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New Delhi, <keyword id="20614809" type="General" weightage="20" keywordseo="novartis-india" source="keywords">Novartis India</keyword> shares jumped more than 6 per cent on Monday after the parent company, <keyword id="20046165" type="General" weightage="20" keywordseo="novartis" source="keywords">Novartis</keyword> AG announced a strategic review of its Indian arm. Novartis <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> was trading at Rs 1,100, up 6.23 per cent on BSE. Earlier in the day it hit a 52 week high. According to reports Dr Reddy's is likely in a race to acquire Novartis AG's stake. Dr Reddy's said: "In this regard, please note that the company does not comment on market speculations and there is currently no such event or information which requires a disclosure under Regulation 30 of the SEBI Listing <keyword id="19909672" type="General" weightage="20" keywordseo="regulations" source="keywords">Regulations</keyword>. In compliance with Regulation 30 of the SEBI Listing Regulations, the company makes prompt disclosures, as and when any event or information is considered material or warrants such disclosure under the said Regulations." Earlier, the board of directors of Novartis India took note of the communication received from Novartis AG, Holding Company &amp; Promoter, regarding their intention to conduct a strategic review to unlock value of their shareholding in the company. "After some deliberations, the Board agreed to support Novartis AG, as may be required, in evaluating their strategic options", Novartis India said. Novartis AG announced a strategic review of <keyword id="20622243" type="General" weightage="20" keywordseo="novartis-india-limited" source="keywords">Novartis India Limited</keyword>, a public company listed on Bombay Stock Exchange. The strategic review will include an assessment of the 70.68 per cent shareholding of Novartis AG in the company. Novartis India Limited is separate from Novartis Healthcare Private Limited, the wholly owned subsidiary of the Novartis group in India. Novartis Healthcare Private Limited includes the Novartis Corporate Center in Hyderabad, the commercial arm of Novartis in India, and R&amp;D teams, which currently conduct clinical trials at more than 300 trial sites in the country. The strategic review will not impact Novartis Healthcare Private Limited. "There can be no assurance that the strategic review of Novartis India Limited will be completed in 2024, or that the outcome would result in the implementation of any transaction," the company said. "Novartis remains deeply committed to India with a footprint that has expanded significantly in recent years. Today Novartis proudly employs more than 8,100 associates in India," it said.

Novartis India shares jump more than 6% after parent company announces strategic review

The next time you join a new organisation, closely look at its reporting hierarchy. Do you have a mid-level manager to report to, or do you have a direct line to the senior executives? If your answer is the latter, you’re most likely part of an organisation that has “unbossed” itself. Many companies, like life sciences behemoths Bayers and Novartis, have recently hopped onto this un-bossing trend. Closer home, Wipro reportedly laid off many of its middle <keyword id="20235360" type="General" weightage="20" keywordseo="management" source="keywords">management</keyword> employees recently. The IT major is said to have undergone a major un-bossing, even though the main purpose of the exercise was to improve efficiency. So, what is this un-bossing trend all about, and how are Indian companies taking up to it? And most importantly, will it do anyone good? Let's find out. <cmsannotation type="cmsannotation" annotationid="What does Gen-Z want?" comment="subhead" text="What does Gen-Z want?">What does <keyword id="20334202" type="General" weightage="20" keywordseo="Gen-Z" source="keywords">Gen-Z</keyword> want?</cmsannotation> A recent report by the World Economic Forum (WEF) estimates that by 2025, Gen-Z (born after 1996) will account for 27% of the global workforce. While there are no official figures, a young country like India is expected to have an even higher proportion of Gen-Z workforce, with estimates suggesting 25 crore as against roughly 40 crore <keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">millennials</keyword> (those born between 1981 and 1996). While the numbers might not be far apart, their work priorities certainly are. For millennials, it has traditionally been about job stability and steadily climbing the corporate ladder. But for Gen-Z, purpose, <keyword id="19986702" type="General" weightage="20" keywordseo="flexibility" source="keywords">flexibility</keyword>, respect at their jobs and a solid work-life balance are key. They are not lured into simply jumping the corporate ranks. As more companies make way for younger blood in offices, millennials are confronted with a unique, almost existential challenge. With Gen-Z embracing newer tech, remote working and prioritising flexibility and respect at work, corporations are increasingly doing away with <keyword id="22056604" type="General" weightage="20" keywordseo="mid-level-managers" source="keywords">mid-level managers</keyword>, mostly millennials. Even in 2022, millennials were also the hardest hit during <a href="https://www.businessinsider.in/policy/economy/news/millennials-won-the-great-resignation-now-theyre-losing-the-big-firing-/articleshow/94076963.cms">the Great Firing Phase</a> as well. Sanchita Tuli, director of <keyword id="6393327" type="General" weightage="20" keywordseo="Human-Resources" source="Orion">Human Resources</keyword> at Great Lakes Institute of Management notes that un-bossing is a natural progression, as more organisations will eventually move towards developing flatter reporting hierarchies. “However, it remains pertinent only to limited industries, like technology, where changes are dynamic and quick. Un-bossing will be nearly impossible in certain industries like education, where one will always need a certain degree of experience to handle higher-order roles. Another industry where un-bossing will not take place is hospitality, where they would be needed to drive daily operations,” she explains. <cmsannotation type="cmsannotation" annotationid="Bye-Bye mentorship?" comment="subhead" text="Bye-Bye mentorship?">Bye-Bye <keyword id="20874153" type="General" weightage="20" keywordseo="mentorship" source="keywords">mentorship</keyword>?</cmsannotation> What about mentorship and the handholding done by these mid-level managers, which is so crucial during the initial years of one’s career? "Gen Zers are new to the world of work, and they do really need managers to help them find the ropes. Ultimately, eliminating this kind of middle management position means less guidance, less coaching, and less mentoring, which I feel like is still desperately needed in a post-COVID world," <a href="https://www.businessinsider.in/careers/news/companies-are-unbossing-workplace-culture-and-millennials-are-in-the-firing-line/articleshow/110311358.cms">says</a> Shoshanna Davis, the founder of Fairy Job Mother to Business Insider. Tuli, however, believes that the new generation could also benefit from un-bossing. She believed that the trend offers scope for new talent to access <keyword id="22056605" type="General" weightage="20" keywordseo="cross-functional-guidance" source="Orion">cross-functional guidance</keyword> and mentorship, both within the organisation and online as well. In fact, many organisations are increasingly engaging industry professionals to take up training and mentoring sessions for their young, incoming talent. This could benefit the younger lot by motivating them to take on initiatives and action, all on their own. Zoomers are already unenthused by management. They are the generation that coined the term "<a href="https://www.businessinsider.com/lazy-girl-job-trend-tiktok-explained-defending-low-stress-work-2023-7">lazy-girl jobs</a>" and strongly believe in the benefits of "<a href="https://www.businessinsider.com/gen-z-quiet-quitting-work-ethic-millennials-money-struggles-2023-10">quiet quitting</a>." And at the end of the day, solid managers will always be in demand. As per a 2022 report by ThoughtExchange, around 79% of Indian youngsters prioritise having a supportive manager, who is equally invested in their personal growth and professional development while working. For most parts, Gen-Z merely wants to boot out micromanagement and workplace toxicity, something that has come to be deeply associated with mid-level management. Clearly, the role, which was earlier simply a link between fresh talent and senior management, is in need of a rehaul. <cmsannotation type="cmsannotation" annotationid="Don't be a boss, be a leader" comment="subhead" text="Don't be a boss, be a leader">Don't be a boss, be a leader </cmsannotation>To buck this trend, mid-level managers will need to be more agile and adaptable to the changing times. In other words, they need to be as un-bossy as possible. That the oldest, most experienced member of the lot will necessarily also be the wisest is a notion that should be retired. Mid-managers need to be facilitators, and not mere bosses dictating the job. As Tuli states, mid- managers will need to work on fostering a safe and positive workplace culture, where experience, constructive feedback, and new perspectives find equal value and voice.

The 2024 Great Unbossing — Desi Edition: How is global trend of firing mid-level managers taking shape in India

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>A major new<a href="https://portal.ct.gov/AG/Press-Releases/2019-Press-Releases/TONG-LEADS-LAWSUIT-AGAINST-GENERIC-DRUG-MANUFACTURERS-IN-CONSPIRACY-TO-FIX-PRICES-FOR-OVER-100-DRUGS"> lawsuit</a> accuses 20 generic drug companies of working together to increase prices on drugs for HIV, cancer and other conditions. It hit many of the companies' stocks hard on Monday, amid widespread US market weakness. </li><li>Teva and Mylan, two large generic drugmakers named prominently in the suit and <a href="https://www.businessinsider.com/antitrust-suit-accuses-drug-companies-working-together-increase-generic-prices-2018-12">another, earlier one</a>, could pay as much as $4.3 billion and $2 billion respectively in total fines, UBS analysts said. </li><li><a href="https://markets.businessinsider.com/stocks/teva-stock">Teva's</a> US shares saw $2.5 billion in market cap wiped out on Monday, while <a href="https://markets.businessinsider.com/stocks/myl-stock">Mylan</a> had $1.1 billion in market value erased. <a href="https://markets.businessinsider.com/">Watch them trade here. </a></li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>A major antitrust lawsuit being brought by 44 US states against 20 generic drugmakers hit many of the companies' stocks hard on Monday, amid a broad-based drop in the US equity market.Teva and Mylan, two major generic drugmakers named prominently in this lawsuit and another, similar one, could stand to lose more in the form of potential billion-dollar fines, according to new notes from analysts at UBS. Filed in Connecticut district court on Friday, the <a href="https://portal.ct.gov/AG/Press-Releases/2019-Press-Releases/TONG-LEADS-LAWSUIT-AGAINST-GENERIC-DRUG-MANUFACTURERS-IN-CONSPIRACY-TO-FIX-PRICES-FOR-OVER-100-DRUGS">latest lawsuit</a> alleges that the 20 drug companies worked together in a "broad conspiracy to artificially inflate and manipulate prices, reduce competition and unreasonably restrain trade for more than 100 different generic drugs." Those drugs included treatments for cancer, HIV and more, with price increases in some cases of more than 1,000%. In addition to the companies, the suit <a href="https://portal.ct.gov/-/media/AG/Downloads/GDMS%20Complaint%2051019%20FINAL%20REDACTED%20PUBLIC%20VERSIONpdf">also names</a> 15 individual senior executives as defendants, including several former Teva employees and Mylan's current vice president of sales. Similar allegations were also made by US states in a separate <a href="https://www.businessinsider.com/antitrust-suit-accuses-drug-companies-working-together-increase-generic-prices-2018-12">antitrust lawsuit filed in 2016</a> against nearly 20 generic drugmakers, including Mylan and Teva, though the scope of that one was more limitedRead more: <a href="https://www.businessinsider.com/antitrust-suit-accuses-drug-companies-working-together-increase-generic-prices-2018-12">A huge lawsuit accuses nearly 20 big drug companies, a billionaire, and 2 brothers-in-law of cozying up to hike drug prices. Here's the inside story.</a>For Teva, total fines to resolve the latest suit and the <a href="https://www.businessinsider.com/antitrust-suit-accuses-drug-companies-working-together-increase-generic-prices-2018-12">2016 one</a> could come to $1.1 billion to $4.3 billion, UBS analysts said on Monday. Mylan, meanwhile, could stand to pay between $500 million and $2 billion for both cases, they said. The latest lawsuit marks "another setback" for Teva and Mylan, UBS analyst Navin Jacob and team wrote. It is "challenging to determine the dollar impact of these allegations given the early stage of the trial &amp; opaque nature of the Gx industry," they said, calling their estimate a "high-level attempt."Teva, the Israeli company that is the world's largest generic drugmaker and is named prominently in the suit, had $2.5 billion of its market value wiped out in US trading on Monday, while US generic drugmaker Mylan lost $1.1 billion in market value.The lawsuit was also brought against other prominent companies, including Swiss drug giant Novartis's generic drug unit Sandoz, India-based generic drugmaker Dr. Reddy's, and US drugmaker Pfizer, all of which saw major stock drops on Monday. Pfizer said in a statement that it has cooperated with the Connecticut attorney general since it was contacted over a year ago. "We do not believe the Company or our colleagues participated in unlawful conduct and deny any wrongdoing," the statement said. "Greenstone has been a reliable and trusted supplier of affordable generic medicines for decades and intends to vigorously defend against these claims."Other companies didn't immediately return requests for comment.US markets declined on Monday, with the S&amp;P 500 down 2.4%.

A massive lawsuit just erased $2.5 billion from drug giant Teva's market cap. Here's how much Teva and rival drugmaker Mylan could stand to lose in court.

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS/Bernadett SzaboA man throws water on a woman as part of traditional Easter celebrations in Holloko, east of Budapest, April 21, 2014. </div></div></div>Good morning! Here's what you need to know.
Novartis deals. Swiss drug giant Novartis has essentially <a href="http://www.businessinsider.com/r-novartis-exchanges-assets-with-glaxosmithkline-2014-22#ixzz2zboisXHB">swapped</a> its vaccine business, worth $7.1 billion plus royalties, for the rights to GSK's oncology products, for which it paid $14.5 billion. Reuters says Novartis is trying to simplify its business. 
Allergan and Ackman. The Wall Street Journal <a href="http://online.wsj.com/news/articles/SB10001424052702304049904579516020798652940?mg=reno64-wsj&amp;url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304049904579516020798652940.html&amp;fpid=2,7,121,122,201,401,641,1009">reported</a> Bill Ackman's Pershing Square and drug developer Valeant have made a bid for the maker of Botox, Allergan. Allergan <a href="http://www.streetinsider.com/Corporate+News/Allergan%2C+Inc.+%28AGN%29+Issues+Statement+on+Purported+Valeant+and+Pershing+Square+Offer/9397164.html">said</a> they have yet to receive a offer and has had no discussions with either Valeant or Pershing Square.
Airbnb NYC purge. Airbnb removed thousands of New York listings after state attorney general Eric Schneiderman <a href="http://www.businessinsider.com/airbnb-purging-thousands-of-illegal-listings-2014-4#ixzz2zbmEyVJd">filed an affidavit</a> suggesting many may be violating tenancy laws.
Netflix earnings. Netflix shares were up 7% after-hours after posting solid earnings and subscriber numbers. The firm announced price increases for new subscribers, though this won't kick in immediately. "This is a pretty smart idea since it encourages current customers to stay on Netflix, while also grabbing more money from new customers," <a href="http://www.businessinsider.com/netflix-earnings-2014-4#ixzz2zbs0wUag">BI's Jay Yarow wrote</a>. "It also nudges people to sign up for Netflix now before it's too late."
Platinum miner negotiations. Platinum producers in South Africa will meet with the leaders of the Association of Mineworkers and Construction Union in an effort to end a 13-week long labor strike. Platinum is a key material used in catalytic converters. 
China IPO pipeline. China <a href="%20http://www.businessinsider.com/r-next-batch-of-chinese-companies-hope-to-raise-36-billion-through-china-ipos-state-media-2014-22#ixzz2zbzvssi2">posted </a>draft IPO prospectuses for 18 firms Monday, bringing the total number of potential issuers up to 46. State media estimating they could raise as much as 22.6 billion yuan ($3.6 billion) from investors. 
Housing data. Two key datapoints today for housing. First up at 9 a.m. is the FHFA home price index, which is expected to have slowed to 0.3% from 0.5%. Then at 10 a.m. we get existing home sales, also expected to have slowed to a seasonal annually adjusted rate of 4.56 million from 4.6 million.
Richmond Fed. Also at 10 a.m. we get Richmond Fed data for April. Analysts expect a reading of zero compared with -7 in March. 
Earnings. McDonald's and Yum! brands both announce today. We also get Amgen, AT&amp;T, BNY Mellon, and Lockheed Martin.
Markets. Stocks were drifting higher in Europe and the U.S., led by Germany's Deutsche Boerse at 1.3%. The Nikkei fell 0.85%. Coffee futures are now up 86% on the year as droughts in Brazil drag on. 
*** 
Below is a Q&amp;A with Rob Rennie, Global Head of Market Strategy at Australia's <a href="https://wibiq.westpac.com.au/">Westpac</a>.
***
BUSINESS INSIDER: What is the most underreported story in Asian markets?
ROB RENNIE: To be perfectly honest I think the most over-reported stories have been the impact of Fed taper and China's supposed 'Lehman moment' on Asia. If you had followed the hype, then you would have been forgiven for thinking that capital flight from Asia was the prevailing theme. Clearly this would have been false - bar a short period of nerves in Feb, the underlying trend has been one of continued equity investment into the region, led by India in March and quickly followed by Korea in April.
BI: When it comes to China in particular, what might markets have failed to price in so far?
RR: While the financial press has spent a great deal of time writing about China's 'Lehman moment' we have been surprised by the limited move to price this in various asset markets in China. Our financial stress index is based on IMF methodology and is a composite index which attempts to identify periods of financial stress by using high frequency Chinese market based variables. Specifically there are 7 variables in the index - namely bank sector beta, the 'Ted' spread, the yield curve (inverted), corporate bond spread (we use Sovereign CDS here for China), stock returns, time varying stock volatility and time varying exchange rate volatility. Each variable is adjusted by its own mean and standard deviation to reduce the impact on the index of the more volatile variables. The FSI is then constructed as an average of these 7 scores. The chart below notes that while financial stress is rising, it is certainly not suggesting that we are yet anywhere near to 'break-out' or 'Lehman moment' levels for China.
<div class="KonaFilter image-container"><div class="image">Rob Rennie/Westpac</div></div>
BI: You recently wrote that certain sectors like shipping have proven resilient in the face of flagging Chinese trade. How have they done this?
RR: Part of the story has been the very sharp rise in supply coming on stream in Australian iron ore where current growth is best described as 'exponential'. Part of the story is driven by continued expansion in steel production in China helped, in turn helped by expectations of front loaded railway investment. Part of the story is Asia showing signs of trading more within Asia as we move towards increased bilateral central bank swap lines/ increased invoicing in local currency and bilateral free trade agreements. While East/ West trade has not improved much, Asia is showing signs of increased trade within the region. China's imports from Asia ex Japan over the last 3 months are up 11%yy which suggests a solid start to the year and a positive sign in my view. BI: At the same time, you've also said U.S. demand has proven surprisingly weak. Are you "team weather," as we've been saying here, and expect any kind of snapback?
RR: I am not really expecting a sharp snap back in terms of US demand outside of short term weather related story. The key constraint I see for US demand is a constrained household. Gains in US employment has failed to beat population growth meaning household income has only seen negligible growth over the past two years, circa 0.7%yr. It is hard to see a material lift in US demand in this environment, without a material lift in household income.
BI: What has been the view from the Pacific region on Yellen so far?
RR: There is a keen sense that Yellen communicates well with the market. September last year was seen as a communications debacle. Yellen has been able to deliver two 'tapers' with the prospect of more to come and make it feel as if little has really changed. She has developed a clear knack of delivering bad news in a positive way.

10 Things You Need To Know Before The Opening Bell

<ul class="summary-list"><li>A new coronavirus has <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1">killed more than 425 people</a> and infected more than 20,000 in China.</li><li>The virus has <a href="https://www.businessinsider.com/china-wuhan-coronavirus-compared-to-sars-2020-1">some similarities to SARS</a>, which killed 774 people and infected more than 8,000 between November 2002 and July 2003. </li><li>China reformed its healthcare system after the SARS outbreak, but residents are grappling with long lines and a shortage of physicians as the new outbreak grows.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>A deadly coronavirus sweeping across China has conjured a sense of déja vu among those who lived there in the early 2000s.The novel virus, called 2019-nCoV, has killed more than 425 people and infected more than 20,000 since officials first detected it in December. It has spread to at least 25 other countries.Severe acute respiratory syndrome (SARS), which emerged in China in November 2002, was also a coronavirus. Experts <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3329048/">referred to SARS</a> as "the first pandemic of the 21st century," since it spread across 29 countries. In total, 8,000 cases were recorded and 774 people died by July 2003. "It was quite similar," Fei Chen, an urban-design lecturer who attended college in China at the time of the SARS outbreak, told Business Insider. "We were advised to stay where we were for two weeks - maybe more." China has imposed travel restrictions on at least 16 cities, including the city where the virus began, Wuhan, which has been quarantined since January 23.China's healthcare system has changed significantly since the SARS outbreak - and because of it. Over the last 15-plus years, the government instituted sweeping reforms to expand health insurance throughout the country, particularly in rural areas. Now, 2019-nCoV is serving as a test of whether those changes really improved China's ability to contain an outbreak. As the outbreak grows, however, Chinese residents are reporting long lines at hospitals, a shortage of doctors, high costs for pharmaceuticals, and a lack of communication between the government and medical professionals. <h2>Parallels to the SARS outbreak</h2>The first known case of SARS occurred in November 2002, but it took Chinese officials until February 2003 to notify the World Health Organization (WHO) about a "strange contagious disease" that had by that point already killed 100 people.Because the Chinese government <a href="https://www.who.int/csr/don/2003_07_04/en/">failed to report cases right away</a>, many people figured it was safe to travel to and from the Guangdong province, where the virus originated.In February 2003, a doctor traveled from Guangdong to Hong Kong after unknowingly treating patients who'd contracted SARS. From there, the virus began to spread, though Chinese officials maintained throughout the following month that the outbreak was tapering off."What we learned from SARS is that transparency has a vital impact on whether a crisis is properly handled," Mao Qunan, China's health spokesperson at the time, said in a public statement in April 2003. "Any delay in the release of information has a negative influence."China also hadn't created a communication plan for <a href="https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-019-6778-1">getting information to citizens and healthcare workers</a> - whether through phone calls or media updates - during an emergency.During the current outbreak, Chinese authorities have been far more transparent, providing frequent updates to the WHO."I think it's laudable that the Chinese authorities have identified this quickly," Adrian Hyzler, the chief medical officer at Healix International, which offers risk-management solutions for global travelers, told Business Insider. "It seems that they're much more keen this time to share information."On Thursday, when the WHO declared the virus a global public-health emergency, officials praised China's swift response to the outbreak."I have never seen in my life this kind of mobilization," WHO Director-General Tedros Adhanom Ghebreyesus said, adding he had "no doubt about China's commitment to transparency." But a <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30183-5/fulltext">recent report in The Lancet</a> found that the first novel coronavirus patient started showing symptoms on December 1, almost a month before China reported the outbreak to the WHO.A few reports have also suggested that Chinese authorities <a href="https://www.businessinsider.com/china-information-crackdown-on-wuhan-coronavirus-2020-1">tried to silence talk of the virus during the early days of the outbreak</a>. At least eight people in Wuhan were detained by police for allegedly spreading rumors about the outbreak online, <a href="https://www.poynter.org/fact-checking/2020/the-2019-coronavirus-virus-lands-in-the-u-s-after-killing-17-and-taking-eight-to-prison/">according to Poynter</a>. One doctor was <a href="https://www.scmp.com/news/china/society/article/3048042/chinas-top-court-hits-out-wuhan-police-over-coronavirus-rumour">forced to sign a letter</a> agreeing not to discuss the virus after he mentioned it in a chat with his medical school alumni, the Beijing Youth Daily reported. And Hong Kong news outlet <a href="http://news.tvb.com/local/5e1d7dc434b0315b57158f6a/%E6%9C%AC%E6%B8%AF%E5%A4%9A%E5%90%8D%E8%A8%98%E8%80%85%E6%AD%A6%E6%BC%A2%E9%86%AB%E9%99%A2%E6%8E%A1%E8%A8%AA%E6%99%82%E8%A2%AB%E6%89%A3%E6%9F%A5-%E8%A6%81%E6%B1%82%E5%88%AA%E9%99%A4%E6%8B%8D%E6%94%9D%E7%B4%A0%E6%9D%90">TVB</a> said a group of journalists, including one of its reporters, were detained for hours while covering the outbreak at a Wuhan hospital.<h2>Widespread reforms after the SARS outbreak</h2>Information sharing wasn't the only problem during the SARS outbreak. Residents of China's rural areas at the time had limited access to health insurance, so many had to pay out-of-pocket for medical expenses. On top of that, many healthcare workers <a href="https://www.ncbi.nlm.nih.gov/pubmed/15702757">weren't properly trained</a> to control infections or reduce their own exposure. Some doctors became sick themselves after coming into <a href="https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1365-3156.2009.02255.x">direct contact with the snot or saliva of infected patients</a>.By the time SARS was contained, around <a href="https://www.theglobeandmail.com/life/health-and-fitness/health/ten-years-later-sars-still-haunts-survivors-and-health-care-workers/article9363178/">20% of those infected</a> were healthcare workers. One highly contagious patient - known as a "super-spreader" - infected 143 people, including 50 doctors and nurses.In 2003, as the outbreak was dying down, the Chinese government introduced a program to provide healthcare insurance for rural citizens. The program now covers around 98% of China's rural population. The government pays most of the annual premiums for insurance, but the coverage only applies to inpatient treatments at recognized hospitals that are part of the state healthcare system.So patients are still responsible for the cost of drugs and consultations during outpatient treatment.In 2007, China unveiled a similar healthcare program for urban residents. Then in 2016, the government <a href="https://harvardpolitics.com/world/after-sars-chinas-search-for-better-health-care/">combined the rural and urban programs</a> as a precursor to universal healthcare. The merger was also meant to open up additional funding for reimbursing outpatient expenses.Lawton Burns, a healthcare-management professor at Wharton, <a href="https://knowledge.wharton.upenn.edu/article/ticking-time-bombs-chinas-health-care-system-faces-issues-of-access-quality-and-cost/">told the university's online business journal</a> that China's new health-insurance system is "wide but shallow.""The government controls the prices on low-cost items to make them widely accessible and available," Burns said. "But because that hurts the hospitals' bottom line, the government lets the hospitals charge much higher prices on high-tech equipment and offer more expensive drugs, devices, and procedures." <h2>A shortage of physicians </h2>China's reforms also didn't fix a major problem with the country's primary-care network: Doctors often prefer to work in cities, since they can make more money at state-run hospitals. As a result, some rural communities still lack quality healthcare. Many doctors in China's public healthcare system are relatively low-paid and often <a href="https://www.sixthtone.com/news/1003446/why-chinas-young-doctors-want-out-of-the-system">required to work overtime</a>. A <a href="http://www.cmda.net/u/cms/www/201807/06181247ffex.pdf">2018 white paper</a> found that junior doctors in China earn 4,850 yuan ($730) per month - more than <a href="https://tradingeconomics.com/china/minimum-wages">double the average minimum wage</a>, but less than <a href="https://www.salaryexpert.com/salary/job/heavy-truck-driver/china">an entry-level truck driver</a> might earn. "China does not have enough competent family physicians," William Hsiao, a professor at the Harvard School of Public Health, said in <a href="http://asiaexpertsforum.org/chinas-public-healthcare-system-future/">an interview with the Asian Experts Forum</a> at Claremont McKenna College. "People do not have the confidence in the competency of typical practitioners who provide primary care today."China has less than <a href="https://data.worldbank.org/indicator/SH.MED.PHYS.ZS">two physicians for every 10,000 residents</a>, according to data from the World Health Organization. Only around <a href="https://www.scmp.com/economy/china-economy/article/3013976/chinas-fragmented-health-care-system-under-increasing">60% of the nation's licensed medical practitioners have undergraduate degrees</a> and only about 10% have graduate degrees.As a result, Hsiao said, residents often go to a specialist when they have a minor illness. <a href="https://www.nytimes.com/2018/09/30/business/china-health-care-doctors.html">The New York Times reports</a> that queues for specialists in Beijing can start before dawn. During this coronavirus outbreak in Wuhan, patients have faced hours-long lines to receive medical care, <a href="https://www.bbc.com/news/world-asia-china-51222384">the BBC reported</a>. According to Reuters, some people with symptoms of the virus have even been <a href="https://www.reuters.com/article/us-china-health-testing-insight/confusion-and-lost-time-how-testing-woes-slowed-chinas-coronavirus-response-idUSKBN1ZQ21K">denied full-time admission to local hospitals</a> in Wuhan because there are no beds available. The ban on transportation in Wuhan - part of the mandatory quarantine - has also forced people to travel by foot to hospitals, <a href="https://www.nytimes.com/2020/02/02/world/asia/china-coronavirus-wuhan.html">the New York Times reported</a>. Some sick people, of course, are not well enough to do that. There's a long wait for ambulances, too. <h2>Some Chinese patients don't fully trust physicians</h2>Multiple studies - including one that <a href="https://www.ncbi.nlm.nih.gov/pubmed/28922547">interviewed more than 100 physicians, nurses, and health officials</a> in Guangdong - have also identified a lack of trust between doctors and patients in China. Until recently, it was common for Chinese patients to hand doctors red envelopes filled with cash - known as "hongbao" - to ensure they receive good care. In 2014, China banned the exchange of these envelopes in large hospitals, but reporting from the Australian Broadcasting Corporation suggests <a href="https://www.abc.net.au/news/2018-11-22/the-hidden-agenda-of-chinas-widespread-bribery-culture/10498074">the practice continues</a>.Doctors in China have also been known to accept kickbacks from pharmaceutical companies.In 2016, drug company AstraZeneca <a href="https://www.statnews.com/pharmalot/2016/08/31/astrazeneca-bribes-china-russia/">paid a $5.5 million settlement</a> for offering inappropriate gifts, including cash and paid travel expenses, to Chinese doctors. That same year, Novartis <a href="https://www.statnews.com/pharmalot/2016/03/23/novartis-bribes-china/">paid a $25 million settlement</a> for offering illegal money, gifts, vacations, and entertainment to Chinese healthcare providers from 2009 to 2011. A few years earlier, GlaxoSmithKline was caught funneling money to doctors and hospitals through fake travel agencies. "Most Chinese physicians have weakened professional medical ethics and, as a result, patients have lost their trust and respect for physicians," Hsiao said. "There are conflicts of interest in the US, and there are hospital executives giving kickbacks to doctors. But those people go to jail. There is nobody going to jail in China."In certain instances, skepticism about a doctor's qualifications has even led to violence. Between 2002 and 2012, <a href="https://yaleglobalhealthreview.com/2017/05/14/inside-the-doctor-patient-relationship-of-china/">violence against medical personnel in China</a> rose by around 23% each year, according to the Chinese Hospital Management Association. In April 2012, a disgruntled patient stabbed two doctors in Beijing, and in 2016 a father stabbed his daughter's pediatrician 15 times. Another doctor was killed by his patient's husband in March 2018.<h2>A mad dash to treat patients in Wuhan</h2>The number of 2019-nCoV cases has already far surpassed that of the SARS outbreak, leading to a ballooning number of sick people that would put stress on any healthcare system. Wuhan has scrambled to build two hospitals from scratch: one with 1,000 beds for patients and another with 1,600 beds.Doctors report being short on protective gear like surgical masks and gowns; <a href="https://www.nytimes.com/2020/01/27/world/asia/27china-coronavirus-health.html">The New York Times reported</a> that some medical workers fashioned makeshift goggles out of plastic folders. Yuen Kwok-Yung, a doctor at Hong Kong University, said at a press conference that a single hospital patient in Wuhan is thought to have <a href="https://www.scmp.com/news/china/society/article/3047441/wuhan-medical-staff-being-infected-virus-much-faster-pace">spread the virus</a> to 14 staff members there.Availability of test kits has proven to be an issue, too. An official at the Hubei CDC told Reuters that some hospitals in Wuhan did not receive test kits for the virus until January 20, the day that Chinese officials confirmed the virus could be transferred among humans.Major hospitals in Wuhan are also <a href="https://twitter.com/gzmimi/status/1220535231507136512?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1220535231507136512&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Fwuhan-coronavirus-china-shortage-test-kits-lottery-2020-1">running short on the kits</a>, prompting delayed diagnoses, according to the South China Morning Post. Because of this, kits are being reserved for patients with the most severe symptoms. Some residents <a href="https://www.businessinsider.com/wuhan-coronavirus-china-shortage-test-kits-lottery-2020-1">likened the chances of getting a test</a> to winning the lottery.The South China Morning Post also reported that some Hong Kong pharmacies have <a href="https://www.scmp.com/news/hong-kong/health-environment/article/3047554/hong-kong-face-mask-prices-soar-residents">tripled the price of face masks</a> to meet rising demand, while other pharmacies are out of stock. The paper described long lines to buy masks at retailers across the city. <h2>The world isn't prepared for a pandemic</h2>Still, it's not clear that another country would have done a better job of containing a novel virus that hops so easily from person to person."Like most other countries, including the United States, England, India, Indonesia, and Brazil, China's healthcare system has some significant problems," Hsiao <a href="http://asiaexpertsforum.org/chinas-public-healthcare-system-future/">said at Claremont McKenna</a>. "To reform the healthcare system required a tremendous amount of political determination and willingness to pay a political price. Chinese top leaders seem to be willing to do that. However, it is slower than some of us like to see."Public-health experts have been warning for years that a disease outbreak worse than SARS is a certainty."Everyone in public health is waiting for another pandemic," Hyzler said. "They are more likely to originate in the Far East because of the close contact with live animals, the density of population, and the transport hubs."The novel coronavirus isn't considered a pandemic yet, but Hyzler said it could evolve into one. And experts generally agree the world is not sufficiently prepared for the threat of a deadly pandemic.In <a href="https://www.washingtonpost.com/opinions/2020/01/30/next-pandemic-is-coming-were-not-prepared-it/">an editorial for The Washington Post</a>, former CDC director Tom Frieden warned that the global response to viral outbreak has been been "slow, haphazard, and far too limited.""We don't know at this moment how severe the coronavirus outbreak will be and whether it could have been prevented," Frieden wrote. "But we do know that we are not doing what's needed to prevent the next health disaster."<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/wuhan-coronavirus-many-other-disease-outbreaks-to-come-2020-1">We're in an 'age of epidemics,' a scientist says. More diseases like the coronavirus will jump from animals to people.</a></li><li><a href="https://www.businessinsider.com/who-wuhan-coronavirus-2019-ncov-global-health-emergency-2020-1">The World Health Organization just declared the Wuhan coronavirus outbreak a global health emergency</a></li><li><a href="https://www.businessinsider.com/wuhan-coronavirus-us-cases-health-risk-2020-1">US officials confirmed the first person-to-person spread of the coronavirus: a case in Illinois. Here's what we know about all 6 US patients.</a></li><li><a href="https://www.businessinsider.com/wuhan-coronavirus-cases-total-sars-pandemic-cases-2020-1">The number of people who've gotten the Wuhan coronavirus just surpassed the worldwide total of the entire SARS pandemic</a></li></ul>

Mistrust, low pay, and a tradition of bribery in China's healthcare system have crippled efforts to contain the Wuhan coronavirus

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div> A LOT of room in an office is a sign either of a blossoming company or a shrivelling one. Happily for Frank Han, the empty space at Kenandy, a cloud-computing company in Redwood City, a few miles south of San Francisco, indicates the former. 
As manager of "talent acquisition", he is busy filling it. Since he joined Kenandy last October, Mr Han has recruited 32 of the nearly 80 staff. At some point when hiring half of them, he used LinkedIn.
LinkedIn, based a bit farther south in Mountain View, had its origins in 2002 as a "network of people", says Allen Blue, one of its founders. "We had in mind a tool for ourselves," he explains, "and we were entrepreneurs." People starting a business may have a little money, but no office, no team and no big institutions behind them. "So much of what entrepreneurs need is about interrelationships."
<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Since then LinkedIn has spread far beyond Silicon Valley. It is an online contact book, curriculum vitae and publishing platform for anyone wanting to make their way in the world of work. Its membership has almost trebled in the past three years, to 313m (see chart 1); two-thirds of them live outside America.
Most are professionals, mainly graduates, neither at the apex of the corporate pyramid nor at its base. "It's a presence in your life that wasn't there a few years ago," says a member who works for a firm of accountants. "You can't walk into a room without everyone having looked everyone else up on LinkedIn."
Most members pay nothing to list details of their education and career, to be told about jobs, to "endorse" each other's skills, to read recommended articles-and to be annoyed with endless requests from people wanting to "connect" with them. Some pay a premium subscription for a customised profile, a bigger photograph, and the right to send 25 e-mails a month to other members (even if they are not connections already). Premium subscriptions bring in one-fifth of LinkedIn's revenue, which amounted to $534m in the second quarter, 47% more than a year before. (It reported a small net loss, largely because of a charge for share-based compensation.)
Yet LinkedIn is more than just a means for aspiring professionals to make friends and influence people. It has changed the market for their labour-how they find jobs and how employers find them. By bringing so many professionals into one digital place, it has become a honeypot for folk like Mr Han. One corporate recruiter after another calls it a "game-changer".
But LinkedIn's ambitions do not end there. They are limited only by the size of the world's labour market. Its chief executive, Jeff Weiner, envisions what he calls a vast "economic graph", connecting people seeking or starting work or wanting more from their careers. That implies an eventual membership of 3 billion-Mr Weiner's estimate of the global labour force. In other words, LinkedIn wants to change not only the business of recruiting, but also the operation of labour markets and, with that, the efficiency of economies.
<h2>The 60% solution</h2>
Recruiters are LinkedIn's main source of revenue. They pay for licences to trawl for likely job candidates and to e-mail them about vacancies, as well as for placing advertisements on the site. This business-called "talent solutions"-accounts for about three-fifths of sales. It allows recruiters to be more precise about the groups to search in order to find people to hire-people who attended certain universities, say. Rajesh Ahuja, the senior recruiter in Europe and Asia at Infosys, an Indian software company, focused a recent effort to hire 200 MBA students on graduates of several hundred colleges.
LinkedIn's main benefit to recruiters has been to make it easier to identify people who are not looking for a new job, but who might move if the right offer came along. These "passive" jobseekers, says Dan Shapero, head of sales in the firm's talent-solutions business, make up perhaps 60% of the membership (active jobseekers make up 25%; those who will not budge for any money make up the rest).
LinkedIn has made it easier for companies to identify such people themselves, rather than rely on recruitment agencies. In that sense, it represents a challenge to the agencies. Mr Ahuja says that two years ago he used external agencies to fill 70% of open positions in Europe. Now their share is 16%. Steven Baert, head of human resources at Novartis, a pharmaceuticals firm, says he hired "at least 250 people through LinkedIn last year when we might have used executive search in the past."
The agencies have not been put out of business, but they have to do more than just compile a list of names, which in-house recruiters can now do for themselves. Agencies will still be used in the later stages of hiring-working out who is likely to fit in, for instance. Since LinkedIn greatly increases the number of potential candidates, there also is more sifting to be done. Some recruiters say they are spending as much on agencies as they used to.
For the top jobs, LinkedIn is still too public. Denizens of the executive suites often expect a discreet tap on the shoulder from a bespoke headhunting firm. That is why Korn/Ferry, one of the biggest headhunting firms, reported record revenues and profits last year. Even so, LinkedIn is working its way up the greasy pole. Hubert Giraud, head of human resources at Capgemini, a French consulting firm, reports that last year he used it in the hiring of 33 managers in India. "I don't have to pay headhunters hefty money even to reach out to senior people," says Mr Ahuja.
Even outside the executive suite, LinkedIn is not ubiquitous. A French rival, Viadeo, is bigger in France and China (see "Viadeo: Nipping at LinkedIn's heels")-although LinkedIn launched a site in simplified Chinese in February. In Germany recruiters are more likely to use Xing.
LinkedIn makes planning ahead easier: firms know whom to approach before they start a recruitment drive. "When we're expanding, we've already identified them," says Mr Baert. It improves certain kinds of specialist recruitment because, when trawling for scarce skills, it is better to fish in a bigger pool. Glenn Cook, director of global staffing at Boeing, says LinkedIn is a good source of specialised aircraft mechanics. "You wouldn't necessarily think these folks would be on LinkedIn, but they are." He reckons it is easier to fill posts that used to be vacant for "six or eight months".
<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>It is true that LinkedIn makes it easier to lose people as well as to find them, because they are on permanent display to competitors and headhunters. But companies see this glass as half full, not half empty-and, anyway, their employees have joined in large numbers whether they like it or not (see chart 2).
Mr Giraud says that when he ran Capgemini's business-process outsourcing unit he encouraged all his 15,000 staff to join. "I thought it would be fantastic to have a nice profile...to make sure our business partners had a clear view of who we were."
LinkedIn also helps recruiters scour their own companies for talent: firms are often poor at spotting what is right under their noses. Marie-Bernard Delom, who has the task of identifying high-fliers at Orange, a French telecoms company, is using LinkedIn for that reason. She has commissioned software that combines LinkedIn profiles with internal data.
Companies can also see how they measure up against others trying to hire the same people. They can do so using LinkedIn in combination with other sites such as Glassdoor, where people anonymously rate the places where they work or have been interviewed. Mr Shapero calls this a "sales and marketing process", in which companies treat their reputations as employers like brands.
<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>They can track how many staff have quit to join the competition, as well as how many are coming the other way. LinkedIn members can "follow" companies they do not work for, another loose indicator of potential interest in a job: both Novartis and Infosys boast 500,000. American tech giants have many more (see chart 3).
As LinkedIn attracts more members in more countries and industries, its data will become richer. Put another way, the lines in Mr Weiner's graph will become more numerous-and more useful.
He thinks that if you trace the connections between workers, companies and colleges, and if you map people's jobs, qualifications and skills and plot these against employers' demands, you will end up with a step-change improvement in information about labour markets: big data for the world of work.
<h2>The world's labour exchange</h2>
And that, in principle, should help labour markets work more smoothly, potentially reducing Europe's youth unemployment rate, for example; or matching some of America's 20m underemployed with its 4.7m vacancies; or helping the millions of Chinese expected to migrate from the countryside to cities to find work.
Such hopes are remarkably ambitious. They amount to a gargantuan exercise in eradicating the mismatch between the skills people have and those employers want, or between the places jobs are on offer and those where people live.
As Mr Blue concedes, "there are real barriers that we haven't even begun to face yet." LinkedIn is only starting to reach beyond professionals, for example. Eventually it may have even to think, as Amazon, Facebook and Google are doing, about providing internet access in remote parts of the world; but that is far ahead.
Still, LinkedIn is starting to do more than just find and fill professional jobs. Undergraduates can see how many of their predecessors have ended up in given companies or professions, to help them plot their own paths. (Those who graduated years ago can do the same for their classmates, and laugh or weep accordingly.)
Some companies have begun to use LinkedIn's data to help them decide where to open new offices and factories. By looking at the skills on offer-at least among the network's members-and demand for them in different parts of the United States, LinkedIn's data scientists can identify "hidden gems" where there are plenty of potentially suitable employees but little competition for their services.
Perhaps most significant, LinkedIn has started to feel its way beyond professionals. Since early June the number of jobs on its site has jumped from 350,000 to about 1m. As well as openings for software engineers at IBM can be found jobs as delivery drivers for Pizza Hut or on the tills at Home Depot-which until now no one would have expected to find there. This is because LinkedIn has added jobs from employers' websites or human-resources databases to its existing paid advertisements.
Unlike paid ads, the new ones are seen only by members who are actively seeking jobs. The idea is being tested only in America so far. But if delivery drivers and checkout clerks start to look for and find jobs on the site, LinkedIn will have taken a step towards becoming a much broader job shop.
It is hard to know what its eventual effect might be. Even if Mr Weiner's grand vision were realised, it could not cure global unemployment on its own, though richer data ought to make a difference. In explaining high unemployment rates in Western economies, many economists would put more weight on weak aggregate demand than on a mismatch of location or skills.
It is even difficult to quantify the impact of LinkedIn on labour markets so far. In theory, making it easier for people to find better jobs could affect the rate of job turnover within firms: recruiters say they have noticed little impact, and that other factors (such as the economic cycle)-seem to matter more. But no one really knows.
As LinkedIn's data pool deepens, its value to researchers as well as its members and corporate customers will increase. Pian Shu, an economist at Harvard Business School, points out that you could compare the career paths of those who graduate in recessions with those who graduate in booms: do the former, as you might suppose, fare worse?
Aiding academic research is not LinkedIn's priority. But its interest to economists is a sign of how pervasive it has become. "I'm on there until midnight a lot," says Mr Han, of his quest to find the right people for Kenandy. "I'm hooked."
Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist

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