We all know that the pharmaceuticals industry is big business.
The industry is facing considerable challenges however, with a large proportion of the “blockbuster” drugs due to come off patent in the next few years.
Drug companies are all too aware that they might well need a big breakthrough soon in order to sustain their historical levels of shareholder return.
A lesser known threat to the industry, and more direct threat to us individually, is the rapid growth in fake prescription drugs. Patents protect a patent holder against a legitimate business from copying their product. It’s not much use against criminality.
Fake Gucci handbags may be an annoyance to Gucci, but nobody dies when they are purchased. Fake drugs can be sufficiently dissimilar to the real product to allow diseases to build up resistance to the genuine drug. An overdose may be fatal in the short-term; an under-dose may be fatal in the longer-term.
So there’s a significant incentive for all concerned to maintain integrity in the production and logistics chain that gets the genuine drugs to those in need. Countries where prescription drug usage is culturally common and poorer countries are probably most at risk.
A Ghanaian company, mPedigree, has come up with an ingenious and simple solution. Working in conjunction with bona fide drugs manufacturers, it assigns a code to each packet of pills. This is then added to the box, in the form of a scratch card.
When customers buy the product, they scratch off the scratchcard style covering on the box and then send a free text message / sms with that code. If the product’s codes are genuine, a text message is immediately sent back to verify their authenticity. If not, the customer knows that they have just been sold a potentially dangerous dud.
Of course, there will be risks to this process, such as criminal elements infiltrating the process of allocating codes, but this is a smaller risk to contain than the wider risk of fake drugs, but this is a process that an auditor could even give an assurance opinion on.
Given the worldwide very high penetration of mobile phones and the cheapness of text messages, this is a fascinating solution to a big problem. Maybe in future it could be refined to also warn if drugs are genuine but beyond their sell by date (time expired drugs can also become dangerously lacking in efficacy).
What a wonderful, simple idea.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2013-03-13 13:54:012013-03-13 13:54:01Forget your Gucci handbag, you'll just be scratching the surface...
Police forces are classic Not-for-Profit Organisations and whilst they don’t have similar revenue streams to those which are found within commercial for-profit organisations they do have to balance the books between their funding (revenue) and their costs.
The Police force in the Australian state of Victoria came up with a novel approach to serving an intervention order that not only ensured that the offender received the order but also saved money.
An individual in Australia had allegedly been harassing and threatening his ex-partner. An order was made against him instructing him to cease this behavior and to stop contacting her.
It was however proving difficult for the police to track him down. They had tried actual visits, sending details by post as well as phone calls to serve the order on him but all to no avail.
They identified that he was an avid Facebook user and in a novel approach to matters the police transcribed all the court documents and sent them to his Facebook inbox.
Going one step further they also recorded the following video for him which was again delivered through the medium of Facebook.
After receiving everything via Facebook, the offender has now agreed to comply with the intervention order although it is not clear whether he clicked the “like” button on his Facebook page after he first viewed the video.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2013-02-20 13:51:182013-02-20 13:51:18Australia. Welcome to the land of sun, sand and intervention orders served via Facebook.
There are certain things in this world that really should be readily available no matter where you live.
School education for children for example is one such item.
In some countries however it is a sad fact of life that children often have to walk many kilometres to their nearest school. This can understandably result in there being challenges in ensuring attendance at classes.
The advertising industry can be a very creative place and in Africa the advertising industry is currently growing at an estimated 20% per annum.
In effect this is a mobile advertising platform that combines a billboard with a tricycle that can carry up to 6 children to school. When not in use on the school-run the tricycle can be converted to transport other goods for the local community.
The initial pilot versions of TriKademiK were sponsored by mobile phone company Zain Ghana and drinks company Voltic (part of the SAB Miller group of companies).
Instinct’s aim is to roll out the programme to over 1,000 tricycles which can transport 7,000 children to school on a daily basis.
All in all an impressive and creative use of an advertising platform for a very good cause.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2011-01-12 20:46:212011-01-12 20:46:21Advertising on the move and all for a good cause.
It’s tough to qualify as an accountant. The exams are difficult and it’s hard work. The rewards, both financial and non financial however, can justify all of this hard work.
If you work for a firm of accountants then the fee income of the company is largely based on the hourly charge out rates of the employees. I’ve got a feeling though that no matter what your position is within your company you won’t be able to command a charge out rate of £900,000 per hour!
On Friday however a mystery individual paid $2.6 million (approximately £1.8m) for lunch with Warren Buffett, the 79 year old billionaire head of investment giant Berkshire Hathaway and world’s 3rd richest man.
Arguably the most famous and respected investor in the world, Mr. Buffett auctioned his time in aid of the Glide Foundation, a San Francisco charity . Assuming a 2 hour lunch the winning bid of £1.8m results in an impressive hourly equivalent of £900,000.
The winning bidder can take seven of his or her friends along to the New York steakhouse, Smith & Wollensky and are free to ask anything although Mr. Buffett will not be disclosing what he is buying or selling.
Of course, I’m also assuming that someone will make the reservation for the meal rather than risk turning up and not being able to find a table for 8 people as the restaurant is fully booked…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-06-14 07:01:252010-06-14 07:01:25How much would you charge for an hour of your time? £900,000 would probably be ok as long as lunch was included….
I had to recently go into hospital for a minor operation on my knee. The nurses and doctors were fantastic there and thankfully everything is now fine with my knee.
The hospital I was in was a classic not-for-profit (NFP) organization and during my time there it really made me appreciate the challenges that NFPs face when setting objectives.
Hospitals have a significant number of stakeholders with a high level of interest. Patients like me are stakeholders with an obvious high level of interest in matters. Other local individuals who are not patients are also interested in case at some stage they need to use the hospital. The doctors, nurses and admin staff are also stakeholders with a keen interest in the activities and the government is another stakeholder interested in the hospital.
In summary, NFPs are different from most other organizations when it comes to stakeholders in that there tends to be a wider range of stakeholders with a high interest in a NFP organization than compared with other organizations.
Another issue that occurred to me during my stay was that there are a number of objectives that the hospital needs to balance. Two obvious ones are the quality of care given to a patient when he’s in the hospital versus treating more patients.
A final area I thought about was the classic finance term of Cost Benefit Analysis. Costs within hospitals are easy to measure but the benefits can be inherently difficult to measure. For example, how would they measure the benefit of reducing the waiting time for a knee operation by one month or 6 months?
You are not necessarily expected to be able to provide all the answers to the challenges of running a hospital in the exam but it is important to have an understanding of the challenges that a NFP organization faces when running its business.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2009-08-01 18:29:542009-08-01 18:29:54Not-for-profit organisations face several challenges.