The apex Indian court rejected Swiss based pharmaceutical company Novartis AG’s plea for retaining patent of its cancer drug Glivec. The development has the potential for better prospects for Indian pharmaceutical firms over well placed foreign brands.
According to analysts, the Supreme Court has set a legal precedent with this decision where it refuses to support patents on existing drugs sold in India. The decision is not a great sign for foreign firms in the middle of intellectual property disputes in India. This includes companies such as Pfizer Inc and Roche Holding AG.