GlaxoSmithKline has predicted a return to growth in China next year as it slowly begins to repair the damage from a corruption scandal which shattered the company’s reputation in one of the world’s most important pharmaceuticals markets.
In the most detailed account yet of its recovery efforts in China, GSK said it had rooted out the bribery that resulted in a record Rmb3bn ($488m) Chinese fine and halted the haemorrhaging of sales that has shrunk the business by more than a fifth.
Hervé Gisserot, GSK’s general manager in China, forecast renewed growth from this much-diminished base next year but said he had no desire to rekindle the break-neck expansion that led the company into crisis.
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