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Teva CEO Jeremy Levin Photo: Sivan Farag
Teva CEO Jeremy Levin Photo: Sivan Farag
 
 

Teva CEO: Israel is our heart

Amid estimates that drug maker may move some of its production activity abroad, Jeremy Levin vows to pursue additional investments in Israel

Eli Shimony
Published: 12.28.12, 12:52 / Israel Business

"Teva builds in Israel. Israel is the base, it's Teva's heart. We are planning additional investments in Israel – as we have done in the past over the years," Teva Pharmaceutical Industries President and CEO Jeremy Levin told Yedioth Ahronoth recently.

 

These remarks were made on the backdrop of estimates made by analysts and sources in the industry, who fear the company may move some of its production activity from Israel to places where manufacturing is cheaper, such as East Asia.

 

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These estimates surfaced after Teva revealed its strategic program, which stated that it would aim to reduce its production expenses worldwide.

 

The fear that Teva may downsize its activity in Israel also stems from the company's recent personnel change. While in the past it was led by Israel Makov, Shlomo Yanai and the late Eli Hurvitz, who were all Israelis, in the past year it is being run by Americans – Chairman Phillip Frost and CEO Jeremy Levin.

 

Since 2009, the number of non-Israelis on Teva's management has doubled.

 

The company has stressed its management's decision to boost research and development activity in Israel and turn it into Teva's global R&D center.

 

Only recently, the company announced the establishment of a national center of excellence in neuroscience and brain research, which would operate in Israel.

 

 

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