Well-known drug companies have cut 350 jobs in response to fierce competition for generics

Recently, Teva announced that it would cut 350 jobs at its Active Drug Ingredients (API) plant in Neot-Havav, Israel.
is understood to be part of Teva's Global Optimization Programme, which aims to streamline site operations and staff by February 2022.
understands that the job cuts are not effective immediately, and according to company officials, Teva will complete the layoffs by the 2022 deadline and will provide employees affected by the layoffs with "fair severance benefits beyond what is required by law or collective agreement."
it is understood that Teva Pharmaceutical Industry Co., Ltd. is a world-renowned multinational pharmaceutical enterprises, founded in 1944, is committed to generic drugs, patented brand drugs and active pharmaceutical ingredients research and development, production and promotion.
main treatment scope covers analgesics, infection prevention, cardiovascular, CNS, skin diseases and anti-inflammatory.
mainly for chain stores, wholesalers, distributors, hospitals, nursing homes and government agencies and other customers to sell their products.
, TEVA is currently the world's top 20 pharmaceutical companies and the world's largest generic pharmaceutical companies.
In fact, as early as December 14, 2017, Teva Pharmaceuticals announced a restructuring plan to reduce its debt burden and optimize its cost structure, cutting 14,000 employees worldwide over the next two years, or a quarter of its workforce.
And in this plan, Teva will lay off more than 1,700 employees in Israel, close its pharmaceutical plant in Jerusalem, significantly reduce its research and development activities in Israel, and sell its global logistics center in Shoham, Israel, and its plant in the town of Shemona.
news at the time also triggered calls by Israel's General Trade Union for a unity strike at the country's airports, banks and government agencies.
, Teva has already cut about 13,000 jobs worldwide through the project.
this round of streamlining was announced in February, which could also be the end of a 30-year restructuring effort to save $3 billion.
, which once dominated the generics industry and is a dynamic company, has been cutting jobs around the world in recent years.
To this end, the industry believes this is mainly due to increased global competition, particularly in the Far East, and high production costs in Israel, making the Neot-Havav plant and some areas more expensive and un competitive than other Teva plants and other drugmakers.
, for example, Teva has invested $300 million in the Neot-Havav plant over the past decade in an attempt to regroup, to no good.
addition to this, Teva's continued acquisitions have led to debt and poor asset conditions.
as of June 30, 2020, the company had accumulated $26.3 billion in debt, according to the company.
In the future, whether the company needs to be split into branded drugs and generic drugs, how to achieve the growth of generics business under pricing pressure, how to continue to repay debt, while maintaining investment ratings, will be the development of Teva needs to be resolved as soon as possible.