Teva Pharmaceutical Industries Ltd. plans to cut about 5,000 employees mostly by the end of next year as part of a restructuring designed to slim the drugmaker’s business and make it more efficient.
The Israeli company said Thursday it employs about 46,000 people worldwide, so the cuts amount to nearly a 10 percent global workforce reduction. The drugmaker plans to trim oversized parts of its business while growing its generic and core research and development programs. It plans to reinvest savings from the cuts in what it considers to be areas with high potential, like development of complex generics and specialty pharmaceutical products.
It also wants to increase its presence in emerging markets and broaden its product portfolio, especially with over-the-counter drugs, which can be sold without a prescription. Many drugmakers are targeting emerging markets like Brazil and China as possible sources for future growth.
Earlier this year, the company said it would close by 2017 a Sellersville, Pa., generic drug plant that employs about 450. It also plans to sell another plant in Irvine, Calif.