March 21, 2018 06:33 AM EDTUpdated 10:20 AM

GSK’s Luke Miels applies budget shock therapy to shake up the pharma group, refocus on blockbusters

The dramatic change of culture underway at GlaxoSmithKline is back on display this morning.

Reuters’ Ben Hirschler got wind of a demand from new pharma chief Luke Miels that his managers come up with 20% cost savings. They plan to devote the savings to concentrate more firepower on fewer products — part of the same “go big or go home” style that CEO Emma Walmsley is demanding on the R&D side of the business, which is looking to score near-term gains with a ramp-up on the oncology side.

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