Novartis bets big on China, 50 new drug applications expected by 2023

Aug. 12, 2019 9:36 AM ETNovartis AG (NVS)NVSBy: Douglas W. House, SA News Editor3 Comments
  • The Financial Time reports that Novartis (NYSE:NVS) expects to file 50 applications for drug approvals in China by 2023, about evenly split between on-patent and off-patent medicines.
  • China regulators have approved 24 of the company's drugs in the past two years. Its top seller there is leukemia med Gleevec (imatinib mesylate).
  • The historical time lag from U.S. approval to China approval used to be as long as six years but now is only a matter of months.
  • According to Citigroup, NVS has filed more drug applications under China's priority review system since 2016 than any other foreign firm.
  • NVS drug development chief John Tsai believes that research capacity in China is approaching the U.S. while chemical identification could catch America in the next 5-10 years.
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