Fakir Chand Kohli, the founder and the first CEO of <keyword id="6357585" type="DOMAIN" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS), passed away on Thursday after reportedly suffering a heart attack. He was 96. A recipient of the Padma Bhushan, Kohli is called the 'Father of Indian IT Industry' and is credited for pioneering the technology revolution in India. Mourning the passing of Kohli, TCS, in statement, noted that Kohli joined the company in 1969 at the behest of J.R.D. Tata. He pivoted the first into management consultancy, and then over the next two decades, into software development, helping the organisation navigate multiple technology waves over two and a half decades by continually investing in people and staying relevant to customers, it said. Kohli stepped down as TCS' CEO in 1996 and continued to play an active role in promoting technology to solve the country's social problems. <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> Chairman N. Chandrasekaran said: "I am deeply saddened by the news that Mr F.C. Kohli passed away this afternoon. He was a true legend, who laid the very foundations for India's spectacular IT revolution and set the stage for the dynamic modern economy we enjoy today." He said that Kohli led innovations in areas far-ranging from adult literacy, water purification, software engineering, software automation, complex systems and cybernetics. "I have had the honour and privilege of working with and learning from Mr. Kohli from the day he hired me as a trainee in TCS. Despite his momentous achievements, his simplicity and thoughtfulness is a lesson for us all. His enduring optimism and his ability to make ambitious bets leaves a legacy - one that has advanced a nation," Chandrasekaran said. TCS CEO and Managing Director Rajesh Gopinathan described Kohli as a true visionary, showing amazing foresight in harnessing the rich engineering talent available in India to create an entire new industry that defied all odds and grew to be a global powerhouse. TCS' former CEO S. Ramadorai said that Kohli was a brilliant technocrat and a business leader with varied interests. He was passionate about the development of the nation and its youth, he added. Industry body NASSCOM said: "A true visionary and the father of the Indian software industry - FC Kohli will always be remembered for his pioneering contributions to the sector and remarkable leadership at NASSCOM. Our condolences to his family." He was the President of NASSCOM during 1995-96. Kohli was born in Peshawar, where he did his schooling and did his college-level education in Lahore. He later went to Queen's University, Canada and completed B.Sc (Hons) in Electrical Engineering in 1948 and did his MS in <keyword id="6603085" type="UNKNOWN" weightage="20" keywordseo="Mechanical-Engineering">Mechanical engineering</keyword> from <keyword id="588039" type="COMPANY" weightage="20" keywordseo="The-Massachusetts-Institute-of-Technology">the Massachusetts Institute of Technology</keyword> in 1950. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-top-electric-cars-price-from-delhi-mumbai-chennai-bengaluru-kolkata/articleshow/79429631.cms" data-type="tilCustomLink">From Tata Nexon EV and MG ZS EV to Hyundai Kona Electric — here’s how much top electric cars cost in India</a> <a href="https://www.businessinsider.in/science/news/astrazeneca-will-likely-re-test-its-covid-19-vaccine-ceo-says-after-admitting-an-error-in-the-first-trial-that-may-have-skewed-results/articleshow/79434619.cms" data-type="tilCustomLink">AstraZeneca will likely retest its COVID-19 vaccine, CEO says after admitting an error in the first trial that may have skewed results</a>

FC Kohli, 'father' of India's IT industry and TCS founder, passes away at 96

<ul class="summary-list"><li><a href="https://www.businessinsider.com/category/mars-inc">Mars</a> CEO Grant Reid told Business Insider that his company has been impacted by the preferences of <a href="https://www.businessinsider.com/category/gen-z" target="_blank" rel="noopener">Gen Z.</a></li><li>Reid said that the Mars work environment caters to the wants of Gen Z, with things like more flexibility, the ability to work from home, and open offices.</li><li>Reid says that understanding the wants of Gen Z is also critical for keeping his brand relevant among consumers. </li><li>"We're using social media to interact with the consumer in a much different way," Reid said.</li><li><a href="https://www.businessinsider.com/mars-ceo-grant-reid-on-companys-transformation-2019-10">Watch the full interview with Mars' CEO here</a>. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://www.businessinsider.com/gen-z-is-smartphone-generation-2019-7" target="_blank" rel="noopener">Gen Z</a> knows what they want.For Mars CEO Grant Reid, listening to the postmillennial generation is an essential part of his company's success both internally and externally."When I started at Mars, you went to the office every day," Reid told Business Insider. "And I think Gen Z's saying, 'How can I be productive? How can I work to my time?' And technology's allowing us to do much more of that."To attract and retain talent, Reid says that creating a Gen Z-friendly environment is essential. In practice, this involves fostering an atmosphere of flexibility, which includes open offices and the ability to work from home.Reid says understanding the wants of Gen Z is also critical for keeping his brand relevant among consumers. "We're using social media to interact with the consumer in a much different way," Reid said, explaining how he sees shifting consumer tastes as an opportunity to innovate and add to core products within his company. Watch Reid explain how Gen Z is transforming the $35 billion company's workplace above, and read the full transcript here: Kate Taylor: With Gen Z, how are they changing? What changes are you seeing?Grant F. Reid: So, I've got two Gen Zs myself, so Gen Z's, what, 1995 to now? So I've got Cameron and Charlotte, so I know a lot about Gen Zs, or very little, they would probably say. But I think some of the big differences are they're looking for more transparency, they're looking for healthier options, they're looking for a more holistic, perhaps immersive, experience with data as well. And, fundamentally, some of the things that they're doing, they're buying fewer cars, they're buying much, much fewer houses. So, we see that as an opportunity to keep innovating within our core products but also to add other products that will be interesting in the future.Taylor: When we're thinking about what Gen Z wants and why they want these things, especially thinking about sustainability, why is this generation so engaged in this area, do you think?Reid: I think they grew up in a different time. So, I grew up, I hate to say, there was no cellphones, there was no iPads. They're growing up in a technologically advanced age. They're growing up with a much broader perspective on the world than certainly I had. And with that, they're looking for new experiences, they're really seeking that transparency and clarity of: Where do the products come from? Are these products sustainable? What are they doing for the planet? How robust are they? They're asking all those questions.Taylor: And it's interesting, because obviously there's such a wide range of brands that Mars represents. Thinking about some of the more ... the brands that have been around for longer, how do you apply these new learnings and make kind of iconic brands, like M&amp;M's, for example, they've been around for so long, and make them relevant to Gen Z and other consumers today?Reid: That's a great question. So, traditionally, the route to market for M&amp;M's would be your traditional stores. And now, with digital commerce, it's a new avenue, a new opportunity. So what we're doing is we're using social media to interact with the consumer in a much different way. Right here in Times Square, you've got the M&amp;M's store. You can go and have a full, immersive experience. You can now have M&amp;M's with your face on them, which I had last week. It was pretty good, actually. So you can have all different types of things. It's not just the standard M&amp;M's, and I think that's gonna keep evolving as you have a closer interaction with the consumer than perhaps you can do when they're buying from a store. You don't know who's buying. With these interactions, you know who's buying, you know what they're interested in, you can actually start a dialogue, a much deeper, emotional connection with the consumer, which is fantastic with a brand like M&amp;M's. And similarly, with some of the new brands, you have an opportunity to do that as well.Taylor: In a tight labor market, how do you make sure that you're able to retain and hire talented people for all of these roles?Reid: So, we pride ourselves in having some of the best talent in the world, and we do that, and I think it starts with, we talked about, purpose. It starts with what is the end benefit of working for a company like Mars, and it really is more than just a financial performance. That's critical because that's what drives everything else, but when you come to work for Mars, you know that you're doing something for the people in your value chain, you know you're doing something for the planet. So that is a great place to start, and then, as I said, in each of the segments, you're creating a better world for pets, or you're creating better food for a better world tomorrow. So it starts with a hierarchy of benefits, that's probably No. 1. No. 2 is you create a work environment for Gen Zs that gives some flexibility to work to their schedule a bit more, and we have open offices, which we've had for a very long time, even before they were fashionable, and that allows better communication in the office. And then, last but not least, Mars is very well known for not pigeonholing you into a particular role, but you can expand your role, you can do other things. I mean, in my personal experience, when I started in Mars, I was in the electronics group in marketing. I've been in sales, I've been in manufacturing, I've been in procurement, I've been in general management. Not many companies give you the opportunity to be the best that you can be, and I think Mars creates an environment where that can flourish.Taylor: For Gen Z, there's been some early reporting on what they want in a workplace and how that might be different than what older generations wanted. Open offices - I know you touched on that as something that Mars can offer to workers. What else is Mars seeing Gen Zs looking for from an employer?Reid: Yeah, so I think flexibility, a bit more flexibility. When I started at Mars, you went to the office every day, and I think Gen Z's saying, 'How can I be productive? How can I work to my time?' And technology's allowing us to do much more of that. It's much harder, obviously, in a manufacturing environment, but in an office environment, that's very possible. We're trying to bring a sense of health, well-being, and not just about the work itself. So, creating an environment where you can flourish.Taylor: Have there been any kind of initiatives that Mars has taken that you can give me that have kind of worked and enforce that flexibility?Reid: Yeah, so we've done a lot using technology. I don't think it's unique, but, you know, the ability to work from home, the ability to work remotely. I think those things have been fundamental. But more importantly, I think it's how do we coach, train, and develop - I would say that is the biggest unique differentiator. So when we bring in talent, whether it's older talent, younger talent, it's how do we ensure that they're getting the feedback for them to be the best that they can be, that we're providing the training, and the scope for them to flourish. That's really probably our biggest single differentiator. And we've had, you know, we just got Great Place to Work again, I think No. 5 in the world, so we must be doing something right. We use engagement and the Gallup engagement score to track the trust and the engagement of our associates, so we're constantly looking for how do we engage them, how do we make it a great place to work, and I think the results are there for all to see.<h2><a href="https://www.businessinsider.com/mars-ceo-grant-reid-on-companys-transformation-2019-10">Watch the full interview between Business Insider and Reid here. </a></h2><a href="https://www.businessinsider.com/generation-z?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_hub&amp;itm_content=gen_z&amp;itm_campaign=generation-z-2"></a>

Mars CEO explains how Gen Z is transforming the $35 billion company's workplace

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Another drug executive just pinned the blame for soaring drug prices on the middlemen who help insurance plans and companies negotiate what they'll pay for a medicine.&#xa0;Pharmacy benefit managers are hired to help insurance plans determine what drugs they'll cover (ideally, favoring the most effective medicine) and what they'll pay for it. They also take a cut, though, of the <a href="http://www.businessinsider.com/prescription-drug-costs-explained-2016-10">rebates</a>&#xa0;that drugmakers will pay back to the insurer or whoever is paying for the medicine. &#xa0;That cut has drawn PBMs into the drug-price debate because biotech and pharmaceutical executives say it is <a href="http://www.businessinsider.com/scrutiny-express-scripts-pbms-drug-price-fury-2016-9">a big factor</a>&#xa0;behind high drug prices.&#xa0;Add to that chorus Jim Myers, Gilead's executive vice president of worldwide commercial operations."I have never met, in this entire experience, a PBM or a payer outside of the Medicaid segment that preferred a price of $50,000 over $75,000 and a rebate back to them," Meyers said in an interview with <a href="https://www.bloomberg.com/news/articles/2017-03-03/gilead-executive-says-pharmacy-benefit-managers-keep-prices-high">Bloomberg News</a>. Rebates paid by the drugmakers to the PBMs are meant to be passed along to whomever is paying for the drug, but the PBM is able to keep some, depending on the agreement.Gilead, of course, has reason to point the finger elsewhere. Its hepatitis C drug Sovaldi has a list price (that is, not accounting for any discounts or rebates) of $84,000, breaking down to $1,000 per pill for the 12-week treatment. The high list price became the subject of a <a href="http://www.businessinsider.com/r-gilead-put-profit-ahead-of-hepatitis-c-patients-us-senate-report-2015-12">congressional investigation</a>, and was criticized by the public and <a href="https://www.forbes.com/sites/theapothecary/2014/06/17/the-sovaldi-tax-gilead-cant-justify-the-price-its-asking-americans-to-pay/#e685d3556706">PBMs</a>.But Meyers told Bloomberg's Caroline Chen and Robert Langreth that rebates the&#xa0;PBMs receive from drugmakers are one reason why list prices can't come down. Say Gilead changed the list price of Sovaldi from $84,000 to $50,000. If that happened, Meyers told Bloomberg, "every payer would rip up our contract."To be sure, drugmakers are the ones responsible for coming up with the list prices. But the role of rebates makes things a bit more complicated.&#xa0;According to data from ZS Associates, a sales and marketing firm that works in the healthcare industry, rebates paid out to PBMs and insurers have gone up from about $40 billion four years ago to $100 billion to $130 billion by 2016.There are three big PBMs that cover most of the roughly <a href="http://kff.org/other/state-indicator/total-retail-rx-drugs/?currentTimeframe=0&amp;sortModel=%7B%22colId%22:%22Location%22,%22sort%22:%22asc%22%7D">4 billion retail prescriptions</a> that were filled in the US in 2015: Express Scripts, CVS Caremark, and OptumRx. In February, the companies' lobbying group - the Pharmaceutical Care Management Association - <a href="http://www.businessinsider.com/what-pharmacy-benefit-managers-are-doing-about-trump-and-drug-pricing-2017-2">launched a campaign</a>&#xa0;to promote the work that PBMs do.Thanks to secrecy of PBM contracts, it's not always been easy to know how much the PBMs are getting. That's changing though, as drugmakers start to&#xa0;<a href="http://www.businessinsider.com/johnson-and-johnson-breakdown-on-drug-pricing-2017-2">reveal their net prices</a> after rebates and discounts, which often paint a much different picture than the constantly rising list price.&#xa0; <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/kpmg-us-ceo-lynne-doughtie-mentors-vs-sponsors-for-promotion-2017-2">KPMG's US CEO Lynne Doughtie shares one major tip to get promoted at work</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A0bnlvOTE6dzvmZT2vLO1ELU0kXKq6hn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A biotech exec just got real about one of the largest middlemen in the drug industry

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://commons.wikimedia.org/wiki/File:Deloittewien.jpg">Wikimedia Commons</a></div></div></div>Top consulting firms attract top talent, and top talent gets paid very competitively.Consulting-industry resource <a href="http://managementconsulted.com/consulting-jobs/2016-management-consulting-salaries-undergraduate-mba-interns/#">Management Consulted</a> looked at 2016 compensation data from 17 prestigious consulting companies to find out which ones pay top candidates the most right out of college. To determine these figures, they culled through data from clients, spoke with industry insiders, and pored over real offer letters from readers. Management Consulted found that new hires in management consulting positions can earn as much as $80,000-$100,000 in total compensation their first year out of undergrad. They cautioned though that these figures represent maximum salary packages, not average compensation - typically only the top employees receive the full amount, with average and below-average employees earning significantly less. Here are 17 of the top-paying consulting firms for new grads, ranked below by total compensation:<h2>1. <a href="http://parthenon.ey.com/PO/en/Home">Parthenon-EY</a></h2><h3>Total compensation: Up to $110,000</h3>Base salary: $90,000 Signing bonus: $10,000 Performance bonus: Up to $10,000<h2>2. <a href="http://managementconsulted.com/consulting-interviews/bcg-interview-101/">Boston Consulting Group (BCG)</a></h2><h3>Total compensation: Up to $108,000</h3>Base salary: $75,000 Signing bonus: $5,000 Relocation: $2,000-$8,000 Performance bonus: Up to $16,500<h2>3. <a href="http://managementconsulted.com/consulting-interviews/mckinsey-problem-solving-test/">McKinsey &amp; Company</a></h2><h3>Total compensation: Up to $107,000</h3>Base salary: $75,000 Signing bonus: $5,000 Relocation: $2,000-$9,000 Performance bonus: Up to $18,000<h2>4. <a href="http://managementconsulted.com/consulting-interviews/bain-interview-and-culture/">Bain &amp; Company</a></h2><h3>Total compensation: Up to $105,000</h3>Base salary: $80,000 Signing bonus: $5,000 Relocation: $2,000-$8,000 Performance bonus: Up to $12,000<h2>5. <a href="http://managementconsulted.com/consulting-interviews/deloitte-interview/">Deloitte</a></h2><h3>Total compensation: Up to $101,250</h3>Base salary: $75,000 Signing bonus: $10,000 Relocation: $2,000-$5,000 Performance bonus: Up to $11,250<h2>6. <a href="http://managementconsulted.com/consulting-interviews/strategy-company-interview/">Strategy&amp;</a></h2><h3>Total compensation: Up to $100,600</h3>Base salary: $73,000 Signing bonus: $5,000 Relocation: $5,000-$8,000 Performance bonus: Up to $14,600<h2>7. <a href="http://managementconsulted.com/consulting-interviews/oliver-wyman-interview/">Oliver Wyman</a></h2><h3>Total compensation: Up to $100,000</h3>Base salary: $75,000 Signing bonus: $10,000 Performance bonus: Up to $15,000 (20% base for first year; up to 40% of base for second years)<h2>8. <a href="http://managementconsulted.com/consulting-interviews/lek-consulting/">L.E.K.</a></h2><h3>Total compensation: Up to $97,600</h3>Base salary: $73,000 Signing bonus: $7,500 Relocation: $2,000-$9,000 Performance bonus: Up to $14,600<h2>9. <a href="http://managementconsulted.com/consulting-interviews/at-kearney-interview-culture/">A.T. Kearney</a></h2><h3>Total compensation: Up to $96,250</h3>Base salary: $65,000 Signing bonus: $5,000 Relocation: $5,000-$10,000 Performance bonus: Up to $9,750<h2>10. <a href="http://managementconsulted.com/consulting-interviews/pwc/">PwC</a></h2><h3>Total compensation: Up to $95,950</h3>Base salary: $73,000 Signing bonus: $5,000-$10,000 Relocation: $2,000 Performance bonus: Up to $10,950<h2>11. <a href="http://managementconsulted.com/consulting-interviews/accenture-interview/">Accenture Consulting</a></h2><h3>Total compensation: Up to $94,500</h3>Base salary: $75,000 Signing bonus: $10,000 Relocation: $2,000 Performance bonus: Up to $7,500<h2>12. <a href="http://managementconsulted.com/consulting-interviews/ibm-consulting-interview/">IBM Global Business Services</a></h2><h3>Total compensation: Up to $94,000</h3>Base salary: $75,000 Signing bonus: $7,000 Relocation: $3,000 Performance bonus: Up to $9,000<h2>13. <a href="http://www.ey.com/">EY</a></h2><h3>Total compensation: Up to $80,000</h3>Base salary: $72,000 Signing bonus: $5,000 Relocation: $1,000 Performance bonus: Up to $2,000<h2>14. <a href="http://managementconsulted.com/consulting-interviews/fti-consulting-interviews/">FTI Consulting</a></h2><h3>Total compensation: Up to $78,000</h3>Base salary: $62,000 Signing bonus: $5,000 Relocation: $1,000 Performance bonus: Up to $10,000<h2>15. <a href="http://www.zsassociates.com/">ZS Associates</a></h2><h3>Total compensation: Up to $77,700</h3>Base salary: $62,000 Signing bonus: $5,500 Relocation: $4,000 Performance bonus: Up to $6,200<h2>16. <a href="http://managementconsulted.com/consulting-interviews/kpmg-consulting-interviews-and-culture/">KPMG</a></h2><h3>Total compensation: Up to $75,000</h3>Base salary: $65,000 Signing bonus: Rare Relocation: $2,000 Performance bonus: Up to $8,000<h2>17. <a href="http://managementconsulted.com/consulting-firm-profiles/mercer-interview-101/">Mercer</a></h2><h3>Total compensation: $67,000 + overtime</h3>Base salary: $62,000 Signing bonus: $3,000 Relocation: $2,000 Performance bonus: No bonus; instead, paid time and a half for every hour over 40/week <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/business-dining-etiquette-rules-every-professional-should-know-2015-11">Business dining etiquette rules every professional should know</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Y4a2l5eDrJAsc-4RFpA4wKh3jAz_02LZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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FC Kohli, 'father' of India's IT industry and TCS founder, passes away at 96

IANS

Mars CEO explains how Gen Z is transforming the $35 billion company's workplace

Kate Taylor,Clayton Dyer,Shos…

A biotech exec just got real about one of the largest middlemen in the drug industry

Lydia Ramsey

17 of the highest-paying consulting firms for new graduates

Melissa Stanger