Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) has announced the return of its generic version of Depo-Prover Contraceptive injection in the U.S.
The company recently announced the reintroduction of the generic version of Depo-Prover and the generic alternative is known as medroxyprogesterone acetate injectable suspension, USP 150 mg/mL. The injectable contraceptive will be a welcome addition to the market, thus giving patients more access. IMS data revealed that the generic contraceptive registered roughly $211 million in sales in the U.S as of July 2017.
“This reintroduction brings an additional product to a market that was previously lacking in options. In addition to its importance to patients who will benefit from access to this medicine, this reintroduction holds significant importance to Teva and our generics R&D priorities,” stated Teva’s executive vice president Hafrun Fridriksdottir.
The reintroduction of the generic contraceptive injection is vital for the company given the sales numbers and also in terms of its contribution towards solidifying the company’s position as the largest generic drug maker. Teva has enjoyed significant success in the U.S due to the fact that it is the largest market for generic drugs with an 18 percent market share after the Actavis acquisition.
Teva registered over 300 abbreviated new drug applications (ANDAs) after the Actavis deal that are subject regulatory approval by the FDA. This includes over than 100 first-to-file (FTF) opportunities. The company has roughly 1,400 pending regulatory filings outside the U.S in 600 growth markets and Europe. The firm also plans to achieve 1,000 generic launches all over the world this year and it hopes to reach more than $750 million in sales from product launches in the U.S.
Teva plans to seek out FTF and first-to-market opportunities in order to retain its lead in the generic industry. It also plans to seek approval for complex generics that are not characterized by heavy competition. The generic industry is currently very competitive due to the many companies that play contribute their generic drugs, thus the need for the firm to pursue non-competitive options.
Teva stock closed the latest trading session on Wednesday at $17.62 after a 2.09 percent gain from the previous close.
