R&D budget: $7.06B (€5.1B)
Change over '08: +2.5%
Income spent on R&D: 16.7%
With its R&D budget rising last year Novartis ($NVS) began outlining plans for an ambitious expansion of R&D--in China.
In the words of Novartis CEO Daniel Vasella (photo), "You have to ask yourself, ‘Where do you need to be down the road?" And clearly it is here."
Altogether Novartis has mapped plans to spend a billion dollars beefing up its research operations in the Asian country, which will become a center of development activity for new drugs that are targeted at Asians as well as the entire world.
This year Novartis outlined plans to pursue new cancer drugs in China, with plans to introduce its first personalized therapy for the Chinese market in 2013. "We are developing drugs for Chinese patients. If we can't do first-in-man trials in China, then we are ruined," Novartis research leader Chris Lu told Reuters recently. "We are working with the SFDA (China's State Food and Drug Administration) to see what we need to do,"