Interview with Joseph Jimenez

CEO Novartis

I think it’s going to be a difficult period. If you look at the various regions geographically, each one has an issue. The US has a debt issue, Europe has a growth issue and even China is slowing. I’m not pessimistic, but I believe this is going to be a relatively low economic growth environment for the foreseeable future.

If you look at healthcare spending around the world in developing markets, it’s growing faster than the economies because as the middle class grows there is greater demand for healthcare and increased pressure on those governments to provide it.

We are shifting resources towards [emerging] markets, expanding field forces and investing in research and development. We are either maintaining or slightly reducing activity in the mature markets.

We also have to shift our geographic footprint and invest more aggressively in the countries that are growing, while managing our cost in the developed countries where we still have good business although it is no longer growing at the same rate.

We believe that the protection of innovation in the form of intellectual property is being eroded in some countries and it worries us. Rewarding innovation and protecting intellectual property are the two things on my wish list when it comes to government support for business.

The mission of the company is to care and to cure. People working for Novartis have a deep desire to help patients. I’m trying to help them to reconnect with that wish. As an industry we are going through a difficult time. Reconnecting with that mission is critical in my view.

Novartis provides healthcare solutions that address the evolving needs of patients and societies.

Joseph Jimenez has been Chief Executive Officer (CEO) of Novartis since 2010. Previously Mr. Jimenez served as Division Head, Novartis Pharmaceuticals. Mr. Jimenez joined Novartis in April 2007 as Division Head, Novartis Consumer Health. Previously, he served as president and CEO of the North America business for the H.J. Heinz Co., and as president and CEO of Heinz in Europe from 2002 to 2006. Prior to joining Novartis, he was a nonexecutive director of AstraZeneca PLC, United Kingdom, from 2002 to 2007. He was also an adviser for the private equity organization Blackstone Group in the United States.

Mr. Jimenez is a member of the board of Colgate-Palmolive Co., New York. He graduated in 1982 with a bachelor’s degree from Stanford University and in 1984 with a Master of Business Administration from the University of California, Berkeley.

These interviews contain the opinions and views of the CEOs interviewed, and do not necessarily represent the opinions and views of PwC.