Teva seeks startups to help solve global pharmaceutical challenges
The logo of Teva Pharmaceutical Industries is displayed at the company headquarters in Tel Aviv, Israel, February 20, 2024. REUTERS/Dylan Martinez
JERUSALEM :Teva Pharmaceutical Industries said on Wednesday it was calling on startups to join its new platform to develop technologies to deal with a host of challenges facing Teva and the global pharmaceuticals industry.
Called Teva Rise, the company's open innovation platform aims to accelerate innovations such as AI, digital health, smart manufacturing and biotech, and will connect startups and tech companies with Teva's business units, it said.
Under the programme, Israel-based Teva - the world's largest generic drugs company that also has its own branded treatments - seeks to create solutions for seven challenges in R&D, manufacturing, supply chain and commercial.
Among them include human platforms as alternatives for animal models in pre-clinical drug development, using AI and machine learning to simulate clinical trial outcomes, and exploring digital health tools and smart devices that monitor patients' long-acting injectable medicines that would result in improved treatment and lower healthcare costs.
"By partnering with start-ups across the globe, we can unlock smarter solutions and innovation," said Mark Sabag, vice president at Teva International Markets.
He said that through the programme, Teva would forge global partnerships with startups and technology leaders and channel tens of millions of dollars into solutions that "will not only strengthen our business but also deliver meaningful value to patients worldwide."
"By embracing open innovation and investing ambitiously, we are building a sustainable competitive advantage for Teva and shaping the future of healthcare," he added.
Teva noted that the launch of its new platform comes at a pivotal moment for the drugs sector as AI and digital transformation reshape and accelerate drug development, manufacturing and patient care.
