GlaxoSmithKline is back to business in China after being embroiled in a corruption scandal in the Asian nation. CEO Andrew Witty tells Fortune’s Susie Gharib that the British drug giant “learned a lot over the last couple of years” and “spent time to understand what’s needed to succeed in China.”
GSK was found guilty last year by a Chinese court for bribing doctors and health officials to boost pharmaceutical sales. Five GSK executives received suspended prison sentences and the company paid nearly half a billion dollars in fines.
Witty says GSK (GSK) has returned to doing business in China where it still has research and manufacturing facilities. He adds that GSK has made changes to its business model and has reduced prices on many of it drugs. China currently accounts for about 2% of GSK’s revenues. Witty predicts business in China will be a “significant” part of the company in the next five years, with GSK vaccines providing the strongest source of growth.