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.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Enterprise to expand Aegis ethane pipeline in US Gulf Coast

HOUSTON, US: Enterprise Products Partners LP will expand its wholly owned Aegis Pipeline following strong interest from shippers. Long-term agreements ...

Read more
Clariant to sell detergents business to ICIG

MUTTENZ, SWITZERLAND: Clariant, a world leader in specialty chemicals, has signed an agreement to divest its detergents & intermediates business t ...

Read more
Evonik, Colorcon to market aqueous acrylic enteric system

ESSEN, GERMANY/HARLEYSVILLE, US: Evonik Industries AG and Colorcon Inc have signed a cooperation agreement for the marketing and technical support of ...

Read more
Antibiotic resistance, a successful pathway for new drugs

HAMILTON, CANADA: In the battle against antibiotic resistant bacteria, McMaster researchers have found resistance itself is a successful pathway for d ...

Read more
Towards development of dye-based solar cells

WISCONSIN, US: UW-Madison researchers working at the intersection of basic and applied science focus on key factors like cost, environmental impacts . ...

Read more
China to punish 72 companies for violating environmental protection regulations

BEIJING, CHINA: China’s environmental watchdog has named the 72 companies that have violated environmental protection regulations. The Chinese M ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X