Teva Generic Medicines Saved the United States $28.8 Billion in 2020, and a Total of $43.1 Billion Across Major Markets, According to Independent Analysis
- Teva saved the United States $28.8 billion in 2020, $4.2 billion of which were direct savings to US patients
- Teva delivered $9.6 billion in savings in 2020 to healthcare systems across nine European countries, including the UK, Germany and Spain
- The Company supported nearly 250,000 jobs and contributed $52 billion to economic output across 15 countries
TEL AVIV, Israel--(BUSINESS WIRE)-- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) released a new report highlighting the billions of dollars saved by the healthcare system due to its generic medicines, and the Company’s contribution to economies in 2020.
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Teva Economic Impact Infographic
Teva’s Economic Impact Report, an independent study by Matrix Global Advisors (MGA), demonstrates how Teva, the leading provider of generic medicines, saved $43.1 billion across its major markets in 2020 alone. These major markets represented 75% of Teva’s revenues in 2020.
During the COVID-19 pandemic, Teva’s manufacturing, distribution and R&D sites remained open to continue supplying quality, affordable medicines to the nearly 200 million patients it serves every day. In addition, the Company’s economic activity supported nearly 250,000 jobs and contributed $52 billion to economic output across 15 countries.
“During 2020, Teva continued to provide access to quality affordable medicines, despite the challenges brought by the pandemic,” said Kåre Schultz, President and CEO of Teva. “The report released today shows the extent to which our leadership in generics contributes economic benefits and healthcare savings, particularly in the United States, where we saved $28.8 billion in healthcare costs in 2020 alone, $4.2 billion of which are savings to patients.”
In the US, Teva’s 11 manufacturing sites supply 11 billion doses annually. Teva medicines accounted for one of every 10 generic prescriptions in 2020. The Company’s economic activity also supported more than 57,000 U.S. jobs and contributed $15.7 billion in economic output in the United States.
Teva is the leading generic medicine company in Europe, where it operates 32 manufacturing and R&D facilities. Across 9 major markets in Europe, Teva saved healthcare systems $9.6 billion in 2020, supported more than 100,000 jobs and contributed $29.5 billion to economic output.
“Teva employs approximately 40,000 workers in 60 countries around the world and had net revenues of $16.7 billion in 2020. But Teva’s economic impact is not just as an employer and job creator. As one of the largest manufacturers of affordable generic medicines, Teva saves patients and payers around the globe billions of dollars each year in lower prescription-drug costs,” said Alex Brill, CEO of MGA.
Combining its strength in generic medicines and knowledge of specialty drugs, Teva is developing its pipeline and portfolio to increase access to affordable medicines, including through the development of biosimilars—highly similar less-costly versions of the reference branded biologic drugs, which are made from living cells or organisms. As the U.S. biosimilars market continues to develop, savings are expected to grow and surpass $100 billion from 2020 to 2024.
With more than 10 biosimilars approved or in development, and building off of 800 new generic medicine marketing authorizations obtained in 2020, Teva will continue to generate savings for healthcare systems, patients and economies across the globe.
About the Teva Economic Impact Report
Teva’s Economic Impact Report, produced by Matrix Global Advisors, examines Teva’s contribution to economies in 2020 and quantifies Teva’s direct and indirect economic impact, through jobs, economic output, labor income (a measure of aggregate worker wages) and savings from generic medicines. The report focuses on 15 of the 60 countries in which Teva operates, which represent 75% of Teva’s revenues in 2020 and 60% of its global workforce.
To learn more about Teva’s economic impact, please see Teva’s Economic Impact Report.
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.
Teva Pharmaceuticals Inc., 2021. Teva Economic Impact Report. Available here: https://www.tevapharm.com/our-impact/economic-impact-report/
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to our ability to successfully compete in the marketplace, including our ability to develop and commercialize biopharmaceutical products; our business and operations in general, including our ability to successfully execute and maintain the activities and efforts related to the measures we have taken or may take in response to the COVID-19 pandemic and associated costs therewith; compliance, regulatory and litigation matters, including the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned "Risk Factors” and “Forward Looking Statements” and in our subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.
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Kevin C. Mannix
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Source: Teva Pharmaceutical Industries Limited