Swiss drug major Novartis' Indian arm is upbeat about its rural sales initiative, Arogya Parviar and plans to double its reach in the country over the next few years. "Arogya Parivar that started as a novel rural marketing initiative is now a profit-making body.
The face of MNC drug firms in India and champion of IPR protection, he oversaw the Swiss giant's India expansion, its forays into new therapies and setting up of its global service centre in Hyderabad
Novartis India Ltd has reported a 83.48 per cent rise in net profit at Rs 113.76 crore (Rs 1,137.6 million) for the fiscal ended March 31, 2004, compared to Rs 62 crore (Rs 620 million) in the previous financial year.
The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wish list for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) secretary general Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047. "To achieve this vision, the Union Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward," he told PTI.
The company is likely to increase buy-back offer from Rs 351 to Rs 425-450. The open offer price is likely to be revised from the earlier Rs 351 to between Rs 425 and Rs 450, as the current share prices of Novartis India are above the present open offer price, the sources added.
The offer by Novartis AG is to acquire up to 1,24,64,710 shares, representing a 39 per cent stake in Novartis India, at a price of Rs 351 per share. Earlier in March, the drug firm had said its Swiss parent's open offer for hiking its stake in Novartis India would begin on May 14, but on Friday rescheduled the offer date.
The company will continue to introduce products in the country, but not invest in R&D here, Novartis India Ltd Vice-Chairman and Managing Director Ranjit Shahani said at a press conference in Mumbai.
Financial pressure on the parent company triggered the move.
A meeting of the board of Novartis India Ltd will be held on January 30 to take on record unaudited financial results of the company for the third quarter ended December 31, 2002.
Novartis India invites students to participate in the 2nd Biotechnology Leadership Camp (BioCamp) taking place in Hyderabad from July1 to 3, 2010.
Aurobindo pharma, cipla, orchid chemicals are the prominent takeover targets.
However, analysts say it is not immediately clear if the merger would have any impact on Novartis India, the listed Indian subsidiary of the company.
There is no doubt that patients are the ultimate beneficiaries of pharmaceutical research and development. Thousands of public health needs go unmet each day simply because there is still a cure out there waiting to be found. Product patents serve as encouragement to innovation, providing impetus to both investors and innovators. It has been argued that by denying product patents, India will encourage domestic generic production and, therefore, access to medicines.
Voveran, Novartis India's flagship pain killer medicine, has become the largest selling domestic drug with sales of more than Rs 11 crore (Rs 110 million) in March 2008, displacing Pfizer India's cough and cold syrup Corex, which had sales of Rs 10 crore (Rs 100 million). Cipla, on the other hand, maintained its leadership position as the largest domestic pharmaceutical company edging out Ranbaxy Laboratories with a market share of 5.24 per cent.
Novartis India is up in arms against a two-month old decision of the National Pharmaceutical Pricing Authority to reduce the price of its flagship brand Voveran on public interest grounds. The annual sales of Voveran, the brand name for pain reliever medicine diclofenac, exceed Rs 100 crore and account for one-fourth of the company's total sales turnover. The company has filed a review petition with the chemicals and fertilisers ministry against the authority's decision.
Natco Pharma has opposed an application made by Novartis India to the controller of patents, for grant of a patent for an anti-cancer drug 'Imatinib Mesylate'.
The board of directors of Novartis India has approved a proposal to sell the Rifampicin bulk drug business, together with its Mahad facility, to Sandoz for Rs 30.77 crore (Rs 307.7 million).
Novartis India Ltd has posted a net profit of Rs 122 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 175.30 million in the corresponding period last fiscal.
Court has barred generic drugmaker Cipla Ltd from making or selling a cheaper copy of Novartis AG's respiratory drug Onbrez domestically.
Drug major Novartis has been slapped with a Rs 300-crore penalty by drug regulator NPPA for overcharging consumers on sale of Voveran, its best-selling painkiller medicine.
Legal experts and official sources said the alleged submission of fake documents can also lead to criminal charges against Novartis.
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
To ensure equal access to health care, the government must consider it in a holistic manner and improve all parameters.
On Tuesday, Novartis agreed to buy GSK's oncology products business for $14.5 billion, while selling its vaccines business, excluding flu, to GSK for $7.1 billion.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances