Dan Brindle, head of Novartis AG’s (NYSE: NVS) China operations, recently spoke with Xinhua news service about the company’s ambitions in the Chinese market. Brindle expects China to become the multinational corporation’s “second-largest market by 2024.” This goal will be achieved through a series of new product approvals. “In the next five years, we are planning to introduce 50 new drugs to the market, that’s drugs and indications,” Brindle said.
Company Background
Novartis has been present in China for 36 years, and the country is a “strategic” market for the Swiss giant globally, currently ranking third in terms of global revenue. The company has experienced strong growth in China, with a 19% expansion in 2021, followed by 15% growth in Q1 2022. Sales growth slowed to 5% in Q2 2022 due to the impact of COVID-19.
Market Prospects
Brindle expressed optimism about the prospects of the innovative pharmaceutical industry in China. He noted that Novartis had eight new drug approvals and indications last year. With China already the second-largest pharmaceutical market in the world, there are significant unmet needs across multiple disease areas where Novartis can make a difference with its innovative drug portfolio. Brindle also highlighted the market’s “open-minded” policy environment, which takes into consideration the views of multinational corporations operating locally.
Operations in China
Based in Shanghai, Novartis employs approximately 8,000 people in China and operates manufacturing facilities in Beijing and Guangdong, as well as R & D sites in Beijing, Shanghai, and Jiangsu province. Brindle has been leading Novartis’ China operations since November 2020. His background is in international law, and he previously held leadership positions in corporate, government affairs, and public policy departments of several multinational corporations in China, including Eli Lilly & Co., GlaxoSmithKline, and Pfizer.-Fineline Info & Tech
