"I am a huge bull on India and I have a very strong sense of optimism about the future potential of this country. We have two great businesses here a consumer healthcare company as well a pharmaceutical business. Both have performed fantastically over the last few years. I think there is a lot more potential for these businesses as they evolve in step with India and I want my board to see that. Of course, there continues to be policy uncertainties in certain areas of government decision-making. particularly in pharma. While there are the areas under question, but the overall picture makes you feel positive about India," he said.
Below is an edited transcript of the interview on CNBC-TV18.
Q: What's your opinion on patent issue and how do you view the debate that patent is equal to pricing?
A: First of all, intellectual property protection is an important aspect of ensuring that innovation is rewarded. We want to do that because we want to incentivise researchers to conduct more high-risk research and so we believe strongly in the role of intellectual property protection.
For me, pricing is completely a separate discussion. The period of exclusivity in a country shouldn't determine what price that is charged. The fluffiness about price should be driven by the value it creates in the system. So, it should offer good value-for-money proposition in the system and of course, meet the affordability of the people whom you are asking to pay for it.
At GSK that we will continuously strive to defend intellectual property, but more importantly, defend tier pricing to make sure that we have appropriate pricing for the affordability of the country and that's why, in my personal view, our business in India has been so successful for so long.
We have allowed that business to really be an Indian business, GlaxoSmithKline Pharmaceuticals India is not some American or European operation transplanted into India.
Q: You are trying to be an Indian company that services Indian needs at Indian prices?
A: Correct. Our Indian businesses sell more volumes than anywhere else in the world. What need to be recognised is that India has an unique identity. One has to be very clear that pricing should be much more driven by affordability and create value in the society that one wants to trade in.
Q: What does this mean then in terms of incremental investments for India and the possibility of alliances, especially in the vaccine market?
A: We have looked at a number of options and clearly there are three primary businesses that we want to focus. The vaccine business - where we are the world's biggest vaccine manufacturer, the consumer healthcare business dominated by the Horlicks arm and then of course, the pharmaceutical business.
In our vaccine business, we know that we can bring in a lot of our technology to develop some very good, cost-effective vaccines in India, but we probably want to do that with a partner.
Q: Have you identified that partner?
A: Not yet, but we might not have to wait too much longer. It is an area we are looking for partnerships. In the consumer business we expect to be more likely served by our organic self-investment.
Q: What will the nature of the partnership be?
A: The partnership will cover a range of things - all the way from development through to manufacture and supply. The partnership will be very comprehensive if we finally settle for a partner who has the potential
Q: So, there won't be an outright acquisition?
A: I am not going to rule anything in or out, but it is not our style to use the acquisition route.
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