Mylan CEO: We're World Leader in Generic Drugs
More than $18 billion in pharmaceutical drugs are scheduled to go off-patent this year, and consequently medication makers are getting lots of attention from Wall Street. One company expected to benefit from patent expiration is generic drug manufacturer Mylan Labs . CNBC's Mike Huckman caught up with CEO Robert Coury at the JPMorgan Healthcare Conference in San Francisco.
Huckman asked Coury if, with so much consolidation in the sector, he saw Mylan as a buyer or a seller.
“Mylan is like the rock of Gibraltar in the generic pharmaceutical industry,” answered the CEO. “We have a very powerful and pristine platform to grow on. You can expect Mylan to be around for many years to come, not just domestically but now globally.”
Coury is referring to a deal he closed yesterday in which Mylan bought a majority stake in the Mumbai-traded Matrix Labs. "It establishes Mylan as a world leader in generics and specialty pharmaceuticals," said Coury about the deal.
Huckman mentioned that Coury had tried to buy rival King Pharmaceuticals but was thwarted by billionaire financier Carl Icahn. “To this day, I still believe that the best option for Mylan was the acquisition of King Pharmaceuticals," Coury said. "I don’t think Carl Ichan had the best interest of investors at heart. We’ve been steady and made all the right decisions.”
“Will the new Democratic Congress make it easier to get more generic drugs to market?” asked Huckman.
“I’m very hopeful and confident," answered Coury. "This is exactly what the country needs, a Democratically controlled Congress.”