Pharmaguy's Insights Into Drug Industry News
189.8K views | +30 today
Follow
Pharmaguy's Insights Into Drug Industry News
Pharmaguy curates and provides insights into selected drug industry news and issues.
Curated by Pharma Guy
Your new post is loading...
Your new post is loading...
Rescooped by Pharma Guy from News of Interest to Newtown Area Residents
Scoop.it!

After Being Fined Over $500 Million for Being Corrupt, TEVA #Pharma is Laying Off 200-plus Workers in It's North Wales PA Home Base

After Being Fined Over $500 Million for Being Corrupt, TEVA #Pharma is Laying Off 200-plus Workers in It's North Wales PA Home Base | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Teva’s far-reaching cost cuts are hitting close to home—not just in Israel, but at its North American headquarters, too.

The embattled company is laying off more than 200 workers in and around its North Wales, Pennsylvania, home base, it said in a WARN notice filed with the Pennsylvania Department of Labor and Industry. Those layoffs are effective Friday.

Specifically, the generics giant has pink-slipped 65 employees across three buildings in Horsham, Pennsylvania, and North Wales, 96 across sites in Fraser and Great Valley, Pennsylvania, and 47 more at a West Chester, Pennsylvania, location.

The layoffs come as part of new Teva CEO Kåre Schult's plan to squeeze $3 billion from the company’s annual costs as it struggles under some serious dealmaking debt. In December, the company said it would pare down its workforce by 25%, shedding thousands more jobs than industry watchers expected.

 

Further Reading: 

  • “Teva, Which Recently Became a PhRMA Member, Among 6 Drug Firms Being Sued by 20 States!”; http://sco.lt/4nFwPZ
  • “TEVA #Pharma Is Not "Worker Centric" - Fires Union Workers to Save Money”: http://sco.lt/8Ikr9l ;
  • “Only 20% of Teva's Illegal Pay-to-Delay Profits Goes to US Treasury”: http://sco.lt/5eDXyz

Via johnmacknewtown
more...
johnmacknewtown's curator insight, January 19, 2018 1:21 PM
In December, 2017, Teva agreed to pay nearly $520 million to the U.S. Department of Justice and Securities and Exchange Commission to resolve violations of the Foreign Corrupt Practices Act. The criminal fine to the DOJ totaled more than $283 million, while Teva ponied up $236 million to the SEC.
Scooped by Pharma Guy
Scoop.it!

PhRMA Welcomes Five New Member Companies, Including Teva and Price-Gouging Alexion Pharmaceuticals

PhRMA Welcomes Five New Member Companies, Including Teva and Price-Gouging Alexion Pharmaceuticals | Pharmaguy's Insights Into Drug Industry News | Scoop.it

The Pharmaceutical Research and Manufacturers of America (PhRMA) announced today three biopharmaceutical research companies joined the association as members and two transitioned from research associates to full members.

The new members are Alexion Pharmaceuticals, Inc., New Haven, Connecticut; Jazz Pharmaceuticals plc, Palo Alto, California; and Teva Pharmaceutical Industries Ltd, North Wales, Pennsylvania. AMAG Pharmaceuticals, Inc., Waltham, Massachusetts, and Horizon Pharma plc, Lake Forest, Illinois, transitioned from research associates to full members.

"On behalf of the PhRMA Board of Directors, I am proud to welcome these companies into our membership," PhRMA chairman and Biogen CEO George A. Scangos said. "Together as an industry, we can continue our work on issues to advance biomedical innovation and improve patient care."

Pharma Guy's insight:

At first, it was uncertain if PhRMA would accept Teva, a generic drug company, into its ranks. For more on that, read "Teva to PhRMA: 'Can't We All Just Get Along?'"; http://sco.lt/6YXlz7

more...
No comment yet.
Scooped by Pharma Guy
Scoop.it!

TEVA #Pharma Is Not "Worker Centric" - Fires Union Workers to Save Money

TEVA #Pharma Is Not "Worker Centric" - Fires Union Workers to Save Money | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Across Pennsylvania we are fighting and winning. Allies, along with 32BJ members, in Pittsburgh are working to make sure some 50,000 hardworking men and women receive paid sick days. We are also close to making history by securing the first-ever contract for 1,000 security officers in Pittsburgh! Philadelphia airport workers fought and won $12.00 an hour starting this month!  And, across the state, we are gearing up for our commercial contract campaign this fall.

While we are winning major victories, we still need you to fight. On Friday, March 13, our brothers and sisters in the Philadelphia suburbs were fired from their jobs cleaning at the billion dollar pharmaceutical company, TEVA. Their employer was replaced with very little notice by a non-union contractor.

Many of the cleaners at TEVA are immigrants who are struggling to support their families. The TEVA janitors are in the United States trying to achieve the American dream and provide a livable wage for their families. One of the fired workers is pregnant and planned to take FMLA benefits to care for her newborn. She took comfort in knowing she would have a job to return to after her leave. That changed when she was fired. There’s also married couple who worked at TEVA and lost both of either incomes in one fell swoop.

TEVA says it made the decision to fire the union contractor so it could cut costs. Yet, TEVA has $11 billion dollars in gross profits and over $21 billion in worldwide income last year. Do they really need to balance the budget on the backs of janitors who make $11.95 an hour? TEVA knows these practices won’t fly at its Israeli headquarters or other European countries because of government and union opposition. It even references that concern in its annual report. What makes TEVA think these tactics are going to work here?

TEVA’s actions have destroyed the lives of ten janitors and their families and could lower standards for all 32BJ janitors. Cutting the life line of less than a dozen janitors doesn’t amount to a drop in the bucket for this billion dollar company. Yet, companies like TEVA continue to harm low-wage workers who are fighting to do better for themselves, their families, and their communities.

We are fighting back. We are working to get these janitors their jobs back. We are letting TEVA know that this will not stand. We have fought hard to lift wages and standards for suburban janitors. Now we must fight to make sure big corporations don’t take it back.

more...
No comment yet.
Scooped by Pharma Guy
Scoop.it!

Teva's "KOLs" are Shams, Claim Former Sales Reps

Teva's "KOLs" are Shams, Claim Former Sales Reps | Pharmaguy's Insights Into Drug Industry News | Scoop.it
Two former Teva sales representatives say the drugmaker used speaker programs to hide kickbacks for prescribing drugs Copaxone and Azilect.


In a recently unsealed second amended complaint, the reps, Charles Artstein and Hossam Senousy, claim Teva devised an illegal scheme—including unlawful marketing and promotional and sales practices—to sway physicians to write prescriptions for Copaxone and Azilect. They allege that Teva paid them as “speakers or consultants in connection with sham speakers programs and events.” The two whistleblowers filed the complaint against Teva in Manhattan.

Pharma Guy's insight:


This is an example of why many physicians as well as pharma people think the term "Key Opinion Leader" should be changed, according to a recent study. Listen to this podcast: A KOL by Any Other Name 

more...
No comment yet.
Scooped by Pharma Guy
Scoop.it!

Teva & Cephalon Try to Prevent Release of Internal Marketing Plan for Fentora - an Opioid Drug

Teva & Cephalon Try to Prevent Release of Internal Marketing Plan for Fentora - an Opioid Drug | Pharmaguy's Insights Into Drug Industry News | Scoop.it

One of the drug companies being sued by the City of Chicago over allegations of deceptive marketing followed a federal judge’s advice this week and went to state court to try to stop the city from releasing documents to a USA Today reporter who filed Freedom of Information Act requests.


Teva Pharmaceutical Industries Ltd. and its subsidiary, Cephalon Inc., filed a complaint for injunctive relief Wednesday in the Cook County Circuit Court, alleging an anticipatory breach of the confidentiality agreement Teva signed before complying with the city’s investigative subpoena.


In June, the city sued Teva and Cephalon, as well as Purdue Pharma LP, Purdue Pharma Inc., The Purdue Frederick Company Inc., Johnson & Johnson, Janssen Pharmaceuticals Inc., Endo Health Solutions Inc. and Actavis PLC over claims they deceptively marketed their opioid painkillers.


The suit was filed in state court, but removed to Chicago’s federal court, where just earlier this month a judge denied two of defendant drug companies’ request for a protective order stemming from the same documents at issue in the recently-filed circuit court complaint.


U.S. District Judge Elaine E. Bucklo, in an Oct. 10 opinion, suggested that Cephalon take its issue over the FOIA requests to state court under a breach of contract claim, a dispute “completely collateral” to the federal litigation she is presiding over.


Bucklo explained federal rules didn’t allow her to enter a protective order because USA Today wasn’t seeking discovery materials, adding that the drug companies, “[i]n their eagerness to litigate disputed questions of state law,” were “attempting to stretch Rule 26c,” the federal rule governing protective orders “beyond its plain language.”


In their complaint filed this week in state court, Teva and Cephalon point to the confidentiality agreement to urge a judge to block the city’s release of a 198-page internal marketing plan for Fentora, a drug Cephalon makes and sells.


USA Today reporter Peter Eisler filed a FOIA request with the city in July, seeking documents referenced in its lawsuit against the drug companies. The city informed Teva on Oct. 15 that intends to fulfill Eisler’s request and give him the marketing plan.


Teva alleges it gave the city its marketing plan, as well as more than 127,000 other documents, in response to an investigative subpoena that sought confidential and trade secret information about Fentora and other drugs over a span of more than six years.

Pharma Guy's insight:


Wow! Imagine the sh*t that will hit the fan if and when this 198-page internal marketing plan for Fentora is made public!

more...
No comment yet.
Scooped by Pharma Guy
Scoop.it!

Teva, Which Recently Became a PhRMA Member, Among 6 Drug Firms Being Sued by 20 States!

Teva, Which Recently Became a PhRMA Member, Among 6 Drug Firms Being Sued by 20 States! | Pharmaguy's Insights Into Drug Industry News | Scoop.it

After a series of scandals involving pharmaceutical companies driving up the prices of drugs because ... well, because they can ... Pennsylvania has joined 19 other states in a civil lawsuit charging six generic drug producers with price-fixing.

 

Led by Connecticut, the states’ claims focus on price increases for broadly prescribed drugs that have increased the costs of state-funded health care programs. The drugs include the delayed-release version of the antibiotic doxycycline hyclate, and the diabetes drug glyburide.

 

The defendants are Mylan NV, Teva Pharmaceuticals, Mayne Pharma, Heritage Pharmaceuticals Inc., Aurobindo Pharma and Citron Pharma LLC.

 

According to the suit, company executives conspired to prop up the drug prices by fixing the wholesale prices or agreeing not to compete against one another in certain markets.

 

Further Reading:

more...
No comment yet.
Scooped by Pharma Guy
Scoop.it!

Teva to PhRMA: "Can't We All Just Get Along?"

Teva to PhRMA: "Can't We All Just Get Along?" | Pharmaguy's Insights Into Drug Industry News | Scoop.it

For decades, brand-name and generic drug companies have fought each other in Congress, at international trade negotiations and in court. So when the world’s largest generic drug company moved this year to join the powerful trade association for producers of brand-name medicines, pharmaceutical lobbyists were in a swivet.

The trade group, the Pharmaceutical Research and Manufacturers of America, known as PhRMA, is plunging into battles over drug prices here and in many state capitols. And the request from the generic company, Teva Pharmaceutical Industries, is raising eyebrows in PhRMA’s secretive councils.

Some brand-name drug companies have expressed alarm at the prospect that Teva will join their ranks, a move some see as tantamount to allowing a spy into the fold.

If PhRMA “broadens its membership to include the world’s largest generic company, the association’s emphasis on innovation will be diluted,” Carlos Alban, an executive vice president of the brand-name drug maker AbbVie, wrote in late May in a letter to the board of the trade association.

Teva and some of PhRMA’s longtime members, like Eli Lilly, are on opposite sides of court cases involving patents and other important issues for the future of brand-name drug companies. Brand and generic companies have also squared off over trade deals like the 12-nation Trans-Pacific Partnership, which can expedite or impede the access of generic drug companies to lucrative foreign markets.

PhRMA describes itself as the principal voice of the innovative pharmaceutical industry, and Teva does sell substantial amounts of brand-name drugs, including Copaxone for multiple sclerosis. But the huge size of Teva’s generics business and its plan to acquire the worldwide generic operations of Allergan for $40.5 billion “raise serious questions about Teva’s commitment to innovation,” said Mr. Alban, whose company makes brand-name drugs to treat rheumatoid arthritis, hepatitis C and H.I.V. infection.

He noted that Teva had taken positions “directly opposed to PhRMA views” on patents, the lifeblood of the brand-name pharmaceutical industry, and biosimilars, which are copycat versions of costly biologic drugs made from living organisms.

“By our research,” Mr. Alban wrote, “Teva has sought to invalidate patents in 29 cases since 2011.” How, he asked, will PhRMA resolve the “differences of opinion” and “internal conflicts” likely to arise between Teva and brand-name manufacturers?

The dispute illustrates how the lines between brand-name and generic companies are starting to blur.

“The walls between what’s generic and what’s brand are breaking down,” said John C. Rother, executive director of the Campaign for Sustainable Rx Pricing, a coalition of consumer, labor and physician groups concerned about high drug prices.

At the same time, Teva’s membership could enhance the credibility of PhRMA lobbyists as they try to beat back accusations of price gouging. Teva has long emphasized the need for consumers to have access to affordable medicines.

Pharma Guy's insight:

Although Teva’s membership could enhance the credibility of PhRMA lobbyists as they try to beat back accusations of price gouging, can brand pharma really "get along" with generic pharma? I can't really see anyone in Congress falling for the ruse that one generic member will change PhRMA's support of high drug prices.

 

UPDATE: Teva allowed in! Read "PhRMA Welcomes Five New Member Companies, Including Teva"; http://sco.lt/7mDJir

more...
No comment yet.
Scooped by Pharma Guy
Scoop.it!

Only 20% of Teva's Illegal Pay-to-Delay Profits Goes to US Treasury

Only 20% of Teva's Illegal Pay-to-Delay Profits Goes to US Treasury | Pharmaguy's Insights Into Drug Industry News | Scoop.it
The FTC hopes to send "a very strong signal' to pharmaceutical companies that the agency will continue its fight against pay-to-delay deals after reaching a $1.2 billion settlement with Teva Pharmaceutical.


The agreement marks the first time the agency, which has been aggressively policing pay-to-delay settlements between drug makers, has recovered any money on behalf of consumers and others who pay for medicines, such as pharmacy chains and health plans. The settlement was reached just as the FTC was about to square off in federal court in Philadelphia against Teva.

Pharma Guy's insight:


ROFL!  Re this comment: $1.2 Billion comes out to less than 20% of the Unjust Earnings Cephalon and Frank Baldino made off the pay-to-delay scheme - which they learned how to do from a symposium held by a DC law firm. Baldino is laughing in his grave.


As a former Cephalon executive said: “We were able to get six more years of patent protection. That’s $4 billion in sales that no one expected,” according to the lawsuit filed by the FTC.


A Teva spokeswoman writes us that the drug maker was “pleased to reach” the deal with the government.Yes, I would be pleased also! In Pay-to-Play Pharma Monopoly it's Pay "$200", don't go to jail

more...
No comment yet.
Scooped by Pharma Guy
Scoop.it!

Supreme Court Helps Teva Keep MS Patients Paying for Branded Drug Until 2030

Supreme Court Helps Teva Keep MS Patients Paying for Branded Drug Until 2030 | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Teva Pharmaceuticals received a boost today from the U.S. Supreme Court, which overturned a decision by a federal appeals court that had invalidated a key patent on its Copaxone multiple sclerosis drug.


For Teva, the ruling provides valuable time to shift patients to a longer-action version of Copaxone with patent protection until 2030. The drug maker hopes to shift up to 80% of existing patients to the newer version before generics arrive and, so far, conversion is going well so far, according to BMO Capital Markets analyst David Maris. He notes that about 63% of total existing patients and 51% of new patients have been switched.


Of course, generic drug makers could risk launching copycat versions before the litigation ends, but Barclays analyst Doug Tsao thinks is unlikely.


“Until now, pending the Supreme Court decision, the patent had been invalidated, so even though generics would have been launching at risk, they would not have been subject to treble damages” if they were to sell copycat versions but then lose the patent litigation, he writes in an investor note.


“In our view, the threat of treble damages, as well as the low likelihood of winning on appeal now makes it appear considerably less likely that generic challenges would launch at risk, even if they received FDA approval before a final court decision.”


Pharma Guy's insight:


It's unclear how Teva is "switching" patients to the new version of its Alzheimer's drug Copaxone. Recall the Actavis is pioneering "product hopping" in its bid to switch patients to NamendaXR. This is a "forced switch" because Actavis actually removed the older version from the market (see here).  That also is in litigation where a federal judge overturned a lower court's decision. In the Teva case,  Justice Stephen Breyer in the majority opinion said that “A district court judge who has presided over, and listened to, the entirety of a proceeding has a comparatively greater opportunity to gain that familiarity than an appeals court judge who must read a written transcript or perhaps just those portions to which the parties have referred.” Presumably, the same would be true in the Actavis case.

more...
No comment yet.