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Sun Pharmaceuticals to close facility in Detroit

BY Ryan Chavis

MUMBAI, India — Sun Pharmaceutical Industries last week announced that it notified the Workforce Development Agency for the State of Michigan regarding its decision to stop manufacturing operations and close the Detroit facility, which is located at Elijah McCoy, Detroit, Mich.

The company provided advance written notice of the closure to the employee union and all affected employees. Additionally, it has ensured that the affected employees will be compensated with more than the regular entitlement under the severance package. Employees also will receive other support services.

The company plans to ensure business continuity and avoid market shortage by transferring the manufacturing of products at this location to other units.

 

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Teva sees Q1 revenue of $5B

BY Ryan Chavis

JERUSALEM — Teva Pharmaceutical Industries last week announced results for first quarter 2014 ended March 31. The company reported revenues of $5 billion, which is up 2% when compared to first quarter 2013. Additionally, Teva reported Non-GAAP net income of $1 billion, an 8% increase and GAAP net income of $744 million, an increase of 18%. 

The company also cited the launch of Copaxone as a milestone, which is set to achieve 30,000 patients on therapy by the end of the month and 40,000 patients by the end of the year. Generic medicine revenues in the United States increased by 17%.

“We are pleased with the quarter’s results. Patients benefited from several significant generic and specialty medicine launches, most notably our Copaxone 40-mg in the United States. Our global generics business delivered increased profitability, and our U.S. generics revenues were up 17% year-over-year,” said Erez Vigodman, president and CEO of Teva.

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NACDS attends White House reception as recognition of pharmacy’s value reaches new heights

BY Antoinette Alexander

WASHINGTON — Representatives of the National Association of Chain Drug Stores were among those invited to a May 1 reception — attended by President Obama and the First Lady — to thank those who worked to smooth the experience of patients with the transition to exchange-based insurance at the beginning of this year.

On May 1, NACDS representatives attended a reception at the White House to recognize those who helped to educate patients during the transition to exchange-based insurance

As quoted in an article in Politico, a White House official described attendees at last Thursday’s event as “the broad and diverse group of stakeholders who helped to enroll Americans in quality affordable health plans, and get information out about their healthcare options, including consumer groups, techies, pharmacies, hospitals, athletes, celebrities, mayors and other local elected officials and community leaders.”

In the weeks leading up to Jan. 1, NACDS and member companies worked closely with the Administration to “war-room” and to confront potential obstacles for the newly insured and for those adjusting to new coverage. In late 2013, NACDS participated in White House meetings and calls to help coordinate amid the changing landscape. NACDS has emphasized the importance of putting patients first and helping them understand the implementation of the Affordable Care Act.

A column written by NACDS president and CEO Steve Anderson in September 2013, said, “When it comes right down to it, patients will have questions about health care, and they will expect and hope that their pharmacies will have at least some of the answers. Living up to that trust is just part of what pharmacies are.”

While pharmacy’s commitment to patient care has long served as a hallmark of the industry, the level of recognition of pharmacy’s value is reaching new heights, NACDS stated.

 

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