Research & Development World

  • R&D World Home
  • Topics
    • Aerospace
    • Automotive
    • Biotech
    • Careers
    • Chemistry
    • Environment
    • Energy
    • Life Science
    • Material Science
    • R&D Management
    • Physics
  • Technology
    • 3D Printing
    • A.I./Robotics
    • Software
    • Battery Technology
    • Controlled Environments
      • Cleanrooms
      • Graphene
      • Lasers
      • Regulations/Standards
      • Sensors
    • Imaging
    • Nanotechnology
    • Scientific Computing
      • Big Data
      • HPC/Supercomputing
      • Informatics
      • Security
    • Semiconductors
  • R&D Market Pulse
  • R&D 100
    • Call for Nominations: The 2025 R&D 100 Awards
    • R&D 100 Awards Event
    • R&D 100 Submissions
    • Winner Archive
    • Explore the 2024 R&D 100 award winners and finalists
  • Resources
    • Research Reports
    • Digital Issues
    • R&D Index
    • Subscribe
    • Video
    • Webinars
  • Global Funding Forecast
  • Top Labs
  • Advertise
  • SUBSCRIBE

GSK CEO Sees ‘Anemic’ Global Economy

By R&D Editors | June 9, 2009

SINGAPORE (AP) – The chief executive of GlaxoSmithKline, the world’s second-largest drug maker by revenue, said the global economy could remain sluggish for some time as tight credit markets and cautious corporate investment hamper growth.

Andrew Witty, Glaxo’s CEO, said banks remain leery of lending and companies are still “risk averse” as the impact of a credit crisis that began in the U.S. sub-prime mortgage sector in 2007 undermines investment.

“I still see significant economic contraction,” Witty said Tuesday at a news conference in Singapore, where Glaxo was opening a vaccine plant. “We’re working on the basis that this could be a relatively anemic economic backdrop for a while.” Stock markets have surged around the world since early March on expectations the worst of the global downturn is over.

“I’m not yet confident that anything is very different today than it was three months ago,” Witty said. “I think we’re still seeing an environment very similar to the one we saw in the second half of last year.”

Whitty said the company’s over-the-counter sales have been “very robust” in Asia over the last 18 months while the U.S. was “not too bad” and Europe was “the one area we’ve suffered the most.”

Glaxo’s prescription business, meanwhile, has been “a little bit soft” in the U.S, Witty said.

“There was a tremendous impact on credit markets, tremendous impact on risk,” Witty said. “Economic cycles take months or years, not weeks.”

Glaxo said in April its first quarter profit fell 13 percent on weak U.S. pharmaceutical sales.

The 600 million Singapore dollar ($412 million) factory will produce vaccines by 2011 for ailments such as meningitis, bacteraemic pneumonia and middle ear infections, Witty said. Glaxo has about 25 percent of the global vaccine market, he said.

Date: June 8, 2009
Source: Associated Press

Related Articles Read More >

2025 R&D layoffs tracker tops 92,000
Health-related innovation in Morocco highlighted by resident inventor patenting activity
ARPA-H funds $29M Ginkgo-led project to reshore pharma supply chains using wheat germ tech
DNA microscope offers new 3D view of organisms from the inside out
rd newsletter
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest info on technologies, trends, and strategies in Research & Development.
RD 25 Power Index

R&D World Digital Issues

Fall 2024 issue

Browse the most current issue of R&D World and back issues in an easy to use high quality format. Clip, share and download with the leading R&D magazine today.

Research & Development World
  • Subscribe to R&D World Magazine
  • Enews Sign Up
  • Contact Us
  • About Us
  • Drug Discovery & Development
  • Pharmaceutical Processing
  • Global Funding Forecast

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search R&D World

  • R&D World Home
  • Topics
    • Aerospace
    • Automotive
    • Biotech
    • Careers
    • Chemistry
    • Environment
    • Energy
    • Life Science
    • Material Science
    • R&D Management
    • Physics
  • Technology
    • 3D Printing
    • A.I./Robotics
    • Software
    • Battery Technology
    • Controlled Environments
      • Cleanrooms
      • Graphene
      • Lasers
      • Regulations/Standards
      • Sensors
    • Imaging
    • Nanotechnology
    • Scientific Computing
      • Big Data
      • HPC/Supercomputing
      • Informatics
      • Security
    • Semiconductors
  • R&D Market Pulse
  • R&D 100
    • Call for Nominations: The 2025 R&D 100 Awards
    • R&D 100 Awards Event
    • R&D 100 Submissions
    • Winner Archive
    • Explore the 2024 R&D 100 award winners and finalists
  • Resources
    • Research Reports
    • Digital Issues
    • R&D Index
    • Subscribe
    • Video
    • Webinars
  • Global Funding Forecast
  • Top Labs
  • Advertise
  • SUBSCRIBE