"The (pharmaceutical) industry needs to spend more money on R&D and less on sales and...

|By:, SA News Editor

"The (pharmaceutical) industry needs to spend more money on R&D and less on sales and marketing, says Novartis (NVS +1.2%) CEO Joseph Jimenez. He also believes "that in the future, companies like Novartis are going to be paid on patient outcomes as opposed to selling the pill." However, Jimenez warns that price cuts, such as those in Europe, "create a disincentive for us to build sales force."