At some level you've got to feel for them. When the strategy was conceived it seemed like it was going to be profitable. The FDA was in the process of, or about to, unleash a flood of ANDA approvals. Regulators wanted cheap generics for all.
The problem is, everyone was lining up for it. Teva spashed out a fortune to boost its capacity, through acquisition. Mylan did similar, through merger, to become Viatris. Indian companies like Dr Reddy's and Aurobindo came in (to the US).
Margins got smashed. Middle-men and wholesalers feasted on the proceeds, but the pharma co's were like gazelles in a lion's hunt.
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