Pharmaceuticals company GlaxoSmithKline is looking beyond the industry focus on price pressure and focusing on three key areas to take advantage of "enormous volume opportunity," especially in emerging markets, CEO Andrew Witty said on Wednesday.
GlaxoSmithKline laid out growth targets for its biggest businesses on Wednesday, hoping to convince investors that focusing on consumer health and vaccines would return the drugmaker to long-term growth.
"We think we're really aligned with where the river is flowing. The river is flowing for more volume. We're going to focus on that, get that volume out there at a fair price, get a good return on our R&D investment, but not be fixated on defending ever and ever higher prices in the developed world," he told CNBC's "Squawk Box."
Witty is under pressure to prove to investors that a $20 billion-plus asset swap with Novartis can revive GSK's fortunes, following a damaging slide in lung drug sales and a major corruption scandal in China.
Britain's biggest drugmaker said it expected group sales to rise by a low- to mid-single-digit percentage rate annually to 2020. Its pharmaceuticals, vaccines and consumer health businesses would increase annual sales by low single digits, mid-to-high single digits and mid-single digits, respectively, it added.
In the next three years, GSK sees its over-the-counter business booming as 300 million new health-care customers begin buying products in the segment, he said. The same number of people are projected to turn 50 in the next five years, potentially bolstering GSK's vaccine and pharmaceuticals business, Witty added.
GSK's vaccine business should also grow as 130 million children are born every year for the next three years, he said.
To execute on its bet that volume will trump price, GSK has been undercutting competitors to increase volume and access over the last several years, Witty said.