Teva CEO Jeremy Levin thinks his company and China are a match made in heaven. The Israeli generics giant is, after all, adept at making and selling cheap drugs, which the fast-growing Chinese market needs. And Teva has a strong portfolio of respiratory treatments--perfect for a country beset by air pollution.
Teva Pharmaceutical Industries is in the midst of devising a master plan to downsize its manufacturing network as CEO Jeremy Levin looks to carve $2 billion in annual costs out of the generics maker.
Maverick states could cost Big Pharma big money. Though many drugmakers have wrapped up marketing settlements with the federal government--and states willing to go along--they're now facing claims from state attorneys general who are bold, stubborn, ambitious, or all of the above.
Amgen has inked another marketing settlement with the U.S. government. The biotech giant agreed to pay $24.9 million to wrap up allegations that it used kickbacks to induce long-term care pharmacies to use more of its Aranesp anemia drug--and not only for patients with anemia caused by chronic kidney failure, the drug's officially approved use.
Canadian drugmaker Apotex, which last year complained to a NAFTA court that the FDA had been picking on it, is now recalling packages of contraceptive pills in Canada because they may contain too few active tablets.
CEOs have been offering up cuts to manufacturing operations as one antidote to sick balance sheets during the most recent round of earnings updates and Merck is among those whittling away.
Teva Pharmaceutical Industries CEO Jeremy Levin last year sketched out a long-term plan to cut $2 billion in costs, laying much of the burden for that on the company's manufacturing and supply chain. Levin revealed one element of the plan today when he disclosed that a Teva plant in Irvine, CA, would be sold.
Teva Pharmaceutical Industries' efforts to streamline its manufacturing processes as it reshapes its destiny over the next several years haven't stopped progress on what is termed the world's largest over-the-counter manufacturing facility.
Watson Pharmaceuticals is no more. The generic drug company has officially taken the name of its most recent acquisition target, Actavis, thinking it has better brand recognition in the markets where it intends to expand.
Call it gilding the Lilly. For nearly two decades, the Indianapolis-based Eli Lilly is believed to have forked over bribes to officials in countries like China, Russia and Brazil. In return it pocketed millions of dollars worth of business. Now it will pay up again, but this time to the U.S. government.