GlaxoSmithKline (GSK), the Pharmaceutical industry giant, is expected to announce this week that it will be reducing its investment in certain disease areas and will cut more than 3,000 pharmaceutical jobs.
Andrew Witty, the companies CEO of 18 months has planned to switch the focus of this British-based company towards the growing emerging markets, including China. The move follows a number of drugs losing their patent protection in western countries and US and European governments cutting back on medicine spending. This will lead to cuts to the workforce in Europe and the US, whilst continuing to expand in Asia. GSK employs more than 20,000 staff in the UK at sites in Ware, Temple Hill in Dartford, Maidenhead and Worthing.