India might not be one of the priority markets for pharmaceutical giant Novartis, but Global CEO Vasant Narasimhan said that it has become "incredibly strategic" for the company's research and development efforts.
"When you look at our performance last year, 10 positive phase three trials, and every one of those trials was touched by our Indian operations. Every one of those trials, the submissions of those trials to global regulators happens through our Hyderabad centre. We get some of the best talents in the world here," Narasimhan told CNBC-TV18 in an exclusive interview.
He added that in the last seven years, the company has gone through a transformation and done over $100 million worth of transactions in the country.
Addressing the regulatory landscape in India, Narasimhan noted, "So in India, I believe we're still the number one operator of clinical trials in the country. And we have seen improvements with DCGI —in terms of the speed at which clinical trial applications are being processed."
Reflecting on the future potential of Novartis' operations in India, Narasimhan expressed optimism about scaling up significantly. "I think the next step, of course, is to continue to encourage the government to invest through the outstanding programs that we have now for the National Health Insurance Program to enable investment into the next innovative medicines," he said.
Narasimhan concluded by outlining Novartis' aspirations for its Indian operations, stating, "We hope over time to grow our Indian operations through the healthcare limited from a two to $300 million operation to a much larger business."
