Thursday, October 10, 2013

Drug company Teva to cut 5,000 jobs, save $2 billion a year

JERUSALEM (Reuters) - Teva Pharmaceutical Industries will cut about 5,000 jobs, 10 percent of its workforce, accelerating a cost-cutting plan as it prepares for lower-priced competition for its best-selling drug.

Teva , the world's largest maker of generic drugs, said it expects to save about $2 billion a year by the end of 2017.

The Israel-based company is the latest in a string of big drugmakers to take an axe to costs. Last week, Merck & Co said it would cut annual operating costs by $2.5 billion and eliminate 8,500 jobs, or more than 10 percent of its global workforce.,0,7930827.story?

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