Pharmaceuticals : Innovation + Job News

Cincinnati-based Procter and Gamble (P&G) recently announced the launch of PGT Health Care, a joint venture between P&G and Teva Pharmaceutical Industries Ltd. of Jerusalem, Israel. The unprecedented partnership will allow two powerhouse corporations to expand into China and other burgeoning foreign markets.
 
“Together we’re better and have a larger geographical footprint,” says Tom Milliken of Global External Relations with P&G and PGT. “We’re combining two companies’ core strengths to more effectively deliver health care products to more customers.”
 
The alliance between the world’s largest consumer products maker and the world’s largest generic drug maker will allow PGT to reach consumers in emerging market countries such as Peru, Hungary and China. Strong consumer appetite for new products in such countries is fueling P&G’s domestic growth, Milliken says.  
 
“As a company with global headquarters in Cincinnati, this is important for us,” he says. “It will fuel our pipeline for over-the-counter drugs for many years ahead.”
 
Approval this month from anti-trust regulators in the U.S. and Europe paved the way for PGT’s rollout. Company officials say the new unit is expected to have revenues of approximately $1.3 billion, with the potential to reach $4 billion by the end of the decade.
 
Teva and P&G were thought to be a good match because of their complementary product lines and geographic footprints. PGT may now decide to combine P&G products such as Vick’s Cough Medicine with Teva supplements such as allergy medications, thus creating a new, blended product line to sell to consumers. Some of PGT’s new products will also be available in the U.S. and Canada.