New Report Shows Teva Generic Medicines Saved US Healthcare System $41.9 Billion
TEL AVIV, Israel & PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb 12, 2020--
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) released a new economic impact report detailing the billions of dollars saved by Teva’s generic medicines and the company’s impact on the US and global economies in 2018.
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Teva Global Economic Impact Report Infographic
Teva’s US Economic Impact Report, based on an independent analysis by economic policy experts at Matrix Global Advisors (MGA), shows Teva saved the US healthcare system $41.9 billion in 2018 1 —of an estimated $292.6 billion saved by generic medicines overall. 2 The report also captures Teva’s broader impact on the US economy in 2018, including supporting more than 57,000 jobs, contributing $15.0 billion to GDP and generating $4.8 billion in labor income.
“We’re proud to make quality medicines more accessible to patients while reducing national, and global, healthcare costs,” said Kåre Schultz, Teva President and CEO. “This report shows how Teva’s generic medicines translate to savings for healthcare systems and patients, with nearly $6 billion of the $41.9 billion in savings from Teva’s generics going directly to the patients.”
Generic medicines drive access to quality treatments and support the sustainability of healthcare systems across the globe. These findings are part of the larger analysis MGA conducted, which finds Teva generic medicines saved more than $54.6 billion across healthcare systems around the world in 2018. MGA also finds Teva’s economic activity in 2018 supported 229,000 jobs, contributed $50.7 billion to GDP and generated $10.0 billion in labor income across 19 countries, including the US.
To learn more about Teva’s economic impact, please see Teva’s Global Economic Impact Report.
The report’s methodology can be viewed on the author’s website.
About Matrix Global Advisors
Matrix Global Advisors (MGA) is an economic policy consulting firm in Washington, DC, specializing in fiscal, healthcare and tax policy matters. Drawing on years of policy experience, the MGA team uses analytics to help identify, quantify and solve economic policy problems. On behalf of clients, MGA conducts original data analysis, constructs economic models, conducts research, writes white papers and expert reports and offers strategic advice.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.
1 Teva Pharmaceuticals Inc., 2020. Teva Global Economic Impact Report. Available: https://www.tevapharm.com/globalassets/tevapharm-vision-files/teva_economicimpactreport_global_final.pdf
2 Association for Accessible Medicines (AAM), 2019. Generic Drug and Biosimilars Access and Savings in the U.S. Available: https://accessiblemeds.org/resources/blog/2019-generic-drug-and-biosimilars-access-savings-us-report
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SOURCE: Teva Pharmaceutical Industries Ltd.
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PUB: 02/12/2020 07:30 AM/DISC: 02/12/2020 07:31 AM