Novartis is one of the world's largest pharmaceutical firms, with 74,000 employees worldwide.
Novartis senior VP and head of global search and evaluation Dr. Paul Sekhri announced the company's plans on a promotion visit to Israel last week. In August 2001, Sekhri set up a special committee, which he heads, to search, evaluate, and locate licensing opportunities for compounds, technologies, platforms, and corporate acquisitions. Novartis wishes to stay abreast of developments and compete with similar concerns.
Ackerman said that Novartis had expressed interest in an event aimed at locating and fostering connections with companies in its field. Such an event could bring Novartis chairman and CEO Dr. Daniel Vasella on a visit to Israel.
More business with Novartis can lead to greater xports to Switzerland. Ministry of Industry and Trade sources said that exports to Switzerland rose 21.2% to $231 million in January-September 2002, compared with $191 million in the corresponding period last year. Imports rose 1.7%, from $1.195 billion to $1.215 billion, in the same period.
Swiss pharmaceutical giant Novartis AG (NYSE: NVS) wishes to bolster its operations in Israel, according to Israeli commercial attache to the World Trade Organization in Geneva Joseph Ackerman. Novartis deals in pharmaceutics, generic drugs, consumer health, healthcare for poor people and animals.
Novartis, headquartered in Basel, operates in 140 countries, including Israel, and had sales of $19.1 billion and a $4.2 billion profit in 2001. The company invested $2.5 billion in R&D.