Teva's Brendan O'Grady takes the stage at AAM Annual Meeting.
Teva’s Executive Vice President and head of North America Commercial, Brendan O’ Grady, recently took the stage alongside industry executives at the annual meeting for the Association for Accessible Medicine (AAM), the trade association for the generic pharmaceutical industry. Moderated by ABC News “Nightline” correspondent John Donvan, Brendan provided feedback on what changes Teva hopes to see in generic regulatory policy, the future of the industry amidst market turmoil, and where growth in the industry might be found.
Asked by Donvan where the greatest growth potential and challenges for the industry lie, Brendan noted that, “The future of generics has to be rooted in balance. Offering a balanced portfolio with efficient delivery and optimization of manufacturing using monetized revenue, with a market that offers a more balanced roster of customers -that’s where the future lies. And when that balance is lost, you’ll inevitably see increasing market pressures force manufactures to drop product lines altogether, with higher prices filling in that vacuum.”
He continued, “The U.S. healthcare system simply doesn’t work without generic products, so we must advocate for common-sense changes to regulatory policy that maintain that balance of innovative and generic medicines. New launches are the lifeblood of any generic business and are key to any company’s ability to grow, both the top and the bottom lines. But those new launches are hindered where there’s suboptimal implementation of regulatory changes, so it becomes critical that we continue to individually and collectively work with the FDA.”
“In recent legislation, I’ve seen generic medicine treated as just another commodity market and I’ve seen them treated as identical to innovative products and quite frankly, neither of these methods will work. Generics are essential to both healthcare and patients, and they have to be viewed through a different lens, one that places value on access while appreciating the need for long-term investment and high-quality production. Through that lens, we can help make the industry strong, competitive and sustainable, and make innovative and high-quality medicines more accessible to the patients who need them.”