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

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

<keyword id="15160768" type="General" weightage="20" keywordseo="presvu" source="Orion">PresVu</keyword> eye drops, developed by <keyword id="20007796" type="General" weightage="20" keywordseo="entod-pharmaceuticals" source="keywords">Entod Pharmaceuticals</keyword>, were launched with considerable media attention earlier this month as a novel solution for <keyword id="23035383" type="General" weightage="20" keywordseo="presbyopia" source="keywords">presbyopia</keyword>. Presbyopia is a condition where individuals aged 40 and above experience difficulty focusing on nearby objects, often requiring reading glasses. PresVu claimed to reduce or eliminate the need for these glasses, offering an alternative through its active ingredient, 1.25% Pilocarpine, which temporarily contracts the pupil, improving near vision. Entod Pharmaceuticals earlier announced that the product had approval from the <keyword id="20047866" type="General" weightage="20" keywordseo="drug-controller-general-of-india" source="keywords">Drug Controller General of India</keyword> (<keyword id="20046022" type="General" weightage="20" keywordseo="dcgi" source="keywords">DCGI</keyword>). These announcements created substantial buzz, as the treatment promised a non-invasive solution to a common problem affecting millions of people. <h2>Regulatory backlash</h2>The situation escalated when the Drug Controller General of India suspended the marketing and distribution licence of PresVu eye drops. The suspension was issued due to unauthorised promotional campaigns by Entod, which made unverified claims about the drug's capabilities. The company had reportedly promoted PresVu not as a prescription drug, but as an over-the-counter (OTC) solution that could potentially replace reading glasses — a claim that regulators found highly misleading. The DCGI expressed concerns that such promotions could lead to misuse, with patients potentially self-administering the product without medical guidance, raising significant safety concerns. Furthermore, the regulatory body pointed out that while the product had been approved as a prescription drug, the marketing blitz implied it was a quick-fix solution available to anyone, which it was not. <h2>Entod Pharmaceuticals responds</h2>Entod Pharmaceuticals quickly defended itself against these allegations, maintaining that their marketing campaign was based on the information cleared by the DCGI. According to Entod, the promotion highlighted only the approved uses of the <keyword id="4537914" type="General" weightage="20" keywordseo="eye-drop" source="Orion">eye drop</keyword>, and any misconceptions arose from how the media and public interpreted the information. The company asserted that it would challenge the suspension in court, emphasising that other pharmaceutical companies frequently follow similar marketing practices without facing such scrutiny. In a statement, Entod’s CEO, <keyword id="21011592" type="General" weightage="20" keywordseo="nikkhil-k-masurkar" source="keywords">Nikkhil K Masurkar</keyword>, clarified that the company had conducted phase 3 clinical trials in India to ensure the product’s safety and efficacy. <div type="Article" hostid="261" msid="113251803" title="The next big market for weight-loss drugs: children" mstype="2" mssubtype="0"></div>“Our approval by DCGI was based on a valid controlled clinical trial in 234 patients which was successful in showing efficacy and safety of these eye drops in patients of Presbyopia, who used these drops without eyeglasses and could read additional lines on Snellen's chart which is yardstick of near vision impairment,” Masurkar commented in a statement. He insisted that the product’s promotional activities had followed standard protocols and blamed the viral nature of media reports for blowing the issue out of proportion. Despite these defences, the product remained suspended pending further investigations. "Such eye drops with the same active ingredient and same concentration have been approved by the US <keyword id="19918726" type="General" weightage="20" keywordseo="fda" source="keywords">FDA</keyword> and marketed in the US for the last three years without any serious complications. FDA didn’t take any action on the companies marketing the same in the USA,” Masurkar further elaborated. <h2>Public and expert reactions</h2>The controversy garnered widespread attention, particularly from medical professionals. The Liver Doc, a prominent liver specialist that takes to social media to debunk pseudoscientific claims, criticised the situation on X (former Twitter), warning about the dangers of exaggerated medical claims in advertising. The doctor’s tweet emphasised that blaming Indian media for blowing Entod’s claims out of proportion was “shameless”, noting that the media merely reported exactly what the company had themselves claimed earlier. <div type="twitter" handle="theliverdr" handlename="theliverdr" favoritecount="0" retweetcount="0" id="1833828866210849170"></div>As of September 12, 2024, the suspension of PresVu's marketing approval remains in place. Entod Pharmaceuticals is preparing to contest the decision in court, hoping to reinstate its flagship product in the Indian market. The regulatory investigation continues, with the DCGI seeking clarification on the exact nature of the promotions and whether they indeed violated ethical standards. <div type="Article" hostid="261" msid="113229771" title="China&amp;#39;s drug regulator clears mpox vaccine; to undergo clinical trial" mstype="2" mssubtype="0"></div>Despite Entod’s defence, the controversy has raised important questions about the marketing of prescription drugs in India, with regulators, the media, and the public closely watching how this case will evolve. The outcome could set a precedent for how pharmaceutical companies in India can market innovative treatments, particularly when dealing with sensitive areas like vision correction.

PresVu eye drops: Why has a pharma company fallen in controversy for claiming to cure near-sightedness?

<ul class="summary-list"><li>Attorneys general in 14 different states filed lawsuits against TikTok last week.</li><li>They say TikTok's algorithm is addictive and harmful to children's mental health.</li></ul>TikTok is facing lawsuits from 14 state attorneys general who say the company's algorithm harms children. Legal experts say the coordinated challenge is designed to take down big companies.Adam Wandt, an attorney and deputy chair for technology at the John Jay School of Criminal Justice, said the barrage of state lawsuits mirrors challenges against Big Tobacco in the 1990s and Purdue Pharma, the maker of Oxycontin, in the 2000s. In both cases, the lawsuits were used to "overwhelm those industries," he said."The other advantage it gives is, if there are defects in one of the suits, the other suits still survive," Wandt said. "It's actually a pretty good strategy."Neama Rahmani, a former federal prosecutor and trial lawyer in California, said that attorneys commonly file multiple lawsuits across several states when they go after "multibillion-dollar" companies because they are more expensive for the companies to defend."Opioid companies, for instance, wouldn't have entered into the settlements that they did had they only dealt with one attorney general or a lawsuit in one state, but when they're looking at multiple lawsuits across the country, and really the continued viability of their company, it's more likely that they'll enter into some settlement," Rahmani said."You might win one or two lawsuits. How are you going to win a dozen?" he added.The Sackler family, owners of Purdue Pharma, ultimately paid over <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/purdue-pharma-oxycontin-sacklers-tentative-settlement-opioid-lawsuits-2019-9">$3 billion in settlements</a> for misleading advertising related to their products. Purdue Pharma later <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/supreme-court-rejects-bankruptcy-plan-protecting-sacklers-2024-6">filed for bankruptcy</a>, but the Supreme Court struck down a $7 billion bankruptcy plan in June that would have given the Sackler's immunity from future civil suits.Big Tech companies like Meta, Google, and TikTok are usually shielded from liability related to the content users post to their sites by Section 230 of the 1996 Communications Decency Act. No matter how harmful the content, tech companies are considered by law the uninvolved host or "intermediary" for the content.Rahmani said that courts examining the 14 new lawsuits against TikTok will focus on whether the company's algorithm is causing harm, not whether it is hosting harmful content."There's a difference between passively allowing people to post, but really what we're talking about is TikTok's algorithm," Rahmani said.On Thursday, NPR reported that over 30 pages of <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-lawsuit-algorithm-children-internal-documents-revealed-2024-10">accidentally unredacted court documents</a> detailed some of the findings of the joint investigation into TikTok. Wandt said those documents showed that TikTok "has very intentionally ignored" federal regulations."I think that the types of legal protections we give to social media companies might not protect them if they are found to be lax with some of the federal laws," Wandt said.Still, the biggest loss for TikTok may come in the court of public opinion, Rahmani said.Congress passed a bill in April that requires TikTok's Chinese parent company, ByteDance, to <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-ban-app-american-us-not-worried-2024-9">find a new owner</a> for the app or face a potential ban in the United States. With the prospect of <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tiktok-ban-app-american-us-not-worried-2024-9">that federal ban looming</a> next year, a slew of federal lawsuits helps shape public opinion and "pressure lawmakers to act," Rahmani said."There's now this narrative: Tiktok isn't about fun, silly dancing. It's dangerously pushing out harmful material for our children," he said. "So that's very different."In a statement to BI, a spokesperson for TikTok said the company "strongly disagrees with these claims, many of which we believe to be inaccurate and misleading." The spokesperson said the company cooperated with the investigation for two years and that " it is incredibly disappointing they have taken this step rather than work with us on constructive solutions to industry-wide challenges.""We're proud of and remain deeply committed to the work we've done to protect teens and we will continue to update and improve our product," the spokesperson said.

New lawsuits against TikTok mirror those against Big Tobacco and Purdue Pharma

<keyword id="7457881" type="General" weightage="100" keywordseo="private-credit" source="Orion">Private credit</keyword> deployments are likely to surpass the $10 billion mark in 2024, a report by a consultancy firm EY said on Wednesday. The January-June period saw private credit transactions of over $6 billion in 96 deals, and the last two-and-a-half years have seen over $20 billion being deployed in the emerging alternative serving the credit needs of Indian companies. Major deals were witnessed across real estate, infrastructure, and healthcare sectors in the first half of the year, the report by EY said. Domestic funds are gaining traction and market share in the private credit space leveraging local expertise and the influence of lower-cost domestic money, it said. The first half of the year saw <keyword id="23077048" type="General" weightage="20" keywordseo="reliance-logistics" source="keywords">Reliance Logistics</keyword> and Warehousing, Vedanta Semiconductors, and Matrix <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> collectively raising approximately $1.3 billion, while real estate sector continued to be a focal point with borrowers such as <keyword id="20197996" type="General" weightage="20" keywordseo="prestige-group" source="keywords">Prestige Group</keyword>, <keyword id="21275229" type="General" weightage="20" keywordseo="puravankara-group" source="keywords">Puravankara Group</keyword>, Kalpataru Group, and Shapoorji Group being active. The firm's partner Bharat Gupta said private credit investments are at an all-time high, driven largely by growth-oriented strategies. "The outlook remains promising, though thorough due diligence and effective deal oversight are crucial to maximizing returns and managing potential risks," Gupta added. With the maturing of the system, there is a subtle shift towards performing credit deals in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> with funds increasingly engaging in sub-18% <keyword id="22335519" type="General" weightage="20" keywordseo="internal-rate-of-return" source="keywords">Internal Rate of Return</keyword> (IRR) transactions, the report said. In the high-yield segment, mergers and acquisitions/buyout deals, and bridge-to-initial public offering transactions have gained traction within private credit funding, it said. High-net-worth investors and family offices are increasingly participating in private credit as a key asset class, boosting the popularity of domestic funds, it added.

Private credit deals to touch $10 billion in 2024, says EY report

<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

<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

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

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