5000 jobs to be cut at Teva

Israeli generics heavyweight Teva is accelerating its previously announced costcutting drive. As well as axing 5000 jobs (10% of its global workforce), the company is aiming to streamline its purchasing and trim excess capacity out of its manufacturing network. All of this should shave $2 billion (£1.3 billion) a year off company spending within three years.

Teva says the cuts will ‘scale down oversized parts of the company, while growing its generics business and core R&D programmes’. The company has highlighted ‘high value complex generics’, speciality medicines and over the counter products as target growth areas.