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With the vaccination drive for adolescents entering its third day, as per the Co-WIN portal 1,06,27,277 children in the 15 to 18 years' age group have been vaccinated with the first Covid-19 vaccine dose so far. According to the government's Co-WIN portal, 1,33,64,030 children have registered so far for the first dose of vaccine. Union Health Minister Mansukh Mandaviya has lauded the spirit of the youngsters for receiving the vaccine and said "superb enthusiasm among 'Young India' for vaccination". "More than 1 crore youngsters between 15-18 years' age group have received first dose of Covid-19 vaccines that, too, on their third day of vaccination drive. I appeal to all eligible young friends to get vaccinated at the earliest," Mandaviya added in a tweet. As of now, only Bharat Biotech's indigenously-made Covaxin is available for vaccinating the 15-18 years' age group. According to the Health Ministry, additional doses of Covaxin will be sent to the states and UTs for administering the vaccine to this population category. Prime Minister Narendra Modi had announced on December 25 that vaccination for the 15-18 years' age group will begin from January 3. The vaccination process for a third precautionary dose of vaccine for health workers, frontline workers and vulnerable senior citizens will begin from January 10. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/amazon-backed-good-glamm-group-will-invest-200-crore-in-influencer-marketing/articleshow/88690749.cms" data-type="tilCustomLink">Amazon-backed Good Glamm Group acquires 2 more startups, intends to invest ₹200 crore to boost influencer marketing</a> <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms" data-type="tilCustomLink">Elon Musk’s Starlink faces its first setback in India even before launch</a> <a href="https://www.businessinsider.in/tech/enterprise/news/infosys-is-expected-to-set-the-bar-slightly-higher-for-tcs-hcl-tech-and-others/articleshow/88703083.cms" data-type="tilCustomLink">Infosys is expected to set the bar slightly higher for TCS, HCL Tech and others</a>

One crore teens between 15-18 years have received their first dose of COVID-19 vaccine

The new mask-wearing police went into effect from August 3 will remain in place until further notice. "Given the rising numbers of <keyword id="8764262" type="UNKNOWN" weightage="20" keywordseo="covid">Covid</keyword> cases, the newest data on Covid variants, and an increasing number of local requirements, we are reinstating our mask requirement in all of <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword>'s US offices, regardless of an employee's vaccination status," a Facebook spokesperson told The <keyword id="6765301" type="UNKNOWN" weightage="20" keywordseo="Verge">Verge</keyword>. Facebook said last week that it would require its US employees to be vaccinated against Covid-19 when they return to the office. "As our offices reopen, we will be requiring anyone coming to work at any of our US campuses to be vaccinated," Facebook's vice president of people Lori Goler had said. The Covid-19 cases have increased in the US, even as vaccination rates grow amid concern over the highly contagious Delta variant. The US <keyword id="116293" type="ORGANIZATION" weightage="20" keywordseo="Centers-for-Disease-Control-and-Prevention">Centers for Disease Control and Prevention</keyword> (CDC) said that there were about 72,000 new cases per day. Barely three months after suggesting that vaccinated people no longer needed to wear masks, indoors or out, the US CDC has now recommended people to resume wearing masks amid the surging delta variant. Other tech companies also took cognizance of the new CDC guidelines. <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> and Alphabet CEO Sundar Pichai said the company will require employees to be vaccinated before returning to the office in the later part of the year. Apple now requires customers and staff at most of its more than 270 US retail stores to wear masks even if they are vaccinated. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a>

Facebook employees asked to wear masks at offices due to rising COVID-19 cases

The Goa government is working on a new set of SOPs, which will make it mandatory for all hotels in the state to maintain isolation rooms for tourists and guests who test positive for Covid-19, Health Minister Vishwajit Rane said on Wednesday. Rane also said that the state Health Ministry was in the process of upping the daily coronavirus testing quantum to an average of 2,000 tests every day. "We are also bringing new SOPs, so that every hotel will now have to have some isolation rooms. They need to maintain such rooms. Suppose they have some guests, who turns positive, it is their responsibility to isolate them," Rane said, adding that guidelines to the effect would be issued by the Goa government soon. Rane also said that tourists should visit Goa and added that as long as a proper medical system is in place in the state, there was no reason to worry about a spike in the number of Covid-19 cases. The Health Minister also said that his ministry was working towards upping the daily number of Covid-19 tests to 2,000 every day. "We are working on that. Our testing has been a bit up and down, but we want to reach that 2,000 figure," Rane said. Over the last few days, Goa has witnessed a numeric dip in the number of Covid-19 positive cases reported every day, with the tally touching two digits for the first time on November 14. On November 16 and 17, however, Goa reported 125 and 154 positive cases respectively. On an average, between 1,500-1,700 tests are conducted every day, with the number dipping considerably during weekends. In all 46,182 confirmed cases have been reported in Goa, where the Covid death tally stands at 667. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/capgemini-hr-head-explains-why-the-french-it-major-is-going-crazy-hiring-in-india-and-around-the-world/articleshow/79277396.cms">EXCLUSIVE: Capgemini HR head explains why the French IT major is going crazy hiring in India and around the world</a> <a href="https://www.businessinsider.in/business/news/indiamart-and-justdial-in-legal-battle-over-copyright-violations/articleshow/79275178.cms">IndiaMart and JD Mart gear up for a legal battle over copyright infringement — even as Justdial calls IndiaMart’s allegations ‘baseless’</a> <a href="https://www.businessinsider.in/india/news/cipla-launches-a-new-rapid-antibody-detection-test-for-covid-19-which-will-give-you-results-in-less-than-10-minutes/articleshow/79275894.cms">Cipla launches Covi-G — a new rapid antibody detection test for COVID-19 which will give you results in less than 10 minutes</a>

Goa hotels are now mandated to maintain isolation rooms

<ul><li>Sorrento Therapeutics soared on Thursday after the biotechnology firm received clearance from the <keyword id="6354656" type="ORGANIZATION" weightage="60" keywordseo="fda">FDA</keyword> to proceed with a phase I clinical trial evaluating COVI-GUARD, an antibody-based COVID-19 test.</li><li>Sorrento is targeting a potential emergency use authorization submission to the FDA before the end of this year.</li><li>Sorrento initiated manufacturing processes to produce 50,000 doses in anticipation of receiving emergency use authorization for the COVID-19 antibody.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/srne-stock">Sorrento Therapeutics</a> soared on Thursday after the biotechnology firm <a href="https://www.globenewswire.com/news-release/2020/09/17/2094912/0/en/Sorrento-Receives-US-FDA-Clearance-to-Proceed-With-Phase-1-Clinical-Trial-of-STI-1499-COVI-GUARD-Neutralizing-Antibody-in-COVID-19-Positive-Patients.html">received FDA clearance</a> to proceed with a phase I clinical trial evaluating STI-1499, also known as COVI-GUARD, a "neutralizing" antibody-based COVID-19 test.Shares traded up as much as 27% to $10.60 in Thursday trades. Sorrento expects a quick enrollment phase for the clinical trial and expects this trial to be followed by large trials targeting a potential emergency use authorization submission to the FDA as early as the end of this year.The firm has initiated manufacturing processes to produce 50,000 doses in anticipation of receiving emergency use authorization for the COVID-19 antibody.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-strong-earnings-2021-jefferies-2020-9" target="_blank" rel="noopener">A Wall Street firm says investors should buy these 15 cheap, high-earning stocks now to beat the market in 2021 as more expensive companies fall behind</a>According to Sorrento, its COVID-19 antibody "has been 100% effective against the highly contagious D614G variant strain," which is a mutation variant of SARS-CoV-2. "The potentially high potency of STI-1499 antibody may allow for rapid scaling up of manufacturing operations," Sorrento said.Sorrento said it submitted data generated from testing on Syrian Golden hamsters infected with SARS-CoV-2 to the FDA in support of its antibody testing trial.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-6-cyclicals-gains-economy-recovers-mike-wilson-2020-9" target="_blank" rel="noopener">MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus</a><div type="image" title="srne charts.JPG" height="714" width="836" msid="78169041" hostid="261"></div>

Sorrento Therapeutics soars 27% after FDA green-lights COVID-19 antibody trial

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters</div></div></div>On Thursday, Valeant Pharmaceuticals' interim CEO, Howard Schiller, will testify before Congress on his company's drug-pricing practices.You can expect there to be some heated words from the bipartisan committee, which is helmed by Rep. Elijah E. Cummings (D-Maryland).Before the hearing, Cummings' office dropped a memo quoting a bunch of internal Valeant emails, confirming what everyone on Wall Street who rode the stock up over the past few years refused to believe - that the company's business model depended on drug-price increases.Valeant was a hedge fund darling until October, when criticism over its drug-pricing practices and accusations of malfeasance from a short seller tanked the stock. The company was forced to react, vowing to end a relationship with a controversial pharmacy in its network and conducting an internal investigation into accusations of fraud levied against the company.<div class="KonaFilter image-container display-table"><div><div class="image">Yahoo FinanceValeant stock over one year.</div></div></div>It also changed its business model slightly by partnering with Walgreens and lowering prices in an effort to increase sales volume. Even after that, though, CEO Michael Pearson, who went on a medical leave from the company in late December, told anyone who would listen that his company was not dependent on aggressive acquisitions, drug-price hikes, and a strategy of spending next to nothing on research and development."What we want is strong growth and volume growth, but the skeptics have said it's all price," he said on <a href="http://www.businessinsider.com/valeant-partners-with-walgreens-2015-12?pundits_only=0&amp;get_all_comments=1&amp;no_reply_filter=1#comment-56702666ecad04d0298b456a">CNBC back in December</a>."Our model does not depend on acquisitions, but it was enhanced by acquisitions," he said.Emails leaked in the Cummings memo directly contradict that. <a href="http://www.businessinsider.com/viking-global-bought-more-valeant-in-q4-2016-1">Some Wall Street analysis</a> calculated that only a third of Valeant's growth came from price increases. That doesn't hold up either.From the memo (emphasis ours):On May 21, 2015, then-Chief Financial Officer Howard Schiller sent an email to Mr.Pearson with the subject "price volume." He wrote: "Last night, one of the investors asked about price vs volume for Q1. Excluding marathon, price represented about 60% of our growth. If you include marathon, price represents about 80%."Valeant picked up two drugs from Marathon in 2015.The memo focuses specifically on Isuprel and Nitropress, two heart medications Valeant bought last year before increasing their prices by 525% and 212%.Valeant executives and outside consultants carefully considered how to raise the prices of those drugs without drawing too much attention from healthcare providers.From the memo (emphasis ours):On December 29, 2014, an analyst with an outside consulting firm sent an email to Mr. Pearson with a presentation on Isuprel and Nitropress. He wrote: "In a nutshell, most of the products reviewed (Marathon, Covis, and VRX) are not on the radar and have material pricing potential." The attachment stated: "Smaller/older products (e.g. Isuprel and Nitropress) are not reviewed on formulary … Products have been in the system for so long that reviews are practically rubber stamped." It added: "However, some P&amp;T [pharmaceutical and therapeutic] committee members have noticed a spike in older product pricing (and supply issues). … Select manufacturers have pick [sic] up these types of old products and raised prices dramatically … Manufacturers have used product shortages to drastically increase price post-resolution … P&amp;T committee starting to look into use of drugs that exceed certain pricing threshold (e.g., increase of 2x, price/dose $200, total cost &gt;$20k)."<div class="KonaFilter image-container display-table float_right"><div><div class="image">Gary Cameron/Reuters</div></div></div>The memo also shows how Valeant purposely tried to push media attention toward its patient-assistance programs to make it seem as if the company were trying to help patients.In reality, though, the programs were a way for Valeant to keep pricing drugs to maximize profits and to force patients to go through a Valeant distribution model to buy drugs.Here are some of the more damning quotes in the Cummings memo [emphasis ours]:<ul><li>A presentation dated January 16, 2015, from an outside consulting firm entitled "Nitropress and Isuprel Pricing Flexibility Review" stated, with respect to Nitropress: "With roughly 1 year of data showing essentially static volume performance after a substantial price increase (350%), MME [Medical Marketing Economics] believes pricing flexibility may still exist for the product up to the perceptual price point of $1,000 per vial." The presentation concluded: "With current WAC [Wholesale Acquisition Cost] pricing at $214 per vial, Nitropress is likely to still have flexibility by multiple orders of magnitude." Regarding Isuprel, the presentation stated: "Similar to Nitropress, one year of market data does not indicate negative consequence, following a substantial price increase (350%). … MME believes the price for one vial of Isuprel may be adjusted to $700."</li><li>An undated presentation summarizing Valeant's neurology business unit showed the "Top 10 brands responsible for 63% of revenue." Isuprel, the first drug listed, had a "FY 2015 Plan Revenue" of "$279.30" million and a "Revenue Contribution" of "14.52%." Nitropress, the third drug listed, had a "FY 2015 Plan Revenue" of "$245.52" million and a "Revenue Contribution" of "12.76%." According to the presentation, 2014 revenues for Isuprel and Nitropress were only $54.5 million and $98.7 million. The presentation explained these dramatic increases in revenues: "Aggressive Pricing through consultant recommendation."</li><li>On July 20, 2015, Mr. Pearson sent an email to a number of Valeant executives asking for "updated neuro, dental, and generics forecasts." The next day, Brian Stolz, a Senior Vice President for Neurology &amp; Other, Dentistry and Generics replied, writing: "Overall, the numbers are down as Xenezine looks like it is at risk. … Here is what we are planning: Take a price increase this week assuming we get agreement. … Take additional price increase on Isuprel and WBXL.</li><li>The presentation also identified "Critical Risks" to the program, including "PR Mitigation." Two "Objectives" to mitigate this risk were to "Privately address concerns from patients, insurance companies or managed care providers to prevent public displays of negative sentiment" and "Minimize media coverage of the pricing increase." The presentation also identified "Payor Risk … At What Price (Per Patient Per Year) Does an Orphan Drug 'Hit Your Radar Screen'?"</li><li>An undated internal Valeant analysis outlined the company's "Orphan Drug Model" for three drugs used to treat diseases affecting small patient populations - Syprine, Cuprimine, and Demser. The analysis stated: "Assumptions: Maintain current sales/patients … Take initial 25% price increase to drive patients into the restricted distribution model … High deductible copay requires increased foundation support." The analysis stated: "Assume target price increases of 100% for Demser and Cuprimine ($8,924 &amp; $1,970.4) … Assume target price increases of 500% for Syprine ($9288.90).</li></ul><div class="KonaFilter image-container display-table float_right"><div><div class="image">Thomson ReutersValeant's CEO, J. Michael Pearson, went on a medical leave in late December.</div></div></div>Valeant marketing executive Jeff Strauss later said, in response to patient concern about the increase in Sypreine's price:"Valeant undertook an initiative to ensure all patients would have access to these lifesaving medication whereby we provide the drug at minimal or no cost to the patient (no more than $25/30 day supply). These patients are not profitable for Valeant therefore the price increases offset the costs associated with supporting this initiative.'… Kind of hard to paint us as greedy if we have removed financial barriers for patients."Valeant was constantly prepping and modeling and planning for when generic challenges to its drugs would hit the market. That, according to the Cummings memo, was always factored into how much the company should increase a drug's price.What's more, the memo seems to confirm what Valeant constantly denied about its business model - that it was dependent on acquiring drugs through mergers and acquisitions, gouging their prices, and extracting as much revenue from them as it could before generics hit the market. From the memo, the company seems guided by one idea and one idea alone - do whatever you need to do, but never give on price.Valeant has already countered Cummings' memo, saying the calculations regarding Isuprel and Nitropress pricing were in the hands of outside consultants."Those consultants concluded that, given the significant reimbursements hospitals received under bundled rates for procedures, the prices of both drugs did not reflect their true value to hospitals and patients," Valeant said in a <a href="http://www.valeantnow.com/">statement on its website</a>."We try to set our prices at the appropriate levels, but we also listen to the market. In this case, we've heard from hospitals, as well as from Congress, that we set the price for these two drugs too high, and we've responded by offering volume-based discounts of up to 30% for each of them."Should be a fun hearing. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/martin-shkreli-dissed-ghostface-killah-wu-tang-clan-member-hostile-beef-video-2016-1">Disgraced pharma CEO Martin Shkreli dissed a Wu-Tang Clan member in a hostile video</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NoeW9qMDE63xIXq6OuSMcrYzSqtm1em_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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One crore teens between 15-18 years have received their first dose of COVID-19 vaccine

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Facebook employees asked to wear masks at offices due to rising COVID-19 cases

IANS

Goa hotels are now mandated to maintain isolation rooms

IANS

Sorrento Therapeutics soars 27% after FDA green-lights COVID-19 antibody trial

Matthew Fox

A government document dump just confirmed the ugliest things Wall Street didn't want to believe about Valeant

Linette Lopez

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