Somewhat more than 20 years ago this countrys fledgling
pharmaceutical and biotechnology industries were small but its
early participants harboured large dreams. In textbook fashion the
biotech pioneers InterPharm and BioTech General followed
different patterns.
InterPharm licensed Weizmann Institute of Technology know-how,
set up shop in the Rishon LZion Science Based Industries Park,
adjoining the Weizmann Institute, created its own technology and
in due course developed and manufactured beta interferon based
drugs. It was and is a major success with manufacturing in Israel
and in Europe under the aegis of its owner Ares Serono.
BioTech General planned to pursue a multi-product development
program. Founded in 1980 its first product reached the market
some 15 years later and first profits were recorded few years later.
Israels pharmaceutical industry until the 1980s recently was a
small conglomerate named Teva Pharmaceuticals. It consisted of
a number of small drug companies, that were established and
operated mostly by refugees from Europe. Eli Hurvitz,a former
kibbutznik (farmer) assumed its leadership and in the early 1980s
set a course for Teva to become a generic drug company, Teva
today, is the third largest generic company in the world.
Moreover, Hurvitz wanted Teva to make a "blockbuster" drug. When
the opportunity presented itself Hurvitz gambled and set and
licensed Weitzmann Institutes fundamental scientific know. He
gambled heavily on acquiring the know-how, build a $30 million
plant, well ahead of being sure that the pharmaceutical
trade-named Copaxone, could be produced or would reduce the
relapse rate in patients with relapsing-remitting multiple sclerosis
and also encourage the release of a factor that helps protect the
brain from axonal loss.
Tevas Copaxone has become Israels first home grown
"blockbuster". In 2002 alone it has sold Copaxone in the order of
several hundreds of millions of dollars. Israel Makov, who was
InterPharms first general manager in the early 1980s in his first
year as Tevas President and CEO) led the company to new record
achievements.
Also the below is to be in a box and part of the above or following
the above
Teva is on Target for Achieving its Corporate Goals in 2003
Tevas shares are traded on Nasdaq under the symbol TEVA and
are also listed on Israels Tel--Aviv Stock Exchange
With 2002 sales in excess of $2.5 billion with a net income of
$410, up 43% over 2001 Management will seek to improve on the
14 new generic launches in 2002, Teva has 61 ANDAs in the
pipeline with total annual brand sales of $42 billion,
Enter new markets for Copaxone and increase its sales,
Continue to raise its gross profit margin which reached 44% in Q4
2002,
Continue to increase the size of its dividend payments,
Increase shareholder value.