The Times' Natasha Singer has done a nice job of capturing the inner-ethos of Teva -- from flying CEOs commercial, only (take note, Whitehouse Station!), to second-hand office furniture for lead executives, and take-out pizza in conference rooms, for reporters -- instead of novelle cuisine in some Tiffany's-appointed executive dining room. And she's done it all without pandering -- the recent scrapes with FDA are ladeled right in, just as they ought to be.
Do go read it all, but here is a bit of it:
. . . .As recently as a decade ago, the pharmaceutical industry disparaged generics as "copycat" drugs that profit off the innovations and research of brand-name makers. But lately, some of the biggest name-brand makers have been buying stakes in or doing distribution deals with generic makers, particularly in Brazil, India and other emerging markets.
But name-brand makers accustomed to wide margins may not be able to keep up with Teva, says Mr. Khanna.
"If you are used to the fat margins of big pharma, it’s hard to compete in the rough and tumble of price-cutting generics," he says.
Generic drugs saved the American health care system $734 billion between 1999 and 2008, according to a study by IMS, the research firm. That may be no consolation to name-brand drug makers whose profits Teva has helped erode, or to rival generic makers that lack Teva’s resources.
But for patients, its ascent means that medicine has ultimately become much more affordable.
"We are aggressive and not everybody likes us," Mr. Marth says. "But we are doing something every day that lowers health care costs and helps consumers. . . ."
Indeed -- and making a veritable killing at it, too. Teva'a widely-announced goal is $31 billion of recurring worldwide annual revenue -- by the middle of this decade. I wouldn't bet against them. It's an Irish-American/"kibbutznik" thing.
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