Teva urges legislators to strengthen Europe as a hub for medicines manufacturing

Generics giant Teva Pharmaceutical Industries (NYSE: TEVA) is pushing hard to make its viewpoint known as the European Commission (EC) draws up new legislation for medicines in Europe.

The EC’s stated aims in reviewing and revising the general legislation on medicines for human use are to ensure access to affordable treatments, foster innovation, improve security of supply, adapt to new scientific and technological developments and reduce red tape.

"If [the EC] gets it wrong, we’ll be sitting here in a decade, wondering what happened to a once proud industry"Teva is particularly concerned with making the case for preventing more generics and biosimilar manufacturing moving out of Europe, arguing that this increases supply vulnerabilities and threatens the European Union’s (EU) resilience, especially in crises such as the recent COVID-19 pandemic.