Pharmaceutical firm, Novartis, has lost a legal battle against the Indian government partly because pension funds protested against the firm’s actions labelling it «unfair». The argument arose after Novartis challenged a provision in Indian law stating patent monopolies would be awarded only for truly innovative medicines, rather than for minor modifications of existing medicines. In response, an Oxfam and FairPensions’ campaign against the pharmaceutical giant drew support from pension funds whose assets totalled £1.7trn. A spokesman for FairPensions said it was encouraging that pension fund members and trustees were getting more involved in such issues.
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