World's Largest Generic Drugmaker Sets Up Warehouse in NE Philly
PHILADELPHIA (CBS) -- One of the largest pharmaceutical companies in the world is relocating its North American distribution center to Northeast Philadelphia.
Teva Pharmaceutical Industries, among the top 15 drug companies worldwide and the world's largest generic drug maker, will invest $300 million on plant and equipment for its new site on Red Lion Road.
"If you had a prescription recently, there's a one in six chance that it's a Teva product."
Mayor Nutter, while shoehorning in the city's new "Smart City, Smart Choice" campaign, said that Philadelphia is the right choice for a global enterprise:
"The new facility will initially employ more than 250 people, but it's projected to grow to 500 within the next five years."
Teva president and CEO Bill Marth (at right in photo) says that while they have branded products, Teva is all about access to affordable drugs:
"What we do with generic pharmaceuticals is make them at much lower prices, once the patents are gone on these products."
Generics represent about 70 percent of most prescriptions in the US.
Reported by Steve Tawa, KYW Newsradio.
