When Europe's drug approval gatekeepers meet, they often tick off recommendations for some key Big Pharma products. This week, the Committee for Medicinal Products for Human Use backed a whopping 15 new meds and 3 new indications.
We've seen what happens when a big drug goes generic. Plants close, sales reps lose their jobs. As the impending shutdown of a Teva Pharmaceutical Industries unit shows, the same is true for an on-patent drug flop.
Teva is inching toward an FDA application for reslizumab, touting positive late-stage results for an asthma antibody passed around for years in multiple buyouts.
One of the key strategies being pursued by Teva Pharmaceutical Industries to protect itself against generic competition to Copaxone is to switch patients over to its new longer-lasting version of the drug. And in the U.S., the drugmaker is just over halfway there.
European antitrust regulators may have been a little late to the party when it comes to pay-for-delay actions but are making up for lost time. Sources are saying they will levy fines against French drugmaker Servier and Teva Pharmaceutical Industries next month for delaying the launch of generic blood pressure meds.
Teva CFO Eyal Desheh says the generic giant was built in bits and pieces, picking up a bunch of manufacturing plants in the process that it no longer needs. So the company will close half of its manufacturing facilities over the next 5 years as part of its plan to get more focused and more efficient.
Teva Pharmaceutical Industries execs have said all along that reducing manufacturing and procurement costs from its vast manufacturing system will be key to cutting overhead by $2 billion by the end of 2017. Last month Teva CEO Erez Vigodman said it would close 11 and was looking at 16 more. Now Teva CFO Eyal Desheh said Teva intends to close about three dozen plants in the next four to 5 years.
A federal court in Canada has now agreed with the industry that the country's price setting board has assumed too much authority and severely curtailed its ability to control prices over generic drugs in a case centered on Novartis' generic drug company Sandoz, and a unit of Teva Pharmaceutical Industries, which started as Ratiopharm.
Teva Pharmaceutical is jumping into a biotech horse race, paying $200 million in cash and up to $625 million more in milestones to buy out Labrys Biologics and an experimental migraine drug that the newly reorganized company bullishly believes can hit up to $3 billion in annual sales.
California has decided to lay the responsibility for opioid overdoses, and even a resurgence in heroin use, at the feet of the drugmakers, accusing them in a lawsuit of reaping huge profits while turning a large swath of people into drug addicts.