GlaxoSmithKline Says Executives May Have Broken Chinese Laws
DAVID GREENE, HOST:
NPR's business news begins with a bitter pill for Glaxo.
GlaxoSmithKline says that some of its executives appear to have violated Chinese laws. In response, the company is pledging changes in the way it operates and those changes that could bring down the prices of some of its drugs in China. Chinese authorities accuse the company of bribing doctors and officials in order to boost sales and raise the price of medicines.
Chinese regulators have become increasingly assertive in regulating foreign companies. Now, GlaxoSmithKline is expected to say more about these allegations when quarterly results are presented later this week. Transcript provided by NPR, Copyright NPR.