Saving Billions While Fueling Economies: Teva’s First-Ever Global Economic Impact Report
Every day, Teva develops, manufactures and supplies quality, critical medicines. Now, Teva’s first-ever Global Economic Impact Report sheds light on how our work impacts economies around the world.
The report highlights the contributions of Teva’s economic activity to jobs, gross domestic product (GDP) and labor income, as well as the billions of dollars in healthcare savings from our generic medicines. Based on an independent analysis by Matrix Global Advisors (MGA), a Washington DC-based economic policy firm, the report reviews Teva’s economic impact in 19 of the 60 countries in which we operate. These countries represent 85% of Teva’s direct economic activity.
“In 2018 alone, Teva’s generic medicines saved healthcare systems more than $55 billion,” said Mati Gill of Teva Government Affairs and Public Policy. “It’s inspiring to see how the quality, affordable medicines we deliver each day translate to more money in the pockets of patients. We’re proud of our dedicated employees, who help us support sustainable healthcare systems around the world - that’s what this report is all about.”
Here’s a look at the findings:
Teva’s generic medicines were responsible for nearly $55 billion in savings across 18 countries in 2018
- In the US, generics saved the healthcare system $293 billion, and Teva was responsible for $42 billion of these savings
- Across 12 European countries, Teva’s generic medicines saved healthcare systems $9 billion
- Teva’s generic medicines saved Israel $400 million
In 2018, across 19 countries, Teva’s economic activity:
- Supported nearly 230,000 jobs
- Contributed $51 billion to GDP, including 15 billion in the US and $3 billion in Israel - nearly 1% of Israel’s total GDP
- Generated $10 billion in labor income
Teva makes more than 3,500 products and reaches 200 million people each day. This report showcases the impact of our business on patients, healthcare systems and economies. Beyond offering medicines, we also contribute to our communities through programs and partnerships that improve health and well-being, as well as through monetary and product donations that bring critical medicines and resources to those in need.