Teva boasts its generic meds saved US healthcare system $41.9 billion

Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) today released a  new economic impact report detailing the billions of dollars saved by Teva’s generic medicines and the company’s impact on the US and global economies in 2018.

Teva’s US Economic Impact Report, based on an independent analysis by economic policy experts at Matrix Global Advisors (MGA), shows Teva saved the US healthcare system $41.9 billion in 2018 - of an estimated $292.6 billion saved by generic medicines overall. The report also captures Teva’s broader impact on the US economy in 2018, including supporting more than 57,000 jobs, contributing $15.0 billion to Gross Domestic Product (GDP) and generating $4.8 billion in labor income.

“We’re proud to make quality medicines more accessible to patients while reducing national, and global, healthcare costs,” said Kåre Schultz, Teva president and chief executive, adding: “This report shows how Teva’s generic medicines translate to savings for healthcare systems and patients, with nearly $6 billion of the $41.9 billion in savings from Teva’s generics going directly to the patients.”