#16: GSK CEO: Why We Prioritise USA Over UK

Dame Emma Walmsley, Chief Executive one of Britain's biggest pharmaceutical companies GSK (GlaxoSmithKline), says the company is prioritising the United States for product launches and investment, citing its scale, commercial opportunities and favourable business environment. She confirms GSK will invest four times more in the US than in the UK over the coming years, making America the company’s primary growth and innovation focus.

Explaining GSK’s investment strategy, Dame Emma Walmsley points to the US market’s scale and competitiveness, boosted by recent government policy. She welcomes a new UK-US agreement removing tariffs and recognising pharmaceutical innovation, but warns of challenges for Britain’s life sciences sector. Despite the UK’s strong scientific heritage, she notes it accounts for just 2% of GSK’s sales, compared with more than half in the US.

Dame Emma Walmsley stresses the UK must stay competitive to attract foreign investment, warning that other countries increasingly treat life sciences as a strategic industry. She confirms the UK will pay more for medicines under the new agreement, with NHS costs for new drugs expected to rise by 25%. While medicines make up only 9% of NHS spending—lower than in many countries—she acknowledges budget pressures and the need for careful prioritisation.

Dame Emma Walmsley also reveals GSK is close to winning approval for the world’s first six-monthly asthma drug, expected to cut the most severe attacks requiring hospitalisation by more than 70%. She calls the breakthrough a major advance for patients and healthcare systems, with the potential to deliver significant cost savings and improve quality of life for millions worldwide. She also comments on the surge in obesity and weight-loss treatments, noting GSK is not a major player but admires the scientific progress. Instead, the company is focusing on high-burden diseases such as liver disease and chronic obstructive pulmonary disease (COPD), with trials under way and hopes for further breakthroughs.

Finally, Dame Emma Walmsley reflects on a turbulent period when activist investors questioned her leadership and forced her to reapply for her own job, amid concerns over GSK’s share price performance versus rivals.

Presenter: Simon Jack Producer: Ollie Smith/ Olie D'Albertanson

00:00 Sean Farrington and BBC Business Editor Simon Jack intro pod 03:00 Dame Emma Walmsley joins the pod 03:53 Change agenda & US market focus and investment 07:18 New asthma drug approval on the horizon 08:19 GSK’s scale and global impact 12:03 GSK to invest four times more in the US than the UK 14:54 UK to pay more for drugs after UK-US deal 16:56 GSK new asthma drug breakthrough 19:48 GSK’s approach to obesity and weight loss drugs 28:23 Women in leadership at GSK 32:47 Shareholder revolt and leadership challenges