Greek crisis 'could affect medicine prices'

People in pharmaceutical jobs could stand to be affected by the ongoing economic crisis in Greece.

The European country is facing economic collapse as a result of its massive public debt, prompting its eurozone neighbours and the International Monetary Fund to look at drawing up a rescue package.

GlaxoSmithKline (GSK) believes the crisis could potentially have an impact on the prices of many pharmaceutical products.

"We don't expect price increases in Europe," said Andrew Witty, chief executive of GSK.

"We expect there to be price pressure.

However, Mr Witty told Reuters that the extent of the pressure that would be applied when European governments cut spending on medicines is still unclear.

This could potentially lead to revenues for many major pharmaceutical companies being affected.

GSK recently reported that its sales rose during the first quarter of 2010, which it said demonstrates sustained business performance and good progress in delivering its strategy.
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