Novartis to team up with Chinese tech giants

Swiss pharmaceutical giant Novartis AG is looking to further tap into China's healthcare market by bringing more innovative drugs, while enhancing collaborations with local biotech and technology companies to further digital transformation of healthcare, a top company official said.

Vas Narasimhan, CEO of Novartis, said he expects China to "become one of the top three markets for Novartis by sales in the coming years". The company is ready to bring more than 10 innovative medicines to China over the coming years, thanks to the country's commitment to further reform and opening-up, and its ongoing efforts to speed up new drug approvals, he said.

"Over the last 20 years China has been able to evolve from a country that was primarily focused on generic medicines and vaccines to now being able to bring the latest innovations," he said.