Novartis said its profit will fall this year because of competition from generic-drug makers, continued price cuts and the need to invest in innovative therapies.

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What I would also say is that we recognize that our strategy comes with it a certain amount of complexity, lengthiness, and unpredictability, because we are seeking innovative medically important therapies.

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In its efforts to contain Medicare costs, the IPAB will be forced to slash provider reimbursements, with the juiciest targets being the newest, most innovative and most expensive therapies.

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