Expansions in pharmaceuticals bode well for job market

Isreal-based Teva Pharmaceuticals, the world's largest manufacturer of generic drugs, announced on Monday that it will be investing $460 million in Japanese pharmaceutical company, Taiyo, reports The Associated Press. Teva will have a 57 percent majority stake in the company.

This is good news for the pharmaceutical industry in Japan, since the government is trying to make inexpensive, generic drugs more widely available to its citizens, according to the media outlet. Taiyo currently produces more than 550 medications that are on the market.

The majority of sales for Teva are in North America and in Western Europe. Teva recently acquired German company Ratiopharm in an effort to extend its European reach.

In addition, Alexion Pharmaceutical Plant in Smithfield, Rhode Island is set to break ground on a 20,0000-square-foot expansion in lab and office space according to The Associated Press, leading to job creation in Rhode Island. Alexion currently manufactures Soliris, the only available medication for patients who suffer from paroxysmal nocturnal hemoglobinuria.

The media outlet reports that Alexion already employs 125 workers and is poised to increase its staff by 35 percent after the expansion.