- Teva saved the United States $28.8 billion in 2020, $4.2
billion of which were direct savings to US patients
- Teva delivered $9.6 billion in savings in 2020 to healthcare
systems across nine European countries, including the UK, Germany
- The Company supported nearly 250,000 jobs and contributed $52
billion to economic output across 15 countries
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA)
released a new report highlighting the billions of dollars saved by
the healthcare system due to its generic medicines, and the
Company’s contribution to economies in 2020.
This press release features multimedia. View
the full release here:
Teva Economic Impact Infographic
Teva’s Economic Impact Report, an independent study by Matrix
Global Advisors (MGA), demonstrates how Teva, the leading provider
of generic medicines, saved $43.1 billion across its major markets
in 2020 alone. These major markets represented 75% of Teva’s
revenues in 2020.
During the COVID-19 pandemic, Teva’s manufacturing, distribution
and R&D sites remained open to continue supplying quality,
affordable medicines to the nearly 200 million patients it serves
every day. In addition, the Company’s economic activity supported
nearly 250,000 jobs and contributed $52 billion to economic output
across 15 countries.
“During 2020, Teva continued to provide access to quality
affordable medicines, despite the challenges brought by the
pandemic,” said Kåre Schultz, President and CEO of Teva. “The
report released today shows the extent to which our leadership in
generics contributes economic benefits and healthcare savings,
particularly in the United States, where we saved $28.8 billion in
healthcare costs in 2020 alone, $4.2 billion of which are savings
In the US, Teva’s 11 manufacturing sites supply 11 billion doses
annually. Teva medicines accounted for one of every 10 generic
prescriptions in 2020. The Company’s economic activity also
supported more than 57,000 U.S. jobs and contributed $15.7 billion
in economic output in the United States.
Teva is the leading generic medicine company in Europe, where it
operates 32 manufacturing and R&D facilities. Across 9 major
markets in Europe, Teva saved healthcare systems $9.6 billion in
2020, supported more than 100,000 jobs and contributed $29.5
billion to economic output.
“Teva employs approximately 40,000 workers in 60 countries
around the world and had net revenues of $16.7 billion in 2020. But
Teva’s economic impact is not just as an employer and job creator.
As one of the largest manufacturers of affordable generic
medicines, Teva saves patients and payers around the globe billions
of dollars each year in lower prescription-drug costs,” said Alex
Brill, CEO of MGA.
Combining its strength in generic medicines and knowledge of
specialty drugs, Teva is developing its pipeline and portfolio to
increase access to affordable medicines, including through the
development of biosimilars—highly similar less-costly versions of
the reference branded biologic drugs, which are made from living
cells or organisms. As the U.S. biosimilars market continues to
develop, savings are expected to grow and surpass $100 billion from
2020 to 2024.
With more than 10 biosimilars approved or in development, and
building off of 800 new generic medicine marketing authorizations
obtained in 2020, Teva will continue to generate savings for
healthcare systems, patients and economies across the globe.
About the Teva Economic Impact Report
Teva’s Economic Impact Report, produced by Matrix Global
Advisors, examines Teva’s contribution to economies in 2020 and
quantifies Teva’s direct and indirect economic impact, through
jobs, economic output, labor income (a measure of aggregate worker
wages) and savings from generic medicines. The report focuses on 15
of the 60 countries in which Teva operates, which represent 75% of
Teva’s revenues in 2020 and 60% of its global workforce.
To learn more about Teva’s economic impact, please see Teva’s
Economic Impact Report.
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.
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.
Teva Pharmaceuticals Inc., 2021. Teva Economic Impact Report.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to our ability to successfully
compete in the marketplace, including our ability to develop and
commercialize biopharmaceutical products; our business and
operations in general, including our ability to successfully
execute and maintain the activities and efforts related to the
measures we have taken or may take in response to the COVID-19
pandemic and associated costs therewith; compliance, regulatory and
litigation matters, including the effects of reforms in healthcare
regulation and reductions in pharmaceutical pricing, reimbursement
and coverage; and other factors discussed in our Annual Report on
Form 10-K for the year ended December 31, 2020, including in the
sections captioned "Risk Factors” and “Forward Looking Statements”
and in our subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date on which they
are made, and we assume no obligation to update or revise any
forward-looking statements or other information contained herein,
whether as a result of new information, future events or otherwise.
You are cautioned not to put undue reliance on these
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