Novartis: Will continue investing in India, but cautiously
Novartis India on Monday said it is disappointed with the Supreme Court verdict rejecting its patent plea for blockbuster cancer drug Glivec. It will continue to invest in India, but cautiously, Ranjit Shahani, vice-chairman and MD of Novartis India told reporters in Mumbai.
April 02, 2013 / 09:47 IST
Moneycontrol Bureau
Novartis India on Monday said it is disappointed with the Supreme Court verdict rejecting its patent plea for blockbuster cancer drug Glivec. It will continue to invest in India, but cautiously, Ranjit Shahani, vice-chairman and MD of Novartis India told reporters in Mumbai.Novartis will also introduce new products in India and file patent applications, but may not invest in research and development, he added.The apex court earlier in the day dismissed the Swiss pharma giant's patent plea on Glivec, ending a dispute that has dragged on for more than six years. Novartis had approached the Court, seeking to overturn the clause in the Indian Patent Law, which restricts protection for new forms of existng molecules. Supreme Court, however, ruled that Glivec is not new, not innovative and did not satisfy the criteria under section 3(d), which states that inventions that are a mere "discovery" of a "new form" of a "known substance" do not result in increased efficacy of that substance and are not patentable.The company hopes the system of intelectual property improves in India, Shahani said. Novartis India shares slumped over 7 percent in morning. The stock, however, recovered some what later in the day and closed at Rs 587.95, down near 2 percent. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
