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<keyword id="20555600" type="General" weightage="20" keywordseo="Dr-Reddys-Laboratories" source="keywords" meta.keywordsubtype="org" meta.entityname="Dr Reddy's Laboratories" meta.hostid="261" meta.entityid="Dr Reddy's Laboratories">Dr Reddy's Laboratories</keyword> and <keyword id="20026907" type="General" weightage="20" keywordseo="Sun-Pharma" source="keywords" meta.keywordsubtype="org" meta.entityname="Sun Pharma" meta.hostid="261" meta.entityid="Sun Pharma">Sun Pharma</keyword> are recalling products in the US due to manufacturing issues, as per the latest Enforcement Report by the US Food and Drug Administration (<keyword id="19914245" type="General" weightage="20" keywordseo="USFDA" source="keywords">USFDA</keyword>). According to the report, Dr Reddy's Laboratories is recalling drugs to treat insomnia and gout in the American market. New Jersey-based Dr Reddy's Laboratories, Inc., a unit of Hyderabad-based drug major, is recalling 13,752 bottles of Eszopiclone tablets, the USFDA stated. The affected lot has been produced at Dr Reddy's Bachupally plant in Telangana. As per the USFDA, the drug firm is recalling the affected lot due to "Failed Impurities/Degradation Specifications". The company issued the Class III nationwide recall on June 4 this year. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". Dr Reddy's Laboratories, Inc. is also recalling 20,520 units of Allopurinol tablets in the US market due to the "presence of foreign substance". The company initiated the Class II nationwide (US) recall on June 7, 2024, the US health regulator said. The USFDA said a US-based unit of Sun Pharma is recalling 2,088 vials of Decitabine for Injection (50mg per vial) due to "CGMP Deviations". The affected lot of the chemotherapy medication was produced at Sun Pharma's Gujarat-based manufacturing plant. New Jersey-based Sun Pharmaceutical Industries Inc. initiated the nationwide Class II recall on July 2 this year. As per the USFDA, a Class II recall is initiated in a situation in which the use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

Dr Reddy's, Sun Pharma recall drugs in US market: USFDA

<keyword id="19900618" type="General" weightage="100" keywordseo="investors" source="keywords">Investors</keyword>' wealth eroded by Rs 9.51 lakh crore on Monday morning, following a <keyword id="20028816" type="General" weightage="20" keywordseo="crash" source="keywords">crash</keyword> in equity <keyword id="19990226" type="General" weightage="20" keywordseo="markets" source="keywords">markets</keyword> where the benchmark Sensex tanked over 2,400 points, mirroring a sharp plunge in global peers. The 30-share BSE benchmark tanked 2,401.49 points to 78,580.46 in early trade. Following the sharp decline in equities, the market capitalisation of BSE-listed firms dropped by Rs 9,51,771.37 crore to Rs 4,47,65,174.76 crore (USD 5.35 trillion) during the morning trade. "The global market is reeling as bears enter with a cocktail of bad news. The fear of a reverse Yen carry trade, following an interest rate hike in Japan, was the initial catalyst. This was compounded by fears of a recession in the USA after extremely poor jobs data, which spooked market sentiment," said Santosh Meena, Head of Research, Swastika Investmart Ltd. Indian equity markets are witnessing signs of the first meaningful correction in global markets after an extended bull run, he added. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading sharply lower. Japan's benchmark Nikkei 225 stock index plunged as much as 8.1 per cent early Monday, extending sell-offs that shook world markets last week as worries flared over the state of the US economy. The US markets ended significantly lower on Friday. "The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent. "Geopolitical tensions in the Middle East also are a contributing factor," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. From the Sensex pack, Tata Motors, Maruti, Tata Steel, Infosys, Tech Mahindra and JSW Steel were the biggest laggards. On the contrary, Hindustan Unilever, <keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>, Nestle and Asian Paints were trading in the positive territory. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,310 crore on Friday, according to exchange data.

Investors become poorer by Rs 9.51 lakh crore as markets crash

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition, a roundup of some of our top stories. A venture-funded AI-friendship necklace received a lot of hate on the internet. But <a target="_blank" href="https://www.businessinsider.com/gen-zer-behind-friend-creepy-new-ai-necklace-interview-2024-8">its 21-year-old creator is undeterred</a>, adding that "personal vibes" have guided his decisions.On the agenda today:<ul><li>College students are reneging on <a target="_blank" href="https://www.businessinsider.com/gen-z-college-students-renege-job-offers-tech-rescinded-2024-7">their job offers</a>.</li><li>The latest hedge-fund trend <a target="_blank" href="https://www.businessinsider.com/hedge-funds-embracing-hot-portable-alpha-strategy-to-win-investors-2024-7">marries passive investing with firms' secret sauce</a>.</li><li>Amazon has considered a "DoctorAI" tool <a target="_blank" href="https://www.businessinsider.com/amazon-doctorai-automate-routine-healthcare-tasks-one-medical-2024-7">to automate routine healthcare tasks</a>.</li><li>Mark Cuban is the <a target="_blank" href="https://www.businessinsider.com/mark-cuban-cost-plus-strategy-disrupt-drug-pricing-big-pharma-2024-7">shark circling Big Pharma</a>.</li></ul>But first: Big Tech reporting for duty.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><h3 id="58506b3b-b008-4ead-9e90-71439c9e98dd">This week's dispatch</h3><div type="image" title="Mark Zuckerberg graphic with dollar bills behind him" height="1500" width="2000" msid="112265720" hostid="261" sizebytes="730788"></div><h2 id="4b78459e-8dcf-46a0-957a-c13cd2e8f603">Big Tech's big week</h2>The masters of the tech universe reported earnings this week with all eyes on their AI investments.Even before Amazon, Apple, Meta, and Microsoft reported earnings, investors' focus was clear. Alphabet and Tesla had already been <a target="_blank" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">put through the wringer</a>, and there were questions about <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">OpenAI's ability to turn a profit</a>.When the dust settled, some eased concerns and bought themselves time, while others faced more scrutiny.Meta CEO Mark Zuckerberg didn't shy away from his intention to <a target="_blank" href="https://www.businessinsider.com/meta-ai-spending-more-mark-zuckerberg-investors-stock-price-2024-7">keep plowing money into AI</a>, but investors didn't mind. (It also helps Meta beat revenue and earnings estimates <a target="_blank" href="https://www.businessinsider.com/meta-stock-quarterly-earnings-call-report-live-updates-2024-7">thanks to its ads business</a>.)Apple <a target="_blank" href="https://www.businessinsider.com/apple-bought-itself-some-time-after-quarterly-results-2024-8">bought itself some time, too</a>. While China sales remain an issue, <a target="_blank" href="https://www.businessinsider.com/apple-aapl-stock-quarterly-earnings-call-report-live-updates-2024-7">it beat on earnings and revenue estimates</a>. The tech giant's newest iPhone model and Apple Intelligence set to be released this fall will be another test on <a target="_blank" href="https://www.businessinsider.com/apple-will-find-out-fate-of-the-iphone-soon-2024-8">the effectiveness of Apple's AI spend</a>.On the other end of the spectrum were Amazon and Microsoft. <a target="_blank" href="https://www.businessinsider.com/amazon-stock-amzn-quarterly-earnings-call-report-live-updates-2024-7">Softening demand from shoppers</a> for Amazon led to a miss in reported net sales and a weaker-than-expected sales forecast for the third quarter.Microsoft took a hit when its cloud unit's revenue growth was <a target="_blank" href="https://www.businessinsider.com/microsoft-investors-freaked-out-about-ai-spending-azure-growth-2024-7">slower than analysts had hoped for</a>. And news of a pharma company <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">canceling a Microsoft AI deal</a> didn't help. One executive compared the slide-generation capability of Microsoft's AI tools to "middle school presentations."But by Friday, investors had <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-today-jobs-report-recession-unemployment-tech-earnings-2024-8">bigger concerns</a> about the state of the economy after data showed <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">unemployment unexpectedly jumped in July</a>.<div type="image" title="A hand being held out for a handshake while another hand appears to move away" height="1500" width="2000" msid="112265718" hostid="261" sizebytes="105524"></div><h2 id="52995072-04bd-4288-b36f-7097769ca568">A cultural renege-ssance</h2>A college senior commits to a relationship in September, but jumps ship in April when a better option comes along. That's a familiar story in the world of Gen Z dating. But in this case, the people getting dumped aren't romantic partners — they're companies.Reneging on job offers is growing ever more common among ambitious Gen Zers, many of whom know companies have also pulled offers. The problem is that when a student reneges, their peers often pay the price.<a target="_blank" href="https://www.businessinsider.com/gen-z-college-students-renege-job-offers-tech-rescinded-2024-7">Job seekers' anxious attachments</a>.<div type="image" title="A stock Trader looking at a bar graph" height="1500" width="2000" msid="112265717" hostid="261" sizebytes="446562"></div><h2 id="3def0688-49f6-4c7a-8c33-ac32f3fbc1d9">Hedge funds' old-turned-new strategy</h2>Sometimes to beat the market you need to be the market.That's the concept behind "portable alpha," a decades-old strategy gaining momentum on Wall Street. The approach includes mirroring the broad market via a benchmark, like the S&amp;P 500, coupled with an actively managed strategy from a hedge fund.The trend is being driven by institutional investors, but hedge funds are happy to oblige amid a difficult fundraising environment.<a target="_blank" href="https://www.businessinsider.com/hedge-funds-embracing-hot-portable-alpha-strategy-to-win-investors-2024-7">Inside the "portable-alpha" mania</a>.<div type="image" title="Photo collage about Amazon's One Medical" height="1500" width="2000" msid="112265721" hostid="261" sizebytes="282108"></div><h2 id="3536a09f-4fa1-4a4d-b7db-d406609fe93c">Amazon's "DoctorAI" tool</h2>According to an internal planning document, Amazon's One Medical team has talked about developing a "DoctorAI" tool to automate routine healthcare tasks. The concept was proposed as part of the team's most disruptive ideas.By improving mundane administrative agenda items, the large language model could help reduce costs for Amazon's healthcare business — an important goal as the company tries to trim costs.<a target="_blank" href="https://www.businessinsider.com/amazon-doctorai-automate-routine-healthcare-tasks-one-medical-2024-7">More on Amazon's AI healthcare ambitions</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">Amazon projected huge losses from its healthcare business in 2024, but strong sales growth, internal document reveals</a></li></ul><h2 id="6f06612a-69eb-4dd3-a3c3-e854a555c215">Mark Cuban's pharma mission</h2>In 2022, Mark Cuban launched a low-cost online pharmacy with the goal of cutting drug prices for consumers. His company, Cost Plus, is a hit: It offers more than 2,000 mostly generic drugs.Now, the billionaire "Shark Tank" investor is expanding into imports. That puts him in direct competition with big names like Pfizer and Novo Nordisk.<a target="_blank" href="https://www.businessinsider.com/mark-cuban-cost-plus-strategy-disrupt-drug-pricing-big-pharma-2024-7">The shark in Big Pharma's waters</a>.This week's quote:"They hear this language, and they're aware that this was made up by somebody's grandfather 70 years ago, and it stuck."— Recruiter and TikToker Emily Durham, on the <a target="_blank" href="https://www.businessinsider.com/gen-z-reject-corporate-jargon-corporate-accent-2024-7">generation rejecting corporate jargon and workplace norms</a>.More of this week's top reads:<ul><li>Want to work for Blackstone straight out of college? <a target="_blank" href="https://www.businessinsider.com/inside-blackstone-summer-analyst-program-and-internship-2024-7">Here's the best route</a>.</li><li>Don't feel sorry <a target="_blank" href="https://www.businessinsider.com/elon-musk-linda-yaccarino-twitter-x-profile-2024-7/">for Linda Yaccarino</a>.</li><li>Tech's most powerful bromance is bolstered by <a target="_blank" href="https://www.businessinsider.com/business-bromance-nvidia-jensen-huang-mark-zuckerberg-siggraph-2024-7">billions of dollars of deals</a>.</li><li>A software engineer explains how he <a target="_blank" href="https://www.businessinsider.com/software-engineer-takeaways-from-bicoastal-living-sf-nyc-personal-finance-2024-7">splits his time between NYC and SF</a>.</li><li>A thief locked a traveler out of his Google account, <a target="_blank" href="https://www.businessinsider.com/iphone-stolen-locked-out-google-tech-bank-2024-7">destroying years of work</a>.</li><li>Starbucks is <a target="_blank" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">trying to make coffee fun again</a>.</li><li>The poster who sparked the fake JD Vance couch story <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-couch-sex-joke-author-speaks-2024-7">speaks for the first time</a>.</li><li>London's hedge fund rich are looking to avoid new taxes by relocating to Milan and Dubai. <a target="_blank" href="https://www.businessinsider.com/hedge-fund-rich-taxes-labour-london-uk-relocation-milan-dubai-2024-7">People who have made the move tell us what it's like</a>.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/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York. Amanda Yen, fellow, in New York.</li></ul>

Insider Today: Mark Cuban vs. Big Pharma

<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.

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Dr Reddy's, Sun Pharma recall drugs in US market: USFDA

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Investors become poorer by Rs 9.51 lakh crore as markets crash

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Insider Today: Mark Cuban vs. Big Pharma

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

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