NOVARTIS LOSES PATENT BID IN INDIA FOR KEY CANCER DRUG

NEW DELHI – India’s Supreme Court has dismissed a bid by Swiss drugmaker Novartis AG's for patent protection for its cancer drug Glivec, in what is seen as a blow to Western pharmaceutical firms targetting India to drive sales and a victory for local makers of cheap generics. Analysts say the decision sets a benchmark for intellectual property cases in India, where many patented drugs are unaffordable for most of its 1.2 billion people, and does not bode well for foreign firms engaged in ongoing disputes there, including Pfizer Inc and Roche Holding AG.