GlaxoSmithKline denies quitting China and being investigated in the US for fear of severe punishment

Source: daily economic news 2013-9-10 China market strategy will not change "GlaxoSmithKline executives in China are under investigation for economic crimes due to suspected bribery to doctors in China One company executive said that they may face up to 2 billion pounds (about 20 billion pounds The company is considering withdrawing from China because of the severe punishment and increasingly difficult business in China The Daily Telegraph recently reported that the company is threatening to withdraw from the Chinese market, forcing China to reduce the possible fine of up to 20 billion yuan, which is three times the company's revenue in China last year A medical marketer once said that GlaxoSmithKline's management in China had been paralyzed for a time, and the incident led to its sales strategy becoming conservative, while hospitals and doctors would avoid suspicion, and drug intake and prescription would become less The impact of this event on the company's short-term sales should be very obvious Prior to that, Andrew witty, chief executive of GSK, admitted at the Q2 financial report conference that the bribery scandal in China would have an impact on the business GlaxoSmithKline's proposal to abandon the Chinese market is more likely to be a negotiating strategy, the foreign media quoted a manager of the drug company as saying It has invested more than 320 million pounds (about 3.07 billion yuan) in its research and development base in Shanghai and six pharmaceutical factories, and has also studied double capital injection, so it is unlikely to exit China GlaxoSmithKline yesterday denied to reporters the rumor of leaving the Chinese market, saying that GlaxoSmithKline has a long history of entering the Chinese market, and the company's long-term strategy of focusing on the Chinese market will not change Reporters yesterday saw on websites such as zhaopin.com and chinapharma.com that GSK is still recruiting for positions including pharmaceutical representatives, sales assistants and clinical researchers "The U.S Department of justice is investigating GlaxoSmithKline's bribery in China because the company is suspected of violating the U.S foreign bribery law in China," he said "The US Department of Justice investigation into the company has expanded to other countries including China," Reuters reported yesterday, citing people familiar with the matter Hao Junbo, an international claim lawyer, said that it is normal for the U.S Department of justice to investigate GlaxoSmithKline Although GlaxoSmithKline is a British company, it is listed in the United States, so it is also subject to the U.S anti bribery law According to Reuters, a spokesman for GlaxoSmithKline confirmed to reporters Friday that he had received information from the US Department of Justice investigation David Mawdsley, a spokesman for GlaxoSmithKline in London, said: "after the investigation started in China, we took the initiative to contact regulatory authorities in other countries, including the U.S Department of justice, and we have been in dialogue with them." But GlaxoSmithKline's China Public Relations Department responded that it was not clear that the U.S Department of justice was investigating the company, and there was no official response It is understood that European and American laws have made great efforts to crack down on cases of unfair competition and commercial corruption "Britain and the United States are mercantilist countries, their anti-corruption laws are mainly to protect the global financial and trade order and fair competition opportunities, so they will strictly regulate enterprises," Zhu Jieyu, a lawyer from Yan Yiming law firm in Shanghai, told reporters yesterday