Teva Pharmaceutical Industries is on the verge of an organizational overhaul, Globes reported on Monday.
The streamlining of operations, due to take effect on July1, will include a reduction in the number of senior executives from 15 to nine.
From that date, Teva will comprise two commercial business units, Global Specialty Medicines (GSM), which was established in April 2013, and the newly-formed Global Generic Medicines Group (GGM).
Sigurdur Olafsson has been chosen as president and CEO of GGM. Olafsson joins Teva with over 20 years of experience as an executive in the pharmaceutical industry in a number of leadership roles, including his previous role as president of Actavis Pharma. He will be based in the United States.
GGM will have responsibility for all existing generic markets. This includes portfolio management and selection, product launch, and commercial execution. It will also be responsible for Teva’s over-the-counter (OTC) business, led by Teva’s joint venture with The Procter and Gamble Company.
The GSM group, led by Dr. Rob Koremans, is responsible for Teva’s developing patient-centric solutions, and introducing new brands.