With the costs of name-brand drugs rising exponentially over the past 20 years and higher premiums and co-pays, US citizens have, to a large extent, been able to count on lower-priced generics, which have always been assumed to be the same as their name-brand equivalents. This is not the case anymore as Teva Pharmaceuticals, based in Israel, has been swallowing up many of the leading generic drug manufactures over the past few years, making them the sole producer of many important generics that so many of us count on for a myriad of medical conditions. The fact that Teva is buying up the competition is not the focus here–though corporate monopolies are never good for consumers. It is the fact that so many of Teva’s generics are poorly produced in third-world countries and are not the same as their brand-name equivalents. While the chemical components of their drugs are the same, or bio-equivalent, as the main chemical compound of the name-brand, it is the low-quality precursor chemicals, inferior manufacturing facilities and lack of production oversight that is causing adverse reactions in consumers that have begun taking generics produced under the Teva Umbrella.
Teva takes over
Teva was officially created in 1976 after the merger of three pharmaceutical companies created in Israel by European Immigrants. In 1982, the FDA approved its main manufacturing plant — and so began the path to market domination.
Teva is not solely interested in generics as they have produced some very effective and useful proprietary drugs such as Copaxone and Azilect. Despite their own research and development, Teva’s meteoric rise atop the pharmaceutical food chain has come through buying and merging with other large drug manufacturers. Most recently, the acquisition of Barr Pharmaceuticals in 2008 for over 7 billion dollars has further entrenched them in generic manufacturing. continue reading…