New Report Shows Teva Generic Medicines Saved US Healthcare System $41.9 Billion
February 12 2020 - 7:30AM
Business Wire
- New independent analysis by economic policy experts finds Teva
saved the US healthcare system $41.9 billion in 2018
- $5.9 billion of the $41.9 billion in savings represent direct
savings to US patients
- Teva’s economic activity supported nearly 229,000 jobs across
19 countries in 2018, including 57,000 jobs in the US
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA)
released a new economic impact report detailing the billions of
dollars saved by Teva’s generic medicines and the company’s impact
on the US and global economies in 2018.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200212005039/en/
Teva Global Economic Impact Report
Infographic
Teva’s US Economic Impact Report, based on an independent
analysis by economic policy experts at Matrix Global Advisors
(MGA), shows Teva saved the US healthcare system $41.9 billion in
20181—of an estimated $292.6 billion saved by generic medicines
overall.2 The report also captures Teva’s broader impact on the US
economy in 2018, including supporting more than 57,000 jobs,
contributing $15.0 billion to GDP and generating $4.8 billion in
labor income.
“We’re proud to make quality medicines more accessible to
patients while reducing national, and global, healthcare costs,”
said Kåre Schultz, Teva President and CEO. “This report shows how
Teva’s generic medicines translate to savings for healthcare
systems and patients, with nearly $6 billion of the $41.9 billion
in savings from Teva’s generics going directly to the
patients.”
Generic medicines drive access to quality treatments and support
the sustainability of healthcare systems across the globe. These
findings are part of the larger analysis MGA conducted, which finds
Teva generic medicines saved more than $54.6 billion across
healthcare systems around the world in 2018. MGA also finds Teva’s
economic activity in 2018 supported 229,000 jobs, contributed $50.7
billion to GDP and generated $10.0 billion in labor income across
19 countries, including the US.
To learn more about Teva’s economic impact, please see Teva’s
Global Economic Impact Report.
The report's methodology can be viewed on the author's
website.
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.
About Teva
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.
1 Teva Pharmaceuticals Inc., 2020. Teva Global Economic Impact
Report. Available:
https://www.tevapharm.com/globalassets/tevapharm-vision-files/teva_economicimpactreport_global_final.pdf
2 Association for Accessible Medicines (AAM), 2019. Generic Drug
and Biosimilars Access and Savings in the U.S. Available:
https://accessiblemeds.org/resources/blog/2019-generic-drug-and-biosimilars-access-savings-us-report
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