The pharmaceuticals sector has taken first place in industrial exports, said Manufacturers Association of Israel Chemical & Pharmaceutical society chairman Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) group VP international Chaim Hurvitz. He added that Pharmaceutical exports increased 27% to $600 million during the first quarter of 2006.
Horovitz called on the government to “shorten the drug registration period at the Ministry of Health, and thus avoid harming both patients and the healthcare economy.” The timeline for drug registration averaged more than a year, and every delay in the distribution of generic products caused manufacturers substantial losses, he claimed.
According to Hurvitz, pharmaceuticals manufacturers want to see the drug registration process timeline shortened, in order to speed up the introduction of new generic products to the market, and include them in the health services basket for the benefit of patients, thereby saving costs to the healthcare system. He noted that generic drugs are 80% cheaper than their ethical counterparts They account for 60% of the drugs used in Israel, but only amount to 13% of the expenditure on them
Pharma Israel - The Association of the Research-Based Pharmaceutical Companies, which represents international ethical drug manufacturers, has complained about the Ministry of Health’s protracted registration process, although their grievance is over original, rather than generic products.
The US market, the scene of intense competition between Israeli companies headed by Teva, and ethical manufacturers, accounts for 77% of Israeli drug exports. The latest quarterly figures reflect an increase 45% or $427.6 million in exports to the US.
Published by Globes [online], Israel business news - www.globes.co.il - on June 25, 2006
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