Teva Pharmaceutical generic drugs maker cuts 5,000 jobs

Teva Pharmaceuticals to cut 5,000 jobs

7:38 AM, 16th October 2013
Teva Pharmaceutical business news

PETAH TIKVA, ISRAEL: Teva Pharmaceutical Industries, the world’s largest maker of generic drugs, plans to eliminate about 5,000 jobs as it accelerates cost reductions amid growing competition for the company’s best-selling product. The restructuring programme will lead to expenses of $1.1 billion through 2017, company said in a statement. Cutbacks, which equal about 10 per cent of the workforce, will yield annual cost savings of about $2 billion by the end of that year. Teva will keep looking for assets to dispose of, while expanding its generic-drug business and selected research programme.

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