The incoming chief executive of GlaxoSmithKline called on the healthcare industry and medical profession to intensify emphasis on the value of new medicines so as to restore the “shattered equilibrium” of the pharmaceutical industry.

In his first extensive public remarks since being named as the replacement for Jean-Pierre Garnier – he takes up the post in May – Andrew Witty told the Academy of Medical Sciences that he sought a more intensive dialogue with industry and “much more from the buyer side on what value means”.