12:12 PM
Jalal HB
In a bold move, India's top court has dismissed Swiss drug maker Novartis AG's attempt to win patent protection for its cancer drug Glivec, a serious blow to Western pharmaceutical firms who are increasingly focusing on India to drive sales.
India's domestic drugs market is the 14th largest globally, but with annual growth of 13-14 percent and the world's second biggest population, it has massive potential at a time when traditional developed markets have slowed down.
The Indian Supreme Court's landmark ruling is likely to affect several other companies and their branded medicines.
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