Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) today announced a new organizational structure and related executive positions, designed to achieve seamless global integration, focus and effectiveness across the company. The changes will become effective July 1 st.
These changes are another key step in Teva's strategic direction to create a less complex, integrated company that can address the evolving needs of patients in the global markets in the most efficient, innovative and differentiated manner possible. All of Teva's business units will be synchronized and aligned to solidify the company's foundation, drive organic growth, and accelerate its operational network transformation and integration. This will strengthen Teva's global leadership position, while improving profitability and building the infrastructure to support a new future for the company.
“The new organizational structure and leadership team will better position Teva to deliver sustainable growth and create short and long-term value. We must capitalize first on our existing assets and capabilities, and exploit opportunities and synergies emanating from the full integration of all business activities – most importantly, generic and specialty – while leveraging our global R&D and operations capabilities," said Teva's President and CEO, Erez Vigodman.
Effective July 1 st, 2014, Teva will be spearheaded by two commercial business units – Global Specialty Medicines (GSM), established in April 2013, and the newly-formed Global Generic Medicines group (GGM).Global Generic Medicines (GGM) GGM will have full global responsibility for all existing generic markets. This includes portfolio management and selection, product launch, and commercial execution. The consolidation of Teva's regional generic businesses under one roof underscores its strong focus on, and commitment to, its generic business. It will leverage the economies of scale of our global generic business to support organic growth, achieve operational and supply chain efficiencies, optimize portfolio selection and development, and develop new and innovative products and go-to-market models. This will be done through close collaboration and integration with Teva's Global R&D and Operations groups. GGM will also be responsible for Teva's growing Over-the-Counter (OTC) business, led by Teva's unique joint venture with The Procter and Gamble Company.