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Novartis loses India patent bid

India's Supreme Court rejected the drugmaker's bid to patent a more easily absorbed version of its cancer drug Glivec. The landmark ruling has global significance because India's $26 bil generic drug industry supplies much of the cheap medicines used in the developing world. After the ruling, Novartis (NVS) said it will no longer invest in drug research in India. Glivec costs about $2,600 a month. A generic version sells in India for around $175 per month. Novartis shares fell 0.3% to 71.06.