GSK CEO: US Still the Top Market for Pharma Investment

GSK CEO Dame Emma Walmsley says the US remains the world’s best market for drug investment as the pharma giant commits US$30bn to its stateside expansion

Despite years of UK governments championing Britain as a global force in life sciences, GSK CEO Dame Emma Walmsley says the US is still the most attractive place for pharmaceutical investment.

In a BBC interview, she confirmed that GSK will invest more than US$30bn in the country by 2030.

“I do think we have to be realistic that for all investments the UK is competing with many other countries in the world who see this industry as strategic,” she said.

“I am extremely pleased with our commitment to invest more than US$30bn [in the US] over the next five years, but once again it’s more than half of GSK’s global turnover today and it’s still a leading market in the world in terms of the launch of new drugs and vaccines.”

Gaining this percentage of revenue from the US, she sees the country as essential for long-term growth. “It’s probably, alongside China, and that’s definitely something to watch, the best market in the world to do business development.”

Concerns over UK competitiveness

Her remarks come amid growing concern that the UK is losing ground in attracting major life-sciences investment. Merck (known as MSD in Europe) recently scrapped plans for a £1bn (US$1.3bn) UK expansion, while AstraZeneca paused a £200m (US$268m) research investment in Cambridge as it pushes tens of billions of dollars into the US instead.

Although GSK remains deeply embedded in the UK, Emma stressed the limitations of Britain’s domestic market.

“No one should be deluded that the UK is going to be a massive scale market,” she said. “For GSK, 2% of our sales are here.” This is compared to more than 50% in the US.

However, she says the UK can succeed as “an exporter of innovation”, particularly in advanced research and specialised manufacturing.

Tariff deal offers limited boost

A recent agreement to eliminate tariffs on UK-made pharmaceuticals shipped to the US was welcomed by Emma as “a step in the right direction”, even though it requires the NHS to spend more on medicines.

She sees this as a necessary move to support innovation, following years in which the NHS devoted a shrinking share of its budget to new drugs.

Among GSK’s upcoming innovations is a twice-yearly asthma treatment that could reduce severe asthma hospital admissions by up to 70%, according to the company, and it hopes the NHS will approve it within weeks.

A leadership transition for GSK

As GSK prepares for a new era of AI-enhanced drug discovery, Emma says the industry is nearly at an inflection point. “Ninety percent of the projects in our industry don’t work,” she said. “If instead of 10% working, 20% work, it will completely change the trajectory of innovation.”

Emma will step down on 1 January 2026, handing leadership to Luke Miels, currently GSK’s Chief Commercial Officer. 

Calling 2026 at the time of the announcement “a pivotal year for GSK to define its path for the decade ahead”, she said she believes this is the right moment for new leadership.

Reflecting on her tenure, she added “As CEO, you hope to leave the company you love stronger than you found it.

“Today GSK is a biopharma innovator, with far stronger momentum and prospects than nine years ago.”