical giant GlaxoSmithKline has warned that government-enforced caps on drug prices make Europe an unattractive environment for innovation, the Guardian has reported.

The remarks came from GSK head Andrew Witty, who announced on 31 October that the company’s sales have fallen eight per cent this year, the article said. Witty reportedly pointed out that drug prices had fallen by 7-8 per cent across Europe, nearly double what the company had anticipated.