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Investing.com -- Swiss pharmaceutical company Novartis (SIX:NOVN) has identified its radiopharmaceutical business, which targets cancer, as a key growth area. The company’s CEO, Vasant Narasimhan, has outlined plans to develop this segment into a business worth at least $10 billion over the next decade, according to Nikkei.
Novartis has been refocusing its business strategy in recent years. In 2019, the company spun off its ophthalmology subsidiary, Alcon (NYSE:ALC). Four years later, in 2023, it did the same with its generic drug subsidiary, Sandoz (SIX:SDZ). The company has since announced plans to concentrate on the development of advanced original drugs, specifically in the field of oncology.
Under Narasimhan’s leadership, Novartis has seen significant growth. Since 2018, the company’s market capitalization has increased by more than $40 billion. Narasimhan also shared the company’s intention to innovate in areas where it can distinguish itself, rather than entering crowded markets such as the anti-obesity sector.
Novartis’ shift towards specialized, innovative drugs, particularly within oncology, marks a strategic move to position itself as a leader in the field. The focus on radiopharmaceuticals, a type of cancer treatment, underlines the company’s commitment to this goal.
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