With previous managerial responsibility for Asia and one eye on India's potentially vast drugs market, it was apt that Andrew Witty used the phrase "no sacred cows" in his first public comments on strategic priorities at GlaxoSmithKline.

During several months in purdah while preparing to take over as chief executive of the pharmaceuticals group, he consulted extensively with GSK shareholders, who have put up with several years of share price underperformance. Their message was clear: "More growth with less risk."