In this short interview, CEO Witty of Glaxo – British multinational pharmaceutical, biologics, vaccines and consumer healthcare company – said that while Chinese government will continue to have a tension between building its domestic industry and fomenting an open competitive market in which foreign companies participates, it does a good job of making its market fair. Most importantly, Witty notes that it’s important to take a long-term view when it comes to China. Glaxo intends to embed its Chinese operations into an integral part of the company. You won’t be that successful if you just take a “tourist” of China, he said. Witty says Glaxo intends to profit as well as to innovate in China.
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pug_ster says
Many of the Pharma Giants like Glaxo are as big as the next blockbuster drug and how they can get maximum profit for it before the patent expires. These Pharma companies managed to milk off from the US government with its Prescription drug bill passed by Bush and China is certainly is not going to do the same crap.
Allen says
I just want to clarify: by my use of the term “fair” – I don’t mean it in a normative sense. I mean it only that many Western companies believe China represents a fair playing field – hence they are doing business there – and as this interview shows. But from a truly normative perspective – if we look back in time – I make no judgement whether the system we have in place (IP, WTO, etc.) today is fair to the Chinese people.
Charles Liu says
Gauging the amount of FDI and % of foreign-owned domestic production demonstrates the state of China’s market. The rules are different which makes innovation even more impoartant. While some argue China’s too restrictive, but history does say there’s such thing as too open, even in the land of free such as America.