GlaxoSmithKline board okays VRS scheme as part of biz review

GlaxoSmithKline Pharmaceuticals on Thursday said its board has approved a Voluntary Retirement Scheme (VRS) for a certain segment of employees under a strategic review of the business.

In a regulatory filing, the drug firm said its board has approved a commercial transformation initiative as part of a strategic review of the business.

''As part of the transformation and to continue to remain competitive, the company will explore new innovative solutions, including omnichannel strategy, to expand its reach and coverage to the target segments,'' the drug firm said.

Further, the company has launched a voluntary retirement scheme for commercial function employees in field sales and head office.

The initiative includes provisions for financial and transition support.

The financial impact will be communicated separately, GlaxoSmithKline Pharmaceuticals said.