ADVFN - Advanced Financial Network.
HOME» NYSE » N » NVS Stock Price » NVS Stock News

Novartis Share News

 Novartis Ag Basel Stock Price
NVS Stock Price
 Novartis Ag Basel Stock Chart
NVS Stock Chart
 Novartis Ag Basel Stock News
NVS Stock News
 Novartis Ag Basel Company Information
NVS Company Information
 Novartis Ag Basel Stock Trades
NVS Stock Trades

Novartis Says New Russian Drug Factory Ready In Two Years

By Tracy Corrigan Novartis AG's (NVS) new $150 million manufacturing plant outside St Petersburg will be built in two years, Joseph Jimenez, chief executive officer of the Swiss pharmaceuticals company said. All the building permits are in place. Registration and certification of the site will be required before production starts, he added. In an interview at the St Petersburg International Economic Forum, Jimenez, an American, described the project as a "substantial" investment. In late 2010, Novartis announced it would invest $500 million in Russia over the next five years, in an attempt to strengthen its position there. That followed warnings from the country's prime minister at the time, Vladimir Putin, that global pharmaceutical companies would face restrictions if they failed to establish manufacturing facilities and transfer technology to the country. Putin has since been re-elected as Russia's president. Many pharmaceuticals companies currently export to Russia but "the government has been very clear that over time they will face hurdles" in the form of tariffs, Mr Jimenez noted. That reflects Russia's aim to reduce its dependence on imported drugs. Novartis is already the largest foreign operator in the Russian pharmaceuticals market, its CEO told Dow Jones. "This government really wants to attract foreign investment," he added. It has offered tax incentives and infrastructure support in economic zones to encourage foreign pharmaceuticals companies to start manufacturing on Russian soil. The Russian government exerts control over the sector through import duties, subsidized purchases of drugs for people with low-incomes, and funding purchases of medical equipment for hospitals. Novartis expects the Russian pharmaceuticals market to grow at an annual rate of 7 per cent in the next few years, assuming the economy continues to expand at around 4-5 per cent annually. The healthcare market is growing faster, partly because of the government's commitment to increase life expectancy, which will involve increasing the number of diseases for which treatment costs are reimbursed by the state, according to Mr Jimenez. Novartis will also increase the number of clinical trials it conducts in Russia, as well as collaborating on research with Russian universities. The company is also involved in a number of public health projects. Novartis's global clinical standards apply in Russian trials, Mr Jimenez said. Commenting on the euro zone crisis, Mr Jimenez said Novartis is being "very conservative in how we are managing cash" in some euro zone countries and is working to reduce receivables from hospitals in those countries. He added that in extreme cases, Novartis has not cut off shipments of life-saving medications. "We are working with these governments", he said. Write to Tracy Corrigan at Tracy.Corrigan@dowjones.com

Stock News for Novartis (NVS)
DateTimeHeadline
09/22/201412:43:39Germany's Merck to Buy Sigma-Aldrich for $17 Billion--2nd Update
09/01/201412:45:13EUROPE MARKETS: Novartis Climbs, Iliad Drops: European Movers
09/01/201412:01:47EUROPE MARKETS: Novartis Up, Iliad Drops: European Movers
09/01/201408:27:44Ruble Hits New Record Low Against Dollar
08/29/201412:46:16Zurich Stocks Rise; Novartis Drug Test Results Eyed -- Market...
08/18/201412:40:12Zurich Stocks Mostly Higher; Swisscom Down -- Market Talk
08/01/201412:26:48LONDON MARKETS: FTSE 100 Slumps For Third Day As Miners, Banks...
07/28/201402:37:21Novartis Gets EU Approval For Glaucoma Drug
07/25/201407:44:11Drug Companies Oppose Moves to Reimburse Off-Label Medicine
07/17/201418:27:37ADR Shares End Lower; SAP Shares Trade Actively
07/16/201418:17:45Novartis 2Q Results -- Forecast
07/15/201417:53:10ADR Shares End Mixed; British American Tobacco Shares Trade Actively
07/15/201416:58:23Novartis, Google Team Up on Lenses -- Update
07/07/201415:20:45Novartis Wins 'Breakthrough' Status for Leukemia Treatment
07/02/201417:32:10ADR Shares End Mixed; Telefonica, Veolia Environnement Shares...
06/19/201409:25:15Actavis Generic Exelon Patch Found to Infringe on Patents
06/18/201417:07:21ADR Shares End Higher
05/29/201409:03:30EUROPE MARKETS: European Stocks Seesaw; Kingfisher Down After...
05/16/201403:12:32Novartis to Provide More Evidence for Heart Drug Serelaxin
05/15/201417:37:09Novartis Manages to Push Back Competition to Leukemia Drug in...

Novartis and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad