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Novartis CEO Joe Jimenez on being investigated for marketing drugs to Iran, growth, the success of their MS drug and management changes.
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Hollywood loves Blockbuster.
And so does the global drug business with -- -- as -- -- -- -- at the World Economic Forum on one company.
Managing to bust blocks and the pharma world lives.
The -- Blockbuster in the pharmaceutical industry actually means one billion in sales.
For a single drug in a single year this is not an easy thing to achieve but Swiss pharmaceutical giant Novartis has done -- with its multiple sclerosis drug.
In what is pretty much -- record time we are joined now by the CEO of Novartis this pharmaceutical giant and he is -- to -- thank you so much for being here thanks for having me.
I must ask you about the news that has broken over the past 24 hours -- that is that Novartis is being investigated on a federal level in the United States.
For marketing drugs to Iran.
I need you.
To clarify what's going on here.
Yes we were contacted by the US attorney in Texas but there wasn't Novartis they were investigating our -- unit.
And actually it was from an event that occurred in 2005.
Well before.
Novartis acquired -- -- actually as far as I would go were cooperating fully with the US attorney and dumb.
Helping him continue with his investigation.
But for Novartis -- confidently say that your units don't market trucks to band nations that's that's absolutely correct if we did.
Remember you're talking about medicine sometimes life -- so there is absolutely a protocol with which you will would could would potentially market to any country in the world because of the life saving nature of some of our drugs.
In which we would fully comply.
Commute -- confidently say that in 2013.
We won't be seeing or at least at the end of 2013 we won't be seeing flat sales I mean will it be better at this year's what I'm aiming at.
As we exit the 2013.
Year we -- entering a new growth phase and that's for three reasons first of all we have a record number of launches that are actually already on the market that will ramp up over fourteen and fifteen and generate growth.
Secondly we're getting more exposure to emerging markets and so is that grows is a bigger percent.
Of our business will generate growth and then the third reason why will enter our next growth -- is that.
Our exposure to generic erosion reduces significantly in those years so -- given an outlook of -- sales growth at least mid single digits for those -- First you know one of the drugs that we watch being launched a Fox Business was -- multiple sclerosis drug.
It's in pill form first -- non -- where people don't have to inject themselves yes that was two years ago you came to Fox Business to talk about that.
And now you have reached the so called Blockbuster status you've passed the one billion sales mark did you expect.
Two years ago when you spoke with us -- that would be happening so quickly.
I didn't think it would happen so quickly so it it has absolutely been a tremendous success for Novartis but more importantly it's been a success for patients.
Multiple sclerosis patients did not have an oral option with best in class efficacy until July -- You've got some management changes at the top the long time chairman.
And he does your predecessor CEO Daniel Acela is leaving -- finally he is leaving to pursue.
Had a probably a much deserved retirement plan but.
The man coming in New York of Reinhart it's coming from bear but he's also the guy who you beat out for CEO is that -- -- arrangement that he will be I believe it's non executive chairman Chris yes I don't.
Think it's -- if you think about Dan damage has decided that he doesn't wanna stand for reelection but he's had seventeen years and Novartis either in the CEO role or the chairman role and he really did shape the company.
And so he decided that now would be a good time given that the company is doing -- -- the strategy is is on track.
-- was with the company for many years -- is over twenty years with Novartis he knows the company well.
I worked with him very well though the board has decided though to change the chairman's job from me.
Full time job to a non executive jobs figure will be in that role -- managing the board and governance of the company.
And I think we're gonna work very well together.
-- -- -- is the CEO of Novartis of of course America running the Swiss pharmaceutical company and a proud UC Berkeley graduate.
Thanks very much always have to say that right -- put it back to you in New York.
They have to get -- now right dumbest -- interview with Dow Chemical chairman and CEO regular residents coming up stricken eastern time.
I can't -- -- the closing bell I'll be there with you as well.
