In a long interview in the Sunday Times just before they announce their plans to become "big in cancer" GSKs' CEO, JP Garnier, has aired his thoughts about R&D within the company:
Glaxo already spends about 16% of its pharmaceuticals turnover on R&D, but Garnier wants to lift this much higher — provided the new generation of products coming through deliver the profits to justify this to his shareholders.
“I would not mind going to 25%, which would put us way ahead of anybody else,” said Garnier. “I would like to do it in the next three to five years.”
GSK currently spend £2.8 billion on R&D, so do the math yourself.
About innovation:
Garnier said companies could not treat innovation as an optional extra. “Either it’s at the centre of your enterprise or it’s not there,” he said. “You can’t do innovation on the side. You have to commit yourself entirely.”
“True innovation has to be protected and cherished by the top of the company,” said Garnier. “The chief executive has to be a protector of these people (who are taking the risks of innovation). I call people at very low levels on projects. That allows me to spot risks and defensiveness.”
This "good news" piece is interesting. Clearly, a strategy is being announced: to nurture and protect innovation and encourage R&D to come up with "saviour molecules" for Big Pharmas Big Problem.
And the money to pay for this? Where will JP find these new billions? Watch this space!
http://www.timesonline.co.uk/article/0,,2095-1892324_1,00.html
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