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Teva Pharmaceutical Industries is accelerating a cost-cutting program put in place last December. By the end of 2014, the Israeli company will reduce its workforce by about 10%, or 5,000 employees. Through job cuts, asset sales, and improved manufacturing efficiency, it is targeting $2.0 billion in annual savings by the end of 2017. Known primarily as a generic drug firm, Teva has been building its R&D programs and will put some of the savings into programs for complex generics and specialty medicines. The announcement comes soon after Merck & Co. said it would cut 16,000 jobs, nearly 20% of its workforce.
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