Monday, April 4, 2011

Glaxo (GSK) in Talent War Against PFE, SNY

Abbas Hussain, GlaxoSmithKline's (NYSE:GSK) president of emerging markets and Asia Pacific, said the company is in an all-out "war for talent" in emerging markets with competitors Pfizer (NYSE:PFE) and Sanofi-Aventis SA (NYSE:SAN).

“There’s a huge war for talent,” Hussain noted. “It’s hard to do anything about. If you have a good person, they could find someone else willing to pay twice as much.”

Glaxo has about a 20 percent attrition rate for its sales force in both China and India annually as a result of better offers from competitors, according to Abbas Hussain, the London-based company’s president of emerging markets.

Emerging markets and Asia Pacific accounted for about 17 percent of Glaxo’s sales in 2010, compared with 18 percent for rivals New York-based Pfizer Inc. (PFE) and 30 percent for Sanofi-Aventis SA (SAN).

GlaxoSmithKline was trading at $39.28, gaining $0.50, or 1.29 percent, as of 2:35 PM EDT.

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