Teva Pharmaceutical Industries Ltd. is a multinational pharmaceutical company and largest developer and producer of generic and specialty medicines. The company have dual headquarters situated in Petah Tikva, Israel and Parsippany, U.S. The company recently released a new economic impact report provides detailing of the billions of dollars saved through its generic medicines and impact on the U.S. and other global economies in 2018.
In its report on the U.S. Economic Impact the company through an independent analysis by policy experts at Matrix Global Advisors (MGA), economic policy consulting that specializing in fiscal, healthcare and tax policy matters, said that they have saved nearly $41.9 billion of the US healthcare system in 2018 which is an estimated $292.6 billion saved by generic medicines. They have also mentioned the company’s impact on the U.S. economy in 2018 that includes contributing $15.0 billion to GDP, supporting 57,000 jobs, and generating $4.8 billion in labor income.
Kåre Schultz, Teva President and CEO, said that the company is proud of its quality medicines that are more accessible to patients while reducing healthcare costs. This report will shows translation of Teva’s generic medicines to healthcare savings systems and patients as nearly $6 billion of the $41.9 billion going directly to the patients.
Generic medicines are very crucial as they drive access to quality treatments which in turn support sustainability of healthcare systems. The findings in the report are part of the larger analysis MGA conducted that have found that generic medicines by Teva have saved more than $54.6 billion across healthcare systems in 2018. It has also founds that, in 2018, the economic activities of the company contributed $50.7 billion to GDP, supported 229,000 jobs, and generated $10.0 billion in labor income in 19 countries.