Generic drug manufacturers are facing a crisis, according to a Bloomberg Businessweek article, as prices continue to drop more than they can afford.
Teva’s Brendan O’Grady, who heads the generic drugmaker’s North American commercial business, says price drops are putting a dent on its incentives and profitability.
“We’re one of the companies that continues to make antibiotics, and we’ve asked ourselves for years why we continue to still make them,” he said during a recent conference in Orlando.
Teva, which is the top generics supplier in the U.S., is laying off some 14,000 employees and shutting down roughly half of its 80 manufacturing plants.
To read the full article on Bloomberg, click here.