Uncertainty surrounding emerging markets may be spooking investors on fears of a global economic slowdown, but Swiss pharmaceutical company Novartis is not reining in its developing country plans, its chief executive told CNBC.
Joseph Jimenez told CNBC Friday that the company will not retreat from its position in emerging markets, even though its exposure has had an adverse impact on their growth figures.
"We are not pulling back, we're in these markets for the long term. We are going to live through the volatility and we're going to come out as a stronger Novartis, once these economies start to move as fast as they were before," Jimenez said.
With 26 percent of Novartis' revenues stemming from emerging markets, Jimenez, confirmed that the business' growth rate had now slowed, attributing China as a determinant to this slowdown.
"We've seen a little bit of a slowdown in emerging markets particularly China, but in our business that means moving from mid-double digit growth rates to now in the mid-single digit growth rates. So if you think about the global healthcare market maybe growing at 2 or 3 percent, this is still an incremental growth."