The world's largest generic drug company Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) dedicated a new biotechnology development center at the Kiryat Weitzman Science Park in Rechovot. The center cost more than NIS 15 million, and will house 20 top scientists with experience in the development of biopharmaceutical products. It will be part of Teva's biogeneric group, which includes development and production facilities in China, Lithuania, Mexico and Hungary. The center in Israel will focus on creating genetically engineered proteins from mammal cells.
Current biological drugs, and especially those for the treatment of rare diseases and disorders, can cost patients $50,000-$100,000 annually. This is why generics aim to offer imitation versions at reduced prices. Sales of biological drugs are forecast to reach $60 billion by 2010, of which one sixth will be sales of biogenerics. The potential is great also in the intermediate term.
"On the strategic level, we decided that we would be the leading company in the field," said today Teva President and CEO Israel Makov. "In the coming years, a number of products will be released in Europe for generics, and later in the US as well. Towards the end of the decade, it will be a significant area for us."
Published by Globes [online], Israel business news - www.globes.co.il - on September 19, 2006
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