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Sheetal Sukhija Saturday December 16, 2017
Generic drugmaker Teva announces thousands of layoffs
The world’s largest generic drugmaker Teva Pharmaceutical Industries has announced that it would be laying off thousands of workers. The company said that as part of a global restructuring meant to salvage its ailing business, it would be laying off over a quarter of its workforce. The company said 14,000 workers would be let go and that the cuts will be scattered across Teva's global operations. Teva said that the layoffs will occur over the next two years, with most of the job cuts expected to take place in the year 2018. Teva, whose most famous product is Copaxone, a treatment for multiple sclerosis, recently became one of two companies offering a generic version of the blockbuster drug Viagra. Teva's bottom line has been hit by the expiration of patents on Copaxone. Further, pricing pressure on the company’s core generics business and a $35-billion debt load taken on in its acquisition of the generics business of Allergan have added to the company’s problems. The firm has also suffered from turnover and instability in senior management ranks. Chief Executive Kare Schultz, who only joined Teva in September said in a letter to employees that the restructuring is “crucial to restoring our financial security and stabilizing our business.” He reportedly said, “We have no time to waste. We are flattening our organization both top down and sideways, with fewer layers of management and increased accountability. This will ensure better integration, improve productivity and efficiencies, and reduce our cost base.” Schultz added that the restructuring would include changes in the generics portfolio, both through price adjustments and product discontinuation...Read more