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    Novartis faces shareholder criticism over drug prices at annual general meeting

    Farhat NasimWritten by Farhat Nasim Published On 2019-03-02T09:30:32+05:30  |  Updated On 2 March 2019 9:30 AM IST
    Novartis faces shareholder criticism over drug prices at annual general meeting




    Chief Executive Vas Narasimhan, who did not testify this week before the U.S. Senate with other global drug industry executives also facing criticism for drug prices, said he seeks to price medicines based on their value, adding Novartis needs a fair return to further research and development.

    ZURICH: Novartis’s shift into high-tech drugs won praise for providing patients with new options but criticism over prices that may run into the millions of dollars at the Swiss drugmaker’s annual general meeting on Thursday.

    Shareholders at the event in Basel also approved Novartis’s planned spin-off of its Alcon eyecare unit, due for coming months, with investors with five Novartis shares due to receive one share of Alcon stock.
    Swiss shareholder group Actares said insurance systems are being “taken hostage” by high prices for life-saving drugs. It called out Novartis’s $475,000 cancer cell therapy Kymriah and its still-unapproved gene therapy for spinal muscular atrophy that Novartis contends is cost-effective at $4-$5 million per patient, while independent groups have concluded its value is less than that.


    Read Also: Novartis to pump up cardio business with Ionis deal worth Rs 15 crore

    Chief Executive Vas Narasimhan, who did not testify this week before the U.S. Senate with other global drug industry executives also facing criticism for drug prices, said he seeks to price medicines based on their value, adding Novartis needs a fair return to further research and development.
    “With respect to pricing in cell and gene therapies, I think what’s often lost in the discussion is the remarkable impact of these medicines,” Narasimhan said. “These are true breakthroughs that come from a single infusion of a medicine that don’t require lifelong therapy.”

    Actares President Veronika Hendry said high drug prices present society with difficult questions over access.

    “With this business model you are taking hostage an insurance system that depends on solidarity,” Hendry said. “There’s currently a broad discussion going on over exorbitant drug prices, and this discussion is creating resentment and disbelief.”

    Read Also: Novartis India Q3 net profit dips 31 percent to Rs 12.87 crore



    ActaresAGMAlconAlcon eyecaredrug pricesNovartisNovartis sharesshareholderSwiss drugmakerVas NarasimhanZURICH
    Source : Reuters

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    Farhat Nasim
    Farhat Nasim

      Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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