EpiPen Getting Dose of Competition; Gaping Gender Gap; Wells Fargo So Very Sorry Indeed

Shot to the heart…

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EpiPen, which currently controls 95% of the auto-injector epinephrine market, now has to scoot its greedy butt over to make way for a much-needed competitor. Privately-held Kaleo Pharma is bringing back Auvi-Q, the auto-injector device that was taken off the market back in 2015 because of dosage delivery problems. Apparently the problems have been fixed and you can expect to see Auvi-Q back on the shelves in the first half of 2017. However, before you breathe a sigh of relief, experts have said that the price for Auvi-Q might not be all that competitive. In fact, between 2013 – 2015, Kaleo’s price hikes matched Mylan’s and the cost for the auto-injector might go for $500, just $100 less than EpiPen’s highly-criticized $600 2-pack. Make no mistake. Kaleo’s no more an angel in the pharmaceutical industry than Mylan is. The company is also known for making Evzio injectors which use naloxone to treat opioid-overdoses. Once upon a very short time ago – like a few years – the devices cost $690. But not anymore, as the devices go for $4,500 per two-pack. Kaleo has promised that its Auvi-Q device will be affordable and expects insurance companies to help see that promise through. In the meantime, as Mylan’s generic version of its EpiPen is expected to go for $300, the FDA nixed Teva Pharmaceuticals application for a generic version of the EpiPen citing “major deficiencies.” Yikes.

Rock on, Rwanda!

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Just when you thought the gender pay gap couldn’t get any worse, along comes the World Economic Forum to tell us otherwise in its Global Gender Gap Report. The study examined 144 countries and took into account all kinds of factors like economic opportunities, political empowerment and education. The study disconcertingly found that if we wait 170 years, that pesky gender gap might actually close. But who wants to stick around until the year 2186? Sadly, last year’s projection had us holding our collective breath until 2133 but in all fairness, if we actually start to do things correctly, the gender gap could “could be reduced to parity within the next 10 years.” That’s got to be somewhat reassuring, right? One of the more unpleasant nuggets in the report illustrated that average female salaries were half those of men and disturbingly enough, education gains didn’t necessarily help women increase their salaries. Iceland, Finland, Norway, Sweden and Rwanda took the top five spots in that order. (Yes, Rwanda).  I’m thinking maybe it’s time to start poaching our political leaders from those countries. Just a thought. The United Kingdom ranked twentieth, even with a female Prime Minister. Go figure. And even though the U.S. ranked twenty-eighth last year, this year the Land of the Free fell to spot number 45, apparently due to a decline of women in the labor force. At least the U.S.’s ranking wasn’t as bad as Yemen, which ranked dead last. Saudi Arabia, Syria and Pakistan also claimed the loser spots which I suppose makes sense considering those countries tend to treat women as property instead of human beings.

 

It still hurts…

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After just 13 days into his tenure, Wells Fargo already has its latest CEO, Tim Sloan, apologizing. Of course, that apology is over the account scandal that already cost the bank $185 million in fines from the Consumer Financial Protection Bureau. But what’s different about this apology is that Sloan was actually addressing the bank’s 260,000 employees. Which is a step up from last month when former Wells Fargo CEO John Stumpf took to blaming 5,300 lower-level employees instead. However, karma is not done with the bank just yet as Wells Fargo could end up eating $8 billion in lost business in the next 12-18 months since approximately 14% of its current customers are looking to switch to more trust-worthy competitors.  As Sloan noted in his apology,“many felt we blamed our team members. That one still hurts, and I am committed to rectifying it.” And so the bank is hiring culture experts to fix the weaknesses that led to this ugly episode. Of course, cultural weaknesses aside, the bank can look forward to both criminal investigations and class-actions suits. Which is only fair considering that the wrongfully blamed lower-level employees – many whom made less than $15 per hour – were met with retaliation after they dared to call in to the bank’s internal ethics hotline.

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Oil-Vey! Glut Messing with Global Economies; Apple Sets its Sights on India; Who Will Represent the “World’s Most Hated Man”?

Dow-n and out…

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The Dow took a nasty 400 point fall today fueled (a little pun intended) in large part because of the oil glut that’s got barrels of the not-as-hot commodity trading at about $27.50 a pop – a very low low price. The S&P also fell as stocks were trading much lower. In fact, more than 1,000 New York Stock Exchange stocks hit 52 week lows, while on the other side of the pond, European and Asian markets followed suit, performing just as badly on seeing oil hit thirteen year lows. Experts (I am not one of them) are thinking we’re on the threshold of bear market territory – a nasty fiscal phase where market index prices are falling so much that people just want to sell off what they’ve got. Considering that the MSCI All Country World Index (which is basically a global market index mash-up) fell 2.4%, that just might be the case. China’s flailing economy and the United States’ strong dollar aren’t helping matters. Even Royal Dutch Shell is expecting profits to tank 42% to around $1.6 billion – a brutal cry from the $3.3 billion it reported last year at this time. But box-office fave Leonardo DiCaprio isn’t crying for Shell, or any other oil producers for that matter. At the World Economic Forum in Davos, Switzerland, where the A-lister was receiving some award, he graciously lashed out at big oil and corporate greed calling them, “Those entities with a financial interest in preserving this destructive system…covered up the evidence of our changing climate.” Hey! Maybe he’ll use that in his Oscar acceptance speech…

An Apple a day…

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It took awhile but Apple is now working to bring its tech magic to India where the Cupertino, California-based company finally finally filed an application with the Indian government to set up shop there. No word yet on how many stores it plans on opening or even how big of an investment it’s going to be. Of course, Apple products are already available in the country that boasts the second largest telecom market in the world. But in order to buy those products, consumers purchase the merchandise through a network of Indian-owned distributors. There are some who feel that Apple had been willfully ignoring India since it took this long to make the leap there. But Apple argues otherwise saying that restrictions on foreign investment in the retail sector weren’t exactly winning them over. India typically requires a single brand  – in this case, Apple – to locally procure 30% of its goods sold in the country. But rumor has it Apple brass had a little conversation with the Indian authorities to ease up on things.  Also India, unfortunately, doesn’t have the boffo spending power of say, China, where people pounced on iPhones from day one. In India, cheaper alternatives dominate the smartphone market while Apple only has about a 2% market share on the devices.  Apple, however, had been trying to make its products more affordable by offering buyback programs, installment programs and giving discounts on older phones. And then something wonderful happened – Apple sales in India crossed the $1 billion mark back in March and the tech company presumably began to see things differently.  The fact that India has the fastest growing smartphone market and is poised to take over the number two spot from the United States (China is first, duh) in 2017 might also have something to do with the change of heart.

Dumb and dumber…

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Martin Shkreli aka “Pharma bro”is switching lawyers though, why exactly remains a mystery. Marcus A. Asner, an attorney at the soon-to-be-ex firm of Arnold & Porter did not give an explanation as to why the change was being requested but he was probably not broken up that he will no longer represent what many call the world’s most hated man. Shkreli, 32, by the way, takes exception to that moniker, as he mentioned in a recent interview. But considering he raised the price of a life-saving drug by 5000% – well, what else are you gonna call him?  Perhaps we should give him the benefit of the doubt and assume he needed the extra cash so that he could buy the only known copy of a Wu-Tang Clan Album for $2 million. Just kidding. He has multiple accounts at multiple brokerage firms. Shkreli says that the lawyer switcheroo has nothing to do with the interview he did with The New York Times and called the explanation  a “dumb theory.” But you know what’s really dumb? Raising the price of a single pill from  $13.50 to $750.00. Shkreli, who is charged with blowing investors’ cash on some bad trades and then taking money out of his pharmaceutical company to pay for those trades said “the government’s case is fictitious.” He has pleaded not guilty to securities fraud and conspiracy.