Global pharmaceutical companies GlaxoSmithKline

The development of a new drug is both a time-consuming and a cost-intensive process. It takes 12 to 15 years and costs up to 800 million to bring a new drug to the market. As measured by the market capitalization, the pharmaceutical companies play a pivotal role in the global economy. In February 2003 Pfizer was ranked at position five worldwide, with a market capitalization of 163 billion. Ranking third as far as the market capitalization in Europe is concerned was GlaxoSmithKline, with a current value of 101 billion. Novartis was number five in Europe with 82 billion. 

However, despite their practical and societal value, vaccines remain only a small component of the global pharmaceutical market ( 5 billion out of 350 billion sales in 2000). The vaccine market is dominated by just four large manufacturers GlaxoSmithKline, Aventis Pasteur, Wyeth, and Merck Co. There is, however, a strong resurgence of interest in vaccines, with a growing cluster of small vaccine companies and biotech hrms, led by Chiron. 

The UK should retain its position of strength within the global pharmaceutical industiy if it can continue to attract the major companies (2). A report commissioned by the ABPI showed that the UK s reputation amongst the major companies remained veiy positive. AstraZeneca, GlaxoSmithKline, and Pfizer accounted for more than 70% of total R D expenditure in the UK and other companies with a significant presence in the UK included Merck Sharp Dohme, Organon, Lilly, and Novartis (51). In fact, empIo3nnent in pharmaceutical R D has increased 50% since the early lS>90s (2, 47, 51). 

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