On Monday, in a statement Novartis said, it was integrating its pharmaceuticals and oncology units into an innovative medicines (IM) business to simplify its organisational structure, which could result in targeted savings of at least $1 billion by 2024.

“Integrating pharmaceuticals and oncology business units into an innovative medicines (IM) business with separate U.S. and international commercial organizations will increase focus, strengthen competitiveness and drive synergies,” said Novartis in a statement.

Basel-based Novartis has appointed Marie-France Tschudin as president of innovative medicines international and chief commercial officer, and has appointed Victor Bulto as president of innovative medicines in the United States.

While Steffen Lang will take over as president operations, Shreeram Aradhye will become president of its global drug development and chief medical officer.

The company also mentioned that Susanne Schaffert, Robert Weltevreden and John Tsai are leaving the company.

Value creation through these operational improvements should ensure at least 4% sales growth in constant currency through 2026.

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