Drug pricing, regulations, and possible Medicaid price negotiations are among the subjects GlaxoSmithKline’s CEO Andrew Witty recently discussed in a Bloomberg Daybreak: Americas interview.
According to Witty, the company with facilities in Collegeville has already been working on reforming its pricing strategy for the last five years.
“We need to be very clear as we bring new products to market that we are demonstrating not just innovation but affordability,” he said. “If you look at the last six medicines we launched in America, they’ve been brought to market at or below the prices of the existing technologies which have been there a long time.”
He added that across the company’s entire inventory, GSK’s prices are generally falling.
The company has also often adopted a sometimes not so popular stance of asking for better regulations and more transparency in the industry.
This helps ensure that the focus is not always just on innovation but also on how to make those same medicines more affordable for patients.
When discussing the impact of possible Medicare price negotiations, Witty said that for GSK, it would not be significant.
“This isn’t a massive exposure for us,” he noted.
Watch the entire interview at Bloomberg by clicking here.
