Tuesday July 25, 2023
A leading pharmaceutical company has joined the Australian peak body for affordable medicines.
Israeli-founded, Teva Pharma Australia (Teva) entered the Australian market in 2015, with a focus on improving management of long-term conditions, addressing cost-efficient prescribing and a commitment to improving health outcomes for Australian patients.
Independent Chair of the Generic and Biosimilar Medicines Association (GBMA), Professor Jane Halton AO PSM, said the Board and executive team were delighted to welcome a globally recognised organisation in the generic and biosimilar medicines sector.
“Teva’s supply chain delivers to patients globally and Teva is committed, as we are, to do more to protect Australian patients against preventable medicine shortages, whilst delivering fiscal relief to the health budget and protecting patients against the rising cost of living,” Professor Halton said.
Teva Vice President, APAC Cluster Head and General Manager ANZ, Mr Jim Margaritis, said Teva has significant overseas experience linking public health initiatives to the savings generated by cost-effective treatments and looks forward to contributing to GBMA’s efforts in implementing policies that support both patients and their clinicians.
“We are pleased to join the GBMA and the important policy discussion on how we can unleash the true value of biosimilars, to the benefit of Australian taxpayers including the most vulnerable,” Mr Margaritis said.
“Whilst we stand before a significant shift in medicine policy, more can be achieved,” Professor Halton added. “Biosimilar medicines remain an untapped resource that could be utilised to offset budget initiatives aimed at supporting patients, particularly those struggling with the burden of chronic disease.”
CEO of the GBMA, Ms Marnie Peterson, said protecting patients against the rising cost of living and avoidable medicine shortages further underscored the shared objectives of Teva and the GBMA.
Teva, like all GBMA members have marked a key milestone in GBMA’s five-year, high-impact Strategic Agreement – creating stockholding buffers of 4 to 6 months. These new measures, effective as of July 01 2023, are aimed at mitigating avoidable shortages of medicines.
“Whilst there will continue to be challenges in the supply of some medicines, particularly those currently in global shortage, our members remain committed to doing all they can to ensure Australian patients can reliably and safely receive the medicines they need, when they need,” Ms Peterson said.
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The Generic and Biosimilar Medicines Association (GBMA) is the peak representative body of generic and biosimilar medicine suppliers in Australia. Its members ensure that all Australians are offered the highest quality generic and biosimilar medicines in the world whilst providing affordable community health outcomes that benefit all Australians.
ABOUT TEVA PHARMA AUSTRALIA
Teva was established in 1901. Its global headquarters are based in Israel. Today it has a portfolio of more than 3,500 medicines and produce approximately 120 billion tablets and capsules a year. It has over 70 manufacturing facilities in over 30 countries.
Teva ranks among the leading pharmaceutical companies globally and is active in 60 markets. Approximately 43,000 employees around the world is dedicated to its mission. Its innovative and high-quality medicines serve about 200 million people every day.
Biosimilar medicines are highly similar versions of the original, or ‘reference’, brand of a biological medicine. They are subject to the same regulatory standards and are equally safe and effective at treating the same diseases as the original biological medicine.(2)
Biosimilar brands of medicine come onto the market after the patent for the equivalent reference brand of a biological medicine has expired. They provide more brand options for the same clinical results and introduce competition into the medicines market. They have been in use internationally for more than 15 years.
1. Australian Government. Department of Health and Aged Care. About Medicines. Available online: https://www.health.gov.au/topics/medicines/about-medicines. (Accessed on 31 January 2023).
2. Australian Government. Department of Health and Aged Care. Biosimilar Medicines Regulation. Available online: Biosimilar medicines regulation | Therapeutic Goods Administration (TGA)