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 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
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Billions of dollars in research have gone to China in the last few years
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