How can the U.S. solve the problem of high-priced drugs? Having “more transparency about what really the prices are” is the prescription from Andrew Witty, CEO of Britain’s GlaxoSmithKline. “It’s time for all the various stakeholders to sit around the table with sensible people to start thinking about how this system can be improved,” he tells Fortune’s Susie Gharib.
Witty says it’s important to create a system that attaches “value” to drugs that have favorable outcomes and impact. “We’re ready for it. We’re up for it. And we’re ready to take the risk that that brings,” he says. He would like to see some sort of global pricing mechanism, but cautions against being “naïve,” saying, “I don’t think anybody’s ever going to be happy with any pricing system.”