What do I think about health care reform? Who cares? How do you make money from health care reform? That’s another discussion altogether.

Regardless of whether health care reform passes, and, if so, in what form, the central message to the industries that comprise 16%-17% of the economy is cost control.

Health care inflation has been going up faster than general inflation since the passage of Medicare, and drug costs have been going up faster than general health care inflation for most of that time.

The same thing is going to happen this fall, next year and forever. Cost control will be the thing to do, and it will be led by cost control in drug dispensing.

So, how can you play this?

The answer is generics. And the world’s largest and best generics drug manufacturer is Teva Pharmaceuticals (TEVA).

I have followed Teva for seven years, and management has never let me down. The company dominates the generics market and has 150-200 new generic formulations in front of the FDA at any given time.

This proprietary product line gives TEVA a huge advantage in the generics industry. TEVA has the highest margins of any generics maker, which means it can fund the development of new and more generics faster than its competitor.

So, TEVA is not just the largest; it’s the best.

Health care reform and cost controls are not the only catalysts for TEVA. In November 2010, Pfizer’s (PFE) anti-cholesterol medication, Lipitor, the world’s largest-selling prescription drug ($11 billion), loses its patent.

Depending on Teva’s taste for legal action and where it stands on line with the FDA, it can market a generic in November or within six months — and that will catalyze not only the stock, but the business as well. It also makes Pfizer the short of the decade.

In short, TEVA has market dominance, great management, and short-term and longer-term catalysts.

The only risk is a temporary drop in the stock if tensions in the Middle East flare up — Teva is based in Israel. But in the past, it has only taken a couple of days for people to realize almost all the company’s operations worth mentioning are outside of Israel.

So, to make money on health care reform, bet on cost control and look at TEVA call options.