Israeli generic dugs giant Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is about to step up its ethical drug development efforts. Teva CEO Israel Makov spoke about research and development today at a meeting with analysts hosted by the company in New York. The meeting was webcast live.
According to Makov, Teva has the potential to launch a new ethical product each year between 2009 and 2015. "This is something that will make many drug companies jealous of us," Makov said. "Our development business is clearly going to be a significant growth engine for us."
Teva, which reinforced its position as the world's largest generic drug company with the acquisition of Ivax last year, currently sells two ethical drugs: multiple sclerosis treatment Copaxone, considered a blockbuster in the company's terms; and Azilect, a treatment for Parkinson's Disease.
Teva is currently working on the development of new drugs for multiple sclerosis, inflammatory and infectious diseases; and cancer.
Makov estimated that Teva would invest some $500 million in research and development in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on September 26, 2006
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