NORTH WALES, Pa.--(BUSINESS WIRE)--Teva Pharmaceuticals USA issues the following statement:
|“Teva was astonished by the Federal Trade Commission’s assertion yesterday that consumers would benefit from proposed legislation that would make it harder for generic and branded pharmaceutical companies to settle complex patent cases.|
|The very settlements FTC opposes have produced billions of dollars in taxpayer and consumer savings – savings that are nowhere reflected in the FTC’s analysis. The data presented by FTC makes the flawed assumptions that most if not all litigation would result in immediate entry of a generic to the market or that brand companies would agree to an earlier generic entry date if their settlement options were limited.|
|FTC’s purported savings are based on the flawed assumption that branded companies will voluntarily forego additional years of profits if that is the only way they can settle a case.|
|The reality is that there will be fewer settlements resulting in the loss of guaranteed savings from settlements that would otherwise occur in the absence of the legislation.|
|We believe that each of the settlements Teva has entered into have been pro-consumer, and are proud of the resulting $128 billion plus in savings to be delivered to the public by removing 138 years of monopoly protection.|
|Teva’s goal is to provide access to affordable medicines for all Americans as quickly as possible. That is why Teva supports legislation that differentiates between pro-consumer and anti-competitive settlements, instead of trying to restrict the parties ability to negotiate altogether.”|
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the world's leading generic pharmaceutical company. The Company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Over 80 percent of Teva's sales are in North America and Europe.