30 August 2017 - Joseph Jimenez, the chief executive of Novartis, is celebrating a triumph. The Food and Drug Administration approved Kymriah, a new treatment for kids with leukaemia. 

But he’s also taking heat from all sides over his decision to charge $475,000 for the treatment, and, in a major first, to negotiate deals that charge only patients who go into remission. For Wall Street, the sum is 36% less than investors expected, and could stunt a whole field. For patients, it is still far too expensive.

Jimenez admits the number is big “in the absolute.” But he says medical science can’t advance unless companies will invest in it, and companies can only do that if they get an adequate financial return. “I think in this instance we priced at a point where we can get a return, although I have to tell you that the cost of goods, the cost of manufacturing these cells and processing is very, very high.”

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