Novartis: Will continue with our investments in India, although catiously

The Supreme Court today rejected Swiss drugmaker Novartis AG's plea for a patent protection of its cancer drug Glivec, a move likely to boost the prospects of Indian pharmaceutical firms over foreign ones.

The apex court verdicts also sets a benchmark for several intellectual property disputes in India, where many patented drugs are unaffordable for most of the country's population, 40 per cent of whom ean less than Rs 70 a day.

Novartis today held a press conference in Mumbai following the verdict. Here are the highlights of the conference-

• We will continue with our investments in India, although catiously
• Hope ecosystem for patents in the country improves
• Have a situation in the country where a company has a patent for a product but is pushed for a licence
• Continue to invest in research globally
• Will follow Supreme Court judgement to the fullest
• The ecosystem to encourage is not existent in India
• Dissappointed with Supreme Court decision
• Glevic is the most innovative product
• Will apply for patent for new products
• There is a push for compulsory licence
• Current atmosphere for innovation not very strong
• Billions of dollars in research have gone to China in the last few years