Hello, everyone, and how are you today? Our morning is off to a fine start, thanks to a warm and shiny sun that is enveloping the Pharmalot campus, where the short person is sleeping in. A well-deserved respite from a taxing summer job. As for us, we are as busy as ever. It may be midsummer, but the world continues to spin. No doubt, you can relate. So here are some tidbits to help you along. Have a lovely day and do keep in touch …
The Food and Drug Administration is on pace to break its record for approving generic drugs, Regulatory Focus tells us. So far this fiscal year, the agency has approved 633 generics, which compares with a total of 651 approvals in fiscal year 2016, according to the latest activities report. And complete response letters, which signify rejections, are down significantly with 1,292 sent so far in fiscal year 2017, compared with 1,725 letters sent in fiscal year in 2016.
The Israeli government urged Teva Pharmaceutical (TEVA), which is the country’s largest company, to bring jobs and operations back home while signaling a willingness to aid in a rescue of the beleaguered drug maker, Bloomberg News reports. The government believes Teva has an obligation to Israel because of special tax benefits provided over the years. Meanwhile, Teva is seeking a buyer for its Medis business, Reuters writes.
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With the generics business in a tailspin, in a year Teva can be scooped up by a branded company for pennies on the dollar. The Israeli government is well aware of this, which is why they are throwing a life preserver out to Teva. These promises between governments and pharma are worthless. Look at all the companies like Pfizer, that were lured by local governments to relocate in exchange for tax benefits. In the end Pfizer decided the quid wasn’t worth it and pulled up stakes.