Novartis

Definition

Novartis is a global healthcare company based in Switzerland that specializes in the research, development, manufacturing, and marketing of a wide range of pharmaceutical products. It is known for its innovative approach to medicine and its adoption of contemporary organizational structures to enhance efficiency and foster innovation.

Related terms

Matrix Structure:

A type of organizational structure where employees report to more than one manager or supervisor, integrating functional and divisional structures to leverage the benefits of both.

Strategic Business Unit (SBU): An autonomous division within a larger company that focuses on a specific market segment or product line, allowing companies like Novartis to specialize and innovate in certain areas without affecting other parts of the business.

Research and Development (R&D): The division within companies devoted to activities aimed at improving existing products and procedures or leading to the development of new products and procedures