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The country's drugs and <keyword id="20006091" type="General" weightage="20" keywordseo="pharmaceuticals" source="keywords">pharmaceuticals</keyword> exports increased 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. According to the commerce ministry data, <keyword id="20988985" type="General" weightage="20" keywordseo="pharma-exports" source="keywords">pharma exports</keyword> in March grew by 12.73 per cent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil. The US accounts for over 31 per cent of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia. An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month. Experts have said that India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over USD 50 billion for the 2022-23. On average, India exports pharma products worth USD 2-3 billion every month. India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 <keyword id="20581305" type="General" weightage="20" keywordseo="generic-drugs" source="keywords">generic drugs</keyword> across 60 therapeutic categories. The government has rolled out two production-linked incentive (<keyword id="19958919" type="General" weightage="20" keywordseo="pli" source="keywords">PLI</keyword>) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a>

India's pharma exports rise 10% to $27.9 bn in FY24

<ul class="summary-list"><li>Ferring Pharmaceuticals, a Swiss biopharma firm, focuses on worker well-being and DEI.</li><li>Purvi Tailor, head of human resources in its US business, is on BI's <a target="_blank" class="" href="https://www.businessinsider.com/workforce-innovation-board-tackles-topics-such-as-c-suite-innovation-ai-worker-wellness-2024-8">Workforce Innovation board</a>.</li></ul>A lot of companies say they are like a family, but at Ferring Pharmaceuticals, a privately owned biopharmaceutical company headquartered in Switzerland, family-centrism is part of doing business."In the US, we are a leader in several therapeutic areas, including reproductive medicine, orthopedics, and gastroenterology," said Purvi Tailor, Ferring's head of human resources in the US. "Our mission is to help people build families and live better lives. It's a purpose that the employees that work here can feel very connected to."Tailor joined Ferring in 2021 following roles at Johnson &amp; Johnson, American Express, and JP Morgan.She said that Ferring has grown more intentional about focusing on worker well-being, which is particularly important for the highly competitive field of healthcare. "The war for talent is always on and the best talent always have options," she said.The following interview has been edited for length and clarity.What are the benefits for companies focused on worker well-being?Our overarching philosophy is that if our workers have a good sense of <a target="_blank" class="" href="https://www.businessinsider.com/flexibility-can-increase-worker-well-being-2024-8">well-being</a>, ultimately, it helps our business be that much more successful. We've defined well-being in a <a target="_blank" class="" href="https://www.businessinsider.com/employee-wellbeing-programs-help-companies-perform-better-and-manage-cost-2024-7">holistic way</a>, so it's not just about physical well-being; it's also about mental well-being and financial well-being. We've implemented various initiatives in the last two to three years that focus on each of those.You can provide a lot of tools and resources, but if you don't have the right culture within the company that people are experiencing, that obviously has a much more detrimental impact on employee experience. So, our approach is twofold. First, the benefits and the policies. And second, creating the right type of workplace that people want to be a part of.What specific programs are targeting diversity, equity, and inclusion?Relative to other companies that I've worked for, in some ways we've had the luxury to start a little bit later. Whereas some companies have been doing this for 20 years, for us it became more of a burning platform over the last couple of years.Since Covid and all the various things that have happened since, having an inclusive culture has really become one of the more important things for us.Because inclusion is something that can be very personal and difficult, we're partnering with an external event vendor to create smaller group experiences. We put a lot of things on the table and really try to make it an inclusive environment for understanding, sharing stories, and talking about different scenarios that happen in the workplace.We used scenarios that we've seen either happen at Ferring or outside, but real, lived, everyday kind of things that actually happen. Leaders found that really meaningful because it gave them an opportunity in a very safe environment to explore those situations and recognize them when they see them.The goal is to make sure that when they go back to their offices or desks, they're like, 'Okay, actually, I'm gonna be able to use that as I start to see things.'As Ferring has grown in the US, you've had to start many programs from scratch. What advice do you have for other companies that are just getting started thinking about DEI and worker well-being initiatives?What's really important is to ensure that whatever you're doing, you can connect it with the values of your company.With all of the various things that we're doing, especially in the wellness and DEI space, they align well with our values and our mission of helping people live better lives. It needs to come from an authentic place. Because it's sort of obvious when people are faking it.Our head of DEI in the US has so much passion for this space, and that really drives her as an individual and her purpose. The quality of what she puts out is remarkable, and she's able to create the right narrative that employees and leaders who are in positions to share it are able to grab some of that enthusiasm.What policies demonstrate your focus on worker well-being?One of the biggest things we've done in the last two years is a fertility benefit program called Building Families at Ferring with unlimited financial support for your journey, whether that's IVF, surrogacy, or adoption. So it covers all the many pathways that people could take to build a family.It also offers 26 weeks of paid parental leave and the policy is agnostic of your marital status and your family structures. It's truly a benefit for all that want to build a family.It's so core to our business. We thought we needed to give back to employees in the same way that we want to show up in the marketplace.What workforce issues are commonplace in the pharmaceutical industry?Attrition is systemic; it's just the norm. Over the last few years, we've managed to really stabilize the organization from an attrition perspective more so than we ever have in the previous five years.For us, retention of our talent is critical, as I know it is for all companies. You want to retain the best and make sure that they're developing and getting to whatever their aspirations are. Pharma is very competitive.We recently launched a uro-oncology business, and in the early part of this year, we hired about 60 people with roles across functions, including sales, marketing, finance, and medical. If the pharma market is generally very competitive, oncology is even more so. The things that we can do to make this a great place to work are a big part of how we approach that piece of talent management.

In the competitive world of pharma, companies need to focus on worker well-being to retain top talent, says Ferring's HR exec

<ul class="summary-list"><li>In 2022, billionaire Shark Tank investor Mark Cuban set up a no-frills, low-cost online pharmacy.</li><li>Since then, Mark Cuban Cost Plus Drug Company has amassed more than 2,000 offerings, mostly generics.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/category/mark-cuban">Mark Cuban</a> is on a mission to upend Big Pharma.In early 2022, Cuban founded <a target="_blank" class="" href="https://www.businessinsider.com/walgreens-mark-cuban-cvs-prescription-drugs-prices-cost-plus-model-2024-1">Cost Plus Drugs</a>, a discount pill-mailing service that promised to take some of the bloat out of America's pharmaceutical system by delivering drugs to consumers at lower, more transparent price points.Here's how it works: Cost Plus Drugs, as the name implies, gets drugs directly from manufacturers, cutting out the pharmaceutical middlemen and their extra costs. You pay a 15% markup to Cost Plus Drugs, plus a fixed $5 for labor on each medication and $5 for shipping.<div type="image" title="three workers in a pharmacy setting" height="4000" width="6000" msid="112197854" hostid="261" sizebytes="504712"></div><h2 id="3e039770-7726-4e4b-88ba-a535ea447cba">Typically, drug pricing is clear as mud</h2>Take <a target="_blank" class="" href="https://www.businessinsider.com/untold-story-of-viagra-doctor-dropped-pants-at-urology-conference-2020-2">Viagra</a>, for example. How much will a name-brand, 30-day supply of the biggest dose of the "little blue pill" (100mg) cost you? Great question. It could be anywhere from around $2,000 to upwards of $3,000, without insurance. A generic form of the same 30-day supply might start somewhere around $250, but can also exceed $1,000.Cost Plus tells consumers that it pays the manufacturer $3 for that same 30-day supply of 100mg generic Viagra tablets. It slaps on a 15% ($0.60) markup, plus $5 for "pharmacy labor" and voila: a 30-day supply of sildenafil citrate for $8.60 (plus shipping and taxes).The company has over 2,000 drugs on offer this way, mainly generics. It's everything from unbranded Crestor (about $6-7 a month, plus shipping) to silver burn cream for wounds (approximately $10-11 per tube). You can replace a trip to the pharmacy with a few minutes of computer time: create an online account, then connect with your doctor who'll place your prescription order electronically.Cuban, the veteran <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-says-leaving-shark-tank-after-season-16-2023-11">Shark Tank investor</a> and billionaire part-owner of the Dallas Mavericks, isn't necessarily expecting his mail-order pharmacy to make him millions of dollars richer. Rather, his goal with Cost Plus, he <a target="_blank" class="" href="https://youtu.be/apTsCDNgXF4?si=3LeTw5angPJlNgTZ&amp;t=63">says</a>, is to change the "game" of <a target="_blank" class="" href="https://www.businessinsider.com/how-education-healthcare-childcare-got-so-expensive-feeling-it-now-2023-4">drug pricing</a>."We are completely transparent, with the same price for anyone and everyone," Cuban told Business Insider via email. "We believe that when all data is transparent, then the market becomes efficient. At that point, prices will drop significantly."<h2 id="8c89cb9b-aec1-4e9f-a7e1-c4bec00f2500">Importing $15 penicillin to compete with $500 shots from Pfizer is just the beginning</h2><div type="image" title="pills" height="1414" width="2119" msid="112197849" hostid="261" sizebytes="192698"></div>Cost Plus has been bullish about its ultimate ambitions to end the secretive, uneven world of <a target="_blank" class="" href="https://www.businessinsider.com/big-pharma-companies-taxes-american-billion-dollar-profits-drugs-healthcare-2023-8">US drug pricing</a> altogether. And it's increasingly stepping out of the generic world and going after big, brand-name drugmakers like Pfizer and Novo Nordisk.Earlier this year, <a target="_blank" class="" href="https://www.costplusdrugs.com/mission/">the company</a> started up a manufacturing plant in Texas aimed at alleviating drug shortages, and this summer it inked an import deal with a Portuguese pharmaceutical brand to<a target="_blank" href="https://x.com/costplusdrugs/status/1813620177852060145"> bring</a> cheaper penicillin shots to clinicians in the US, who've been dealing with a surging nationwide <a target="_blank" class="" href="https://www.businessinsider.com/gonorrhea-syphilis-cases-out-of-control-in-us-std-expert-2022-9">syphilis</a> outbreak that has completely cleaned out the US supply.Normally, Pfizer is the only American manufacturer of the specific shot in question, called Bicillin L-A, but they've been in short supply on that medication for over a year. For now, the US Food and Drug Administration is allowing Cost Plus to import Portuguese penicillin to the US [$15], but only until Pfizer's [~$500+] supply comes back out of shortage, likely in early 2025."We are going to try to do the same thing for any med that is in shortage where we feel we can save patients a material amount of money," Cuban said. And he didn't outright dismiss my idea that the same could be done in the future for chemotherapy medications, or GLP-1 weight loss shots like Wegovy, which have both been in severe shortages for many months."Where we can find a high-quality source that meets all regulatory requirements, we will do our best to import them," he said.<h2 id="3f43f5a0-16b8-41cb-92c1-88cc4f3e7937">1 regulatory change that would bring down healthcare costs across the board</h2>Over the next decade, he expects Cost Plus to add more branded medications, and also move into "high-end specialty therapeutics."But he also acknowledged his strategy can only go so far, without firmer regulations, aimed at showing consumers what drugs actually cost to produce. If he had his way, Cuban says that every healthcare provider, pharmacy middleman, or "any affiliated in any way company" would be required to "publish their un-redacted contracts, for all to see.""Prices could drop 30% across all of healthcare in a year," he said. "Transparency would end all the payment games."

We asked Mark Cuban how he's going to disrupt Big Pharma. He said it's pretty straightforward, actually.

<ul><li>The portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health.</li><li><keyword id="44587" type="General" weightage="20" keywordseo="Dr-Reddy" source="Orion">Dr Reddy</keyword>'s will acquire the portfolio for an upfront payment of approximately $90 million in cash.</li><li>For the financial period ended June 30, 2022, <keyword id="277934" type="General" weightage="20" keywordseo="Mayne-Pharma" source="Orion">Mayne Pharma</keyword> reported total revenue of $111 million for the acquired portfolio.</li></ul> <keyword id="67944" type="General" weightage="20" keywordseo="Dr-Reddys-laboratories" source="Orion">Dr Reddy's Laboratories</keyword> Ltd on Monday said its subsidiary entered into a definitive agreement to acquire the US generic prescription product portfolio of Australia-based Mayne Pharma Group Limited for USD 105 million. A press release form Dr Reddy's said the portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health. Under the terms of the agreement, Dr Reddy's will acquire the portfolio for an upfront payment of approximately USD 90 million in cash, contingent payments of up to USD 15 million, consideration towards inventory and credits for certain accrued channel liabilities to be determined on the closing date, it said. For the financial period ended June 30, 2022, Mayne Pharma reported total revenue of USD 111 million (USD) for the acquired portfolio. Approved high-value products include a hormonal vaginal ring, a birth control pill and a cardiovascular product. The closing of the transaction is subject to satisfactory completion of customary closing conditions including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended. The acquisition will complement Dr Reddy's US retail prescription <keyword id="6469017" type="General" weightage="20" keywordseo="pharmaceutical" source="Orion">pharmaceutical</keyword> business with limited competition products. It also supports Dr Reddy's efforts to accelerate and expand affordable medications for patients, the release further said. Marc Kikuchi, Chief Executive Officer, North America business, Dr Reddy's, said, "This important acquisition provides our North America organisation with a significant foothold in the women's health space. The acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets. We are well-positioned to successfully integrate the portfolio and grow the business." Erez Israeli, Chief Executive Officer, Dr Reddy's, said, "The portfolio of products acquired from Mayne Pharma is a strategic fit with our growth objectives. The portfolio includes some high entry-barrier products. It also complements our existing portfolio by introducing products focused on women's health. Our strong balance sheet enables us to acquire products of strategic importance to strengthen our base business and build for long-term growth." The value of total addressable market for the pipeline and approved non-marketed products in the US is approximately USD 3.6 billion for the calendar year ending in December 2022 according to IQVIA, the release said.

Dr Reddy's acquires Mayne Pharma's USA prescription portfolio for $105 Mn

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! President Joe Biden delivered a State of the Union yesterday that was unlike any in recent memory. He seized the opportunity to <a target="_blank" href="https://www.businessinsider.com/biden-state-of-the-union-speech-takeaways-trump-attacks-campaign-2024-3">tear into his predecessor</a>, Donald Trump — and Trump was quick to vent his fury online.In today's big story, we're looking at pharma companies' surging stocks and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stocks-jpmorgan-retail-traders-dump-magnificent-7-for-pharma-2024-3">threatening tech darlings</a> thanks to their weight-loss drugs.What's on deck:<ul><li>Markets: Stock buybacks are <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-stock-buyback-record-forecast-cash-tech-earnings-growth-goldman-2024-3">set to make a massive comeback</a>.</li><li>Tech: Apple is having a <a target="_blank" href="https://www.businessinsider.com/apple-just-cant-seem-to-catch-a-break-this-year-2024-3">tough go of it</a>.</li><li>Business: Make way for bike lanes! <a target="_blank" href="https://www.businessinsider.com/bike-lanes-good-for-business-studies-better-streets-2024-3">They'll actually help your business</a>.</li></ul>But first, there's a new kid on the block.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Magnificent weight loss</h2><div type="image" title="A person holding a vial." height="650" width="1300" msid="108334141" hostid="261" sizebytes="27506"></div>Weight-loss drugs have become a trendy way to shed pounds in recent years. The companies behind them are now slimming down a new target: The Magnificent 7.Mom-and-pop investors have been net sellers of most of the Magnificent 7 stocks, selling off shares of Tesla, Apple, Alphabet, and Microsoft, according to a new note from JPMorgan.Meanwhile, pharmaceutical companies appear to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stocks-jpmorgan-retail-traders-dump-magnificent-7-for-pharma-2024-3">have gained what the market's tech darlings lost</a>, writes Business Insider's Yuheng Zhan. Eli Lilly, Pfizer, and Novo Nordisk have grabbed the attention of retail investors, according to JPMorgan.That shift was evident Thursday. Shares of Novo Nordisk, the drug maker behind Wegovy, surged to a record high following an update on a new obesity drug, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/novo-nordisk-stock-price-market-cap-tesla-obesity-drug-wegovy-2024-3">pushing its market cap ranking</a> past Magnificent 7 laggard Tesla.Expectations are high for fellow weight-loss drugmaker Eli Lilly. Bank of America assigned it a $1,000 price target, the highest on Wall Street, off the potential its weight-loss drug <a target="_blank" href="https://markets.businessinsider.com/news/stocks/eli-lilly-stock-outlook-weight-loss-drug-bofa-upgrade-glp1-2024-3">tops $60 billion in sales by 2030</a>. And some have speculated it could <a target="_blank" href="https://markets.businessinsider.com/news/stocks/eli-lilly-stock-diabetes-ozempic-wegovy-weight-loss-drug-pharma-2023-12">become the first trillion-dollar drug company</a>.<a target="_blank" href="https://www.businessinsider.com/magnificent-7-stocks-no-tech-bubble-burst-2024-2">Market experts expected investors to exit some of their Magnificent 7 positions</a> to realize some of the massive gains they accumulated last year. And retail investors remain buyers of Nvidia, the crown jewel of the Mag 7, JPMorgan said.But the growth these pharma companies have already shown is impressive. And it comes despite only 1% of US adults taking weight-loss drugs, <a target="_blank" href="https://www.businessinsider.com/weight-loss-stocks-supplying-developing-drugs-like-ozempic-list-2024-3">according to Bank of America</a>, which predicts that number could rise to 15% by 2035.<div type="image" title="Four photos of patients and doctors against a blue background." height="1500" width="2000" msid="108334142" hostid="261" sizebytes="156266"></div>Not unlike artificial intelligence, which has pushed tech stocks higher, the weight-loss drugs fueling pharmaceuticals' recent rally have their critics.The most notable concerns stem from a lack of understanding of the <a target="_blank" href="https://www.businessinsider.com/weight-loss-glp-1-drugs-ozempic-wegovy-mounjaro-effects-future-2023-12">long-term effects of the drugs</a>, which act on our neural pathways. For some, their loss of appetite has come with a similar apathy towards other things, like work or sex.Weight-loss drugs are also cutting more than just fat. Doctors have raised concerns about <a target="_blank" href="https://www.businessinsider.com/weight-loss-drug-semaglutide-ozempic-causes-muscle-loss-doctor-warns-2023-3">the major loss of muscle mass</a> people on these drugs can experience, especially if they're not getting enough protein or exercise.Drug companies are already considering ways to <a target="_blank" href="https://www.theatlantic.com/health/archive/2024/02/ozempics-muscle-loss-problem/677326/">incorporate drugs that can help users build muscle while also losing fat</a>, according to The Atlantic.For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy. The US GDP <a target="_blank" href="https://www.businessinsider.com/us-economy-faster-growth-ozempic-glp-1-weight-loss-drugs-2024-2">could grow an extra 1% if 60 million Americans took GLP-1 drugs by 2028</a>, according to Goldman Sachs' chief economist.<h2>3 things in markets</h2><div type="image" title="Market bull money stocks" height="1537" width="2049" msid="108334235" hostid="261" sizebytes="486504"></div><ol><li>Companies buying their own stock is back in fashion. Share repurchases will hit <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-stock-buyback-record-forecast-cash-tech-earnings-growth-goldman-2024-3">$925 billion this year and $1 trillion next year</a>, according to Goldman Sachs. The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said. However, the Biden administration is mulling <a target="_blank" href="https://markets.businessinsider.com/news/stocks/joe-biden-administration-wants-to-quadruple-taxes-on-stock-buybacks-2024-3">quadrupling taxes on stock buybacks</a>.</li><li>A billionaire real estate mogul has some stern words for the Fed. Barry Sternlicht said the real estate industry was "minding our own business" when <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-crisis-crash-fed-economy-inflation-rates-sternlicht-2024-3">it became "collateral damage" of the Fed's aggressive rate hikes</a>. He also pointed to the Fed's tightening policy amid government spending on the Infrastructure Investment And Jobs Act and the Inflation Reduction Act.</li><li>An old hedge-fund strategy makes a comeback. Alpha capture strategies, which generate investment portfolios by aggregating inputs from sources including human traders, market data, and sell-side research, are <a target="_blank" href="https://www.businessinsider.com/alpha-capture-hedge-funds-quantamental-2024-3">hot again in the hedge-fund world</a>.</li></ol><h2>3 things in tech</h2><div type="image" title="The Apple logo on a store." height="1334" width="2000" msid="108334237" hostid="261" sizebytes="57978"></div><ol><li>Apple can't catch a break. It's been <a target="_blank" href="https://www.businessinsider.com/apple-just-cant-seem-to-catch-a-break-this-year-2024-3">a rough week for the iPhone maker</a>: On Monday, the European Commission slapped it with a $2 billion fine. Then, a report found its iPhone sales in China had dropped 24% in the first six weeks of the year. And that's saying nothing of its abandoned EV ambitions.</li><li>Tesla's value is sagging — bringing Elon Musk down with it. The EV company has seen <a target="_blank" href="https://www.businessinsider.com/tesla-stock-price-elon-musk-mcdonalds-disney-ev-market-cap-2024-3">its value slump by $234 billion</a> this year. That's more than McDonald's, Disney, or Nike are worth. In turn, Musk's wealth has <a target="_blank" href="https://www.businessinsider.com/elon-musk-wealth-down-40-billion-this-year-tesla-stock-slide-2024-3">dropped by almost $40 billion</a> since the start of 2024.</li><li>TikTok is fighting back against Congress. Lawmakers are talking about banning the app once again — and the White House has signaled it thinks that's a good idea. TikTok has responded by <a target="_blank" href="https://www.businessinsider.com/tiktok-ban-china-congress-bill-force-sale-bytedance-why-2024-3">sending messages to some users</a> that urge them to help it stop a shutdown.</li></ol><h2>3 things in business</h2><div type="image" title="An illustration of a bike locked to a parking meter." height="1000" width="2000" msid="108334240" hostid="261" sizebytes="273882"></div><ol><li>Bike lanes are good for business. Some store owners worry that bike lanes take away parking spots, hindering customers' access to shops. But studies have shown bike lanes do nothing to reduce business — and <a target="_blank" href="https://www.businessinsider.com/bike-lanes-good-for-business-studies-better-streets-2024-3">may actually help improve sales</a>.</li><li>Temu will open to US merchants soon. US-based merchants told BI <a target="_blank" href="https://www.businessinsider.com/us-europe-amazon-sellers-eager-for-temu-platform-launch-2024-3">they're eager to sell on Temu</a> as it rapidly grows. The Chinese ecommerce platform has made a splashy entrance into the American market, reportedly <a target="_blank" href="https://www.businessinsider.com/temu-millions-on-meta-ads-staff-joked-gift-card-rewards-2024-3">spending $2 billion for advertising on Meta</a>.</li><li>Check out Rivian's new EVs. The carmaker revealed two new SUVs on Thursday: the long-awaited R2 and a surprise, smaller version called the R3. "These represent our future," Rivian CEO RJ Scaringe said. <a target="_blank" href="https://www.businessinsider.com/rivian-r2-suv-release-price-range-specs-photos-2024-3">Take a look</a> at the designs, specs, and other features.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/rupert-murdoch-marriage-engaged-elena-zhukova-2024-3">Rupert Murdoch is taking yet another shot at marriage at the age of 92</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/pe-vc-investors-flock-to-sports-ai-after-peak-tv-2024-3">Private-equity and VC investors look to sports, AI, and live events as the era of peak TV draws to a close</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/hedge-funds-lincoln-center-fundraiser-steve-cohen-new-york-2024-3">Inside hedge funds' big Lincoln Center bash: Caviar, acrobats, and a professed love for New York 'even if we move to Florida.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/dc-restaurant-service-charges-fees-allowed-if-disclosed-to-customers-2024-3">Live in DC? Get ready for 20% service charges when you eat out</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/work-life-balance-doctor-joseph-maroon-triathlete-2024-3">A busy 83-year-old doctor who does triathlons shares his 'square method' for maintaining a work-life balance</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-holdings-portfolio-allocation-price-gold-crypto-rally-safe-haven-2024-3">Bitcoin is replacing gold in investor portfolios</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/netflix-love-is-blind-charlotte-suburban-housing-debate-walkable-density-2024-3?sd">'Love is Blind' fans are bashing the cookie-cutter Charlotte suburbs featured on the show. Here's how experts say they can be improved</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ray-dalio-taylor-swift-concert-selfie-endorsed-her-president-2024-3">Ray Dalio went to a Taylor Swift concert, took a selfie, and endorsed her for president</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/creative-director-merkley-partners-lawsuit-sexual-assault-2024-3">Omnicom agency Merkley+Partners hit with lawsuit accusing ex-creative director of raping a social media strategist in the bathroom</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/food-product-recalls-increasing-cinnamon-2024-3">Noticing more product recalls lately? It's not just you</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/victoria-cruises-line-travelers-refunds-residential-cruise-vcl-2024-2">Travelers booked the residential cruise of their dreams. Now, some doubt it'll happen — and say they've waited months for refunds</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/5g-advanced-standalone-6g-qualcomm-huawei-mwc-2024-3">5G had a slow and messy start. New 5G technologies could finally bring the faster networks we were promised</a>.</li></ul><h2>What's happening today</h2><ul><li>SXSW kicks off today.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

Pharmaceutical companies behind weight-loss drugs are slimming down a new target: The Magnificent 7

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. </li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively. India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹808,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹474,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹278,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹228,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,64,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,62,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,43,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,25,600 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niraj Bajaj &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023 ‘India a shining moon as world stares at recession’ The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. “The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the numero uno position and contributed 133 entrants to the list. “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. Funding winter &amp; founders’ wealth While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%. Startup wealth creation will persist, albeit within a changing landscape, Junaid said. The IPO stars: Public issues and rich list debuts The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

<ul><li>All the four brands have a combined market size of ₹1800 crore and accounted for as much as ₹33 crore in revenues in FY22.</li><li>The pharma company will take over the manufacturing, marketing and distribution of these brands in India.</li><li>The integration and transition of the brands are expected to be completed in the next two weeks.</li></ul>KKR-backed <keyword id="505502" type="General" weightage="80" keywordseo="jb-chemicals-and-pharmaceuticals" source="Orion">JB Chemicals and Pharmaceuticals</keyword> said that it acquired four pediatric brands — Z&amp;D, Pedicloryl, Pecef and Ezinapi from <keyword id="177825" type="General" weightage="20" keywordseo="Dr-Reddys-Laboratories" source="Orion">Dr Reddy’s Laboratories</keyword>. The acquisition has been done for a cash consideration of ₹98.3 crore, excluding working capital and taxes. All the four brands have a combined market size of ₹1800 crore and accounted for as much as ₹33 crore in revenues in FY22. “Overall, the brands acquired have significant growth potential to strengthen our already established presence in the pediatric category, which is synergistic to our current portfolio, speciality depth and geographical presence,” said <keyword id="1217" type="General" weightage="80" keywordseo="nikhil-chopra" source="Orion">Nikhil Chopra</keyword>, CEO at <keyword id="5340080" type="General" weightage="20" keywordseo="JB-Pharma" source="Orion">JB Pharma</keyword>. Z&amp;D produces zinc supplements used for boosting immunity. Pedicloryl oral solution is used in children in hospitals for idiopathic pain management. Pecef caters to the bacterial infections as well as respiratory tract infections in children. Ezinapi cream is used as an emollient for diaper rashes in infants. JB Pharma will take over the manufacturing, marketing and distribution of these brands in India. “It will also help us significantly leverage our on-the-ground field force strength and widen our offerings in the pediatric basket - comprising gut health and respiratory infection products for healthcare professionals across the country,” said Chopra. The integration and transition of the brands are expected to be completed in the next two weeks. “All the four brands have a lion’s share in their respective spaces. We will continue to focus on evaluating opportunities for strengthening our India domestic business,” Chopra added. According to media <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/jb-pharma-acquires-paediatric-brands-from-dr-reddys-for-rs-98-3-crore/articleshow/92590368.cms">reports</a>, the pharma company has been looking out for companies to acquire in the domestic market. It had also acquired brands from Sanzyme — which deals in probiotics and reproductive health for ₹628 crore in January. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ambani-and-adani-valuations-surge-while-tatas-birlas-see-major-declines-in-the-first-half-of-2022/articleshow/92593235.cms">Ambani and Adani valuations surge while Tatas, Birlas see major declines in the first half of 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/telecom-gear-firm-parallel-wireless-lays-off-500-employees-including-in-india/articleshow/92592940.cms">Telecom gear firm Parallel Wireless lays off 500 employees including in India</a>

JB Pharma acquires four pediatric brands of Dr Reddy’s Labs for ₹98.3 crore

<ul class="summary-list"><li>Martin Shkreli has launched a drug-discovery company called Druglike which is centered on free blockchain-based software. </li><li>Shkreli was barred from the pharmaceutical industry after his 2017 conviction for securities fraud. </li></ul>"Pharma Bro" Martin Shkreli is barred from working in the pharmaceutical drug industry. But in his post-prison life, he's turning to blockchain technology in an effort to cut down drug prices. The former phamaceutrical company executive, who in 2017 <a href="https://www.businessinsider.com/pharma-bro-who-is-he-martin-shkreli-convicted-2017-8">was found guilty of securities fraud</a>, on Monday launched <a href="https://druglike.com/">Druglike</a>, billed as a Web3 drug-discovery company centered on free software to design and model chemical compounds. "It's a niche product, for sure, but it could change the way medicine is being made," Shrkeli told The Milk Road, a daily crypto newsletter for more than 150,000 readers, in an <a href="https://www.youtube.com/watch?v=qeStP8h475o">interview posted on YouTube</a> on Monday. Shkreli, who co-founded Druglike, <a href="https://www.milkroad.com/p/exclusive-martin-shkreli-interview">told The Milk Road</a> that software licenses for traditional drug-design software can run from $50,000 to $100,000.Shkreli was <a href="https://www.businessinsider.com/pharma-bro-martin-shkreli-released-from-prison-early-2022-5">released from prison in May</a> and sent to a halfway house after serving four and a half years out of a seven-year prison sentence for securities fraud. Druglike <a href="https://www.newswire.com/news/announcing-druglike-a-web3-drug-discovery-platform-21779057">in a separate press release said in</a> building a decentralized computing network that underserved and underfunded communities "such as those focused on rare diseases or in developing markets" will benefit from access to its tools.Shkreli in 2015 set off a firestorm of criticism as the then-CEO of Turing Pharmaceuticals after it raised the price of Daraprim, an anti-parasitic drug prescribed to patients with AIDS and cancer, by 5,000%. Shkreli faced a separate antitrust lawsuit for raising the price of Daraprim. Shkreli said in the videotaped interview he's "aghast" at the high price tag for drug-discovery software. "Total cost of the ownership of this stuff is millions of dollars. So the ability to … squeeze it down almost to zero is my dream."Druglike is "not a drug company. We don't want to be a drug company. I can't even be a drug company. We make a piece of software and you sort of design something that could be a medicine," he told The Milk Road. "Once you're done with that, you actually have to turn it from a simulation to a reality and that's somebody else's job." Shkreli is scheduled to be released from federal custody on September 14, according to the US Bureau of Prisons.

'Pharma bro' Martin Shkreli - now free from prison - has launched a crypto business aimed at disrupting the pharmaceutical drug industry

<ul><li><keyword id="4764339" type="General" weightage="20" keywordseo="drug-shortages" source="Orion">Drug shortages</keyword>, channel realignment and woes of competitors to aid US business of <keyword id="58106" type="General" weightage="20" keywordseo="indian-pharma" source="Orion">Indian pharma</keyword> cos.</li><li>Dr Reddy’s, Cipla, Zydus and Sun Pharmaceuticals gained from sales of generic cancer drugs in the US.</li><li>US FDA inspections are in full swing and the accelerating pace of new launches will improve outlook for US business in FY24, say analysts. </li></ul>The Indian pharma sector has gone through many ups and downs in the last few years – like falling from a Covid-high last year, adding to pricing pressures in its most important market. In the first quarter of FY24 however some of the US market pricing pressures are easing, making up for the slump in domestic sales. “Q1 FY24 turned out to be a tale of two divergent performances as US delivered across the board beat while domestic business, specifically acute, saw weakness in June. Price erosion came in at high single digit in US versus mid-teens last year reflecting in better US revenue growth and profitability,” said a report by YES Securities. Drug shortages, channel realignment and financial as well as regulatory woes of competitors seems to have helped curb US market price erosion in Q1 on a quarter-on-quarter, say analysts. The US market has been dented in the last few years for many reasons including pricing pressures — like supply chain disruptions, and a massive delay in approval of Abbreviated New Drug Applications (ANDAs) leading to fewer generic launches in the US. However, the ability to launch the generic version of a cancer drug gRevlimid in the US abated some of the concerns. Dr Reddy’s generated sales to the tune of $125 million from this generic in Q1 while Cipla, Zydus and Sun Pharmaceuticals reported gRevlimid sales between 40-60 million. “We believe the earnings support from gRevlimid is expected to drive the US base business and abate pricing pressure for the coming two years. Moreover, US FDA inspections are in full swing and the accelerating pace of new launches will improve outlook for US business in FY24,” J M Financial. Lupin and Zydus Life benefitted from exclusive launches of gSuprep and gTrokendi. Darunavir and gSpiriva are other drugs in the pipeline that can boost North America sales of Indian pharma companies. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth levers ahead </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specialty performance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revlimid contribution to sustain in 2Q </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zydus Lifesciences </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Near-term US outlook promising </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">US base biz at $210- 215 mn hereon: mgmt </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lupin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Attractive launch pipeline </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: J M Financial Sun shines in the <keyword id="6382118" type="General" weightage="20" keywordseo="domestic-market" source="Orion">domestic market</keyword> The domestic <keyword id="101756" type="General" weightage="20" keywordseo="pharma-market" source="Orion">pharma market</keyword> seems to see the after-effects of a delayed monsoon, which led to weakness in acute therapies like gastroenteritis which aids seasonal sales in Q1. This trend impacted key players like Dr Reddy’s, JB Chemicals and Alkem. Alkem however said that there has been no change in domestic sales even in July, August is expected to provide some quality on the same. Sun Pharma, however, is an outlier with a good performance in the domestic business as it boosted its sales strength along with new launches. It launched 105 new products in FY23 as compared to 77 new launches the year before. “Sun’s India business has grown at 11% compounded annual growth rate (CAGR) over FY20-23, driven by volume, price and new launches. We expect Sun’s India business to grow at around 10% CAGR over FY23-26,” said a report by IIFL Securities. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

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