Jimenez believes the concept of blockbuster drugs, which has been the major driving force of big drugmakers around the world, should be rethought. In the past, drugs were developed to fight the most prevalent problems such as heart disease, diabetes and hypertension. Novartis is now putting its effort into a converse approach: Instead of targeting very large patient pools with broad therapy areas, it follows a science-based approach by researching pathways of rare diseases, which may play a role in more common diseases.

It wants its scientists to figure out the molecular pathway by which a disease works and how to interrupt it. From there, they can expand to other diseases that are affected by the same mechanism and create a multiple-disease therapy.

The company has already seen some success with this method. Afinitor, for example, was first approved to treat kidney cancer. But research demonstrated that it also works in patients with certain lung and breast cancers. With indications across five areas, Afinitor is expected to reach blockbuster status with sales of more than $1 billion.

Jimenez's previous career in the consumer goods industry - at one time heading H.J. Heinz Co, one of the most global US-based food companies - in North America and later Europe required him to "look at the external world and how it is changing". His board recognized that his experience and insight would be valuable in the healthcare sector as it undergoes great changes.

National governments, including China, are calling for a reduction in medical care costs. China has been implementing medical reform, aiming to provide universal medical care for its 1.3 billion population. It has urged drugmakers, especially international ones, to reduce prices, especially for medicines that are out of patent, and cut the price of drugs on its national reimbursement list nearly 20 times since 1997.

"Governments around the world are lowering the prices of pharmaceuticals and China is no exception," Jimenez said, stressing that Novartis as a healthcare group has both innovative pharmaceuticals that are patent-protected and a division named Sandoz focusing on high quality but low cost generics, which it considers to be a diversified and balanced portfolio.

On the other hand, the CEO said: "Obviously the price declines influenced our thinking about the amount we can invest (in R&D), but we're committed to upholding our high investment in innovation." He called for the rewarding of innovation with prices that can sustain R&D investment in the next generation of drugs.

The healthcare industry is rather unique, given its huge investment in R&D and close relationship with government policies, according to Luo Jing, a senior analyst of Shenyin Wanguo Securities Co Ltd.

In recent decades, it generally took 10 years and at least $1 billion to bring a new drug to the market but the cost is now rising.

"The price of medicine is a double-edged sword in the industry and the bargain between governments and pharmaceutical companies is endless internationally, including China. It is a question of finding a balance, which is a challenge to both policymakers and drugmakers," she added.

Jimenez insists that R&D is fundamental to Novartis. The company spent more than $9.1 billion on R&D last year. Meanwhile, it has increased its research in emerging markets, including China.

The Swiss health major has committed $1 billion to the construction of a new R&D center in Shanghai, which is to be one of nine such facilities to support a global R&D network.

"The role China is playing is top-line growth for Novartis. It helps us see the fruit of our R&D investments we have made in many of our pipeline products," said the global CEO.

Last year, sales of Novartis products in China grew 24 percent at a time when the company's global performance was essentially flat because of Diovan's patent expiration.

In the coming years, the growth in China "will remain constant with strong growth in double digits" and "we could grow slightly faster than the market", said Jimenez.

Being the CEO of a global company is not easy. In fact it is extremely strenuous, said the 53-year-old. Sports are still his favorite form of relaxation. To keep his energy levels up and make sure his head is always clear, Jimenez does a lot of athletics, such as going to the gym, swimming and indulging his new hobby of fly-fishing.

But what Jimenez enjoys most is spending time with his children and family on the weekends - the best way to maintain a good work and life balance and refresh himself, he said.