In a way, the coming year isn't a big one for patent expirations. The total amount of sales jeopardized by patent expirations is $34 billion. That's more than the $28 billion this year, but...
Clearly Israel is full of chatter about Teva Pharmaceutical Industries and its latest round of cost-cutting plans. The latest, according to an Israeli television report: CEO Jeremy Levin is considering making an exit. It's not the first such suggestion; During the company's second-quarter earnings call, Goldman Sachs analyst Jami Rubin wondered aloud about the board's support--or lack thereof--for Levin.
That Teva workers are striking to protest job cuts isn't all that unusual in the pharma business these days. That they're protesting executive pay is somewhat more unusual. That a prominent shareholder advises an accompanying pay cut for top executives and directors? That's definitely unusual.
Workers at a Teva Pharmaceutical Industries plant that makes the API for the company's blockbuster Copaxone have walked out, saying they are paid far less than workers at some other Teva plants.
The Hatch-Waxman Act shook up the generic drugs business in 1984, and almost 30 years later, it's safe to say the law had its desired effect. About 84% of the 4 billion prescriptions written each year are for generic drugs, saving patients and government programs billions of dollars a year. In other words, generic drugs are big business. And with a slew of blockbuster brands now off patent, it's a big business with growing pains.
Teva Pharmaceutical Industries will back off its layoff plans in Israel--at least for now. Thanks to vociferous and colorful opposition from labor, plus worker support from politicians, Teva now pledges to negotiate with unions before cutting jobs.
Israeli unions are promising to strike if any of the 5,000 layoffs planned by Teva Pharmaceutical Industries hit home.
The job-cutting news out of Teva Pharmaceutical Industries has spawned some protest--on both sides of the issue. Israeli unions promise to strike if layoffs hit home--and, as if to pre-empt that talk, one Teva executive claims the cuts aren't nearly so bad as the media suggests.
Teva Pharmaceutical Industries CEO Jeremy Levin put manufacturing efficiencies at the heart of his plans for Teva to cut costs when he first announced his plans in December. Today he stepped on the gas.
Teva Pharmaceutical Industries is already in the middle of a big cost-cutting push. And it's about to get bigger. The Israel-based generics giant plans to lay off up to 5,000 people, or about 10% of its work force, in a bid to squeeze $2 billion out of annual costs by 2017.