Teva Pharmaceutical Industries will cut about 5,000 jobs, 10 percent of its workforce, accelerating a cost-cutting plan as it prepares for lower-priced competition for its best-selling drug.
Teva, the world’s largest maker of generic drugs, said it expects to save about $2 billion a year by the end of 2017.
In May, the company announced plans to close its West Rockhill Township manufacturing plant in 2017, eliminating more than 450 jobs there and dealing a significant blow to northern Bucks County‘s employment base.
Teva is the Pennridge-area’s second-largest employer after Grand View Hospital.
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