Teva Pharmaceutical Industries Ltd. 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 20181—of an estimated $292.6 billion saved by generic medicines overall.2 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 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 CEO. “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.”
Generic medicines drive access to quality treatments and support the sustainability of healthcare systems across the globe. These findings are part of the larger analysis MGA conducted, which finds Teva generic medicines saved more than $54.6 billion across healthcare systems around the world in 2018. MGA also finds Teva’s economic activity in 2018 supported 229,000 jobs, contributed $50.7 billion to GDP and generated $10.0 billion in labor income across 19 countries, including the US.