Wednesday, May 25, 2016

GlaxoSmithKline CEO On Why Drugs Cost So Much

Sir Andrew Witty, the CEO of Britain’s GlaxoSmithKline (GSK), the sixth largest pharmaceutical company in the world, discusses the current period of ‘extreme challenge’ in the industry and acknowledges the disconnect between the global push for affordable healthcare and the current cost of needed medications. Specifically, he points to the U.S.’s lack of transparency requirements as a major driver for the issues that our country is facing today – an inability to determine the actual price of a drug makes it impossible to determine a realistic cost-benefit analysis for the system. Ultimately, he suggests, the system needs to balance cost, value and innovation to ensure shareholders remain invested and patients have access to the drugs they need.

Hear the podcast on it here.