Boston, MA 04/23/2014 (wallstreetpr) – Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) is an Israel-based drug company. The generic drug companies are giving TEVA a tough competition. The generic companies are developing a cheaper version of the blockbuster drug by TEVA called Copaxone. Teva is trying its best to stop the generic companies from developing the cheaper versions. Till date the company has failed in its attempts to stop the generic drug makers
To protect its drug from generic manufacturers, the company has appealed with the U.S. top court. The company is putting so much effort of block to the generic manufacturer because the drug gives Teva pharma sale of nearly $3.2 billion.
The trouble for Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) is not over as the U.S top court could not stop the generic drugs makers from manufacturing the bestseller from Teva pharma. The court also rejected the application by the Teva Pharma seeking a stay for protection of patent on Copaxone till September 2015. However, the U.S. courts have given TEVA relief in the form of damage recovery from generic manufacture, if the appeal is won by the company.
Eli Lilly and Co (NYSE:LLY) developed antidepressant Cymbalta which went off patent and is now being manufactured by many generic drug maker, Teva pharma is one of them. Teva pharma had to suffer a setback as it had to recall nearly 1 million bottles. Though the company is underpaying the drug recall, as the company said, “The recall was done as a complaint of the capsule breakage came from one of its customers”; it further said that a recall will not have any major impact on its operations.
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) along with many generic drug manufactures is having a fight with Pfizer Inc. (NYSE:PFE) over manufacturing a drug developed by Pfizer. The drug developed by Pfizer is used as pain medication.
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) has announced that it has reached an agreement with Pfizer to develop the generic version of Celebrex. Teva Pharma can do so without fear of any litigation. This will help Teva to expand its product portfolio and also tapping in to pain medication market.