August 29, 2006
GSK's Garnier says several pharma companies to fold in next few years
GlaxoSmithKline CEO Jean-Pierre Garnier foresees several pharmaceutical companies folding in the next few years because of increasing investments in research, he recently told German business publication Manager Magazin. “Of the 15 pharma companies that have a significant role in the world, only a handful will remain,” Garnier said in an interview published in the magazine on Friday. “Hardly any of the large companies are in the position right now to invest enough money into research,” he said. Garnier further explained in the interview that pharmaceutical companies invest too much money in advertising and marketing at the expense of more research and development, according to an Aug. 23 report on the Web site Forbes.com.