Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) continues to intensively promote its interests vis-à-vis the US authorities by devoting major expenditure to lobbying. Though in the third quarter of 2009, Teva spent less than in the two prior quarters of the year, the pharmaceutical company spent 51% more on lobbying in the combined first three quarters of 2009 than in the corresponding period of 2008.
In the third quarter of 2009 Teva spent $770,000 on lobbying compared with $840,000 in the preceding quarter and $570,000 in the corresponding quarter of 2008.
In the first three quarters of 2009, Teva spent $2.6 million on lobbying compared with $2.2 million in the entire year of 2008.
Among other things Teva sought to promote legislation which is friendly to generics in the biopharmaceutical sector - drug treatment development from a biological base. Legislation of the development and marketing procedures of "regular" generic treatment is regulated by US law, but in recent months the legislature is seeking to regulate biogenerics.
Teva and other generic companies are interested in promoting elements in the law which favor them, while the manufacturers of patented drugs are trying to push legislation in the opposite direction. One of the disputed topics is the number of years that the original innovative drugmaker can market under exclusive rights.
Teva's share opened 0.45% higher on Nasdaq at $51.50, giving a market cap of $44.95 billion. The share closed 0.69% up on the TASE today to NIS 190.70.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009