India's Supreme Court Monday rejected a plea by Swiss pharmaceutical giant Novartis AG to get an updated version of its blood cancer drug, Glivec, patented in this country.

"The Novartis' claim for patent is being rejected as the new drug does not meet any standard for novelty or inventiveness. It was an old molecule; hence the drug can't get repeated patent protection in India," a two-judge bench of the apex court said.

The court's decision paves the way for generic drug makers to continue to sell copies of the drug at a lower price in India which is considered to be one of the fastest growing pharmaceutical markets in the world, thus making it affordable to even poor people.

Glivec costs about 2,600 U.S. dollars a month while the generic equivalent of the life-saving drug is available in India for just 175 U.S. dollars.

Novartis has said the Supreme Court's decision "discourages future innovation in India".

"This ruling is a setback for patients that will hinder medical progress for diseases without effective treatment options," Ranjit Shahani, the managing director of Novartis India, told the media.

The Swiss drug maker had approached the Supreme Court after the Intellectual Property Appellate Board based in the southern Indian state of Tamil Nadu's capital Chennai rejected its appeal against patent department's decision on Glivec.