Teva Pharmaceuticals Ltd., board chairman Phillip Frost, who grew up in South Philadelphia, said in an interview with Bloomberg Markets magazine that the drugmaker can't afford to be nostalgic about operating as it did in the past.
“Teva is and always will be an Israeli company with strong Israeli roots,” Frost told Bloomberg, referring to the company headquarters. The Americas headquarters is in North Wales, Montgomery County.
“Teva also must act like a global pharmaceutical company," Frost said. "There’s a lot of nostalgia for the good old days when it was a family company and the board got together for a little lunch. That’s not what Teva is nowadays.”
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