One in every 13 prescriptions in the US is a generic from Teva. Now, CEO Richard Francis is focusing on drug development, delivering better medications faster.
: Leading the charge towards a healthier future requires vision, bold ideas, and the courage to innovate. Richard Francis, the CEO of Teva Pharmaceuticals, is redefining what it means to lead in both generic drug s as well as new drug development. He talks about this need to pivot to growth, a strategy that is transforming his company.
Pillar 2 was step up innovation, going back to your opening question around, are we generics company or are we innovative? So the innovative pipeline we had here, I came in and I sat down with Dr. Eric Hughes, our head of R&D, and he showed me our pipeline. And I went, wow, this would be a cool pipeline in any innovative company.: Absolutely. Absolutely. And I think there are certain synergies that can actually help. Generics can be helped by innovation and vice versa.
But I think on the rest, we're using it probably more practically at Teva now. When it comes to making sure we're making the right thing at the right time, carrying the right inventory, we're starting to use AI to that, because the complexity in that is huge. And that's what AI can really help.: Now, you've talked about in the press that we need to accelerate drug development. And you've commented on it earlier.
And once the patients understand that and the pharmacists understand that, then you see traction. And if you see some of the earlier biosimilars launched in the US, the adoption has been significant and very high. But we're at the start of that journey. And as more biosimilars get launched, we're seeing more and more—: But now the big wave is coming. So the big wave of the big products, like the biosimilar Humira that have come out, the biosimilar Stelara, Prolia.: I do.
And if you think about the next big frontiers we have to tackle, it is around neuroscience, it is around Alzheimer's, Parkinson's, dementia, schizophrenia, bipolar,, many of these — Huntington's disease, tardive dyskinesia, migraine. This is a big undertreated population. And so for us, with our capability, this is a passion we have and it's a capability we have.
But we'll have to wait and see. That's the great thing about innovation and science. It moves so fast, and it's moving faster than it's ever done. So we'll have to wait and see. Maybe we meet in 3 years time and we'll have that discussion.: We'll find out. Now part of this interview series is about leadership. And leadership is also about style — how you motivate your colleagues, how you motivate your team.
Now we can get lost in strategy. We can get lost in Gantt charts, spreadsheets. But the most important thing is the people. And another thing that I think we've done at Teva that I think is part of my leadership philosophy is complete transparency. So we talk to everybody in the company. There is no currency of information here. We tell—: Here's the thing. I realized that we often say, “Well, can we tell people this? I mean, this isn't so good, or we've got to do this.
Third one is it's about the enterprise. It's about the company. It's not about any individual. It's not about any function, any department. We're here for the company. If the company does well, we'll help more patients. We'll help the society, and we'll help ourselves.
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