Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) has launched its generic version of eye drop medication Pataday. The Olopatadine hydrochloride ophthalmic solution 0.2% is associated with the treatment of ocular itching, which often is brought about by allergic conjunctivitis. The launch was significant to the drug maker given the current market competition of generic drugs.
Teva is the world’s biggest seller of low-priced generic drugs. The launch comes at a time when the company is trying to strengthen its generic business and as the demand for affordable care increases.
Teva has the largest portfolio of FDA-approved generic products
Today’s market has more than 600 generic medicines. However, Teva Pharmaceuticals remains at the top in terms of the number of products in its lineup. It holds the leading position in first-to-file opportunities. This is in addition to the over 100 pending first-to-files in the U.S.
In March 2017, Pataday attained an annual sale of close to $303 million in the U.S. Teva’s President and CEO, Global Generic Medicines, Dipankar Bhattacharjee says, “This launch marks another successful first-to-file product for Teva, bringing the only generic version of this product on the market.”
Teva and its operations
The Israel-based company controls more than 1800 molecules within its portfolio. It has the world-leading innovative treatment for multiple sclerosis. Teva’s patient-centric healthcare solutions are used by nearly 200 million patients in 100 markets every day. The global company is now seeking for a way to address the unmet patient needs and its current project is combining drug development with devices, services, and technologies.
In other news, Teva will be nominating four new directors. According to the board’s chairman Sol Barer, the move is aimed at helping the company meet any forthcoming challenges in its business of generic drugs. Just like its competitors, it faces a tough pricing environment, thus it has to lay strategies for staying relevant in the market.
Besides, it has been under pressure from investors to add more global industry experience to the board to help in restructuring. Meanwhile, Teva’s stock closed at $30.22 witnessing an increase of $0.69 or 2.34%.