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Healthcare Innovation Set to Double, Reaching $60 Billion Opportunity in India by FY28

Leave a Comment / By / Health & Wellness Community

A recent report by Bain & Company and HealthQuad reveals a promising outlook for healthcare innovation in India, projecting its value to double to $60 billion by FY28. This growth surge is part of India’s broader healthcare market, expected to reach $320 billion by the same time, driven by a compound annual growth rate (CAGR) of 12%. Healthcare innovation currently constitutes 15% ($30 billion) of India’s healthcare market, with approximately 55% of it export-oriented. Aarthi Rao from Bain & Company anticipates substantial expansion, emphasizing not only value engineering but also business innovation, particularly in biotech, vaccines, and med-tech sectors. The report identifies four key segments driving healthcare innovation: pharma services, health-tech, vaccines, and biotech, and med-tech. Health-tech, which includes consumer-facing solutions like telemedicine and enterprise-facing solutions like B2B e-commerce, witnessed a significant boost, doubling from $3 billion in FY20 to $7 billion in FY23. India’s success in the vaccines and biotech market has been remarkable, with revenues reaching $4 billion in FY23, driven by exports. The country has become a vaccine powerhouse, supplying around 60% of global vaccine demand. Additionally, biotech startups are leveraging new technologies to develop innovative products. Pharma services remain a dominant force, constituting around 50% of the healthcare innovation market. India’s pharma services market, valued at $16 billion in FY23, has seen significant growth driven by exports and the country’s emergence as a leading CDMO player globally. Charles-Antoine Jannsen from HealthQuad notes India’s evolution in the biologics space, emphasizing its newfound strengths in research, manufacturing, and export. The accelerated adoption of telemedicine and e-pharmacies during the pandemic has further propelled health-tech growth. Overall, India’s healthcare innovation landscape presents a compelling growth story, driven by technological advancements, favorable government initiatives, and an expanding global footprint.  

Malaysia’s Lincoln University College Makes Historic Move to Establish Campus in India

Leave a Comment / By / Education Community

Malaysia’s Lincoln University College has emerged as the trailblazer among foreign universities seeking to establish a presence in India, becoming the first institution to apply through the University Grants Commission’s (UGC) dedicated application portal. The move marks a significant milestone in the internationalization of Indian higher education. The UGC has formed a five-member standing committee tasked with evaluating Lincoln University College’s application, indicating that a decision is imminent. This development comes in the wake of the UGC’s recent notification of regulations governing the establishment and operation of campuses by Foreign Higher Education Institutions (FHEIs) in India. According to Union Education Minister of State Subhas Sarkar, Lincoln University College has expressed interest in establishing a campus in Telangana, showcasing the growing appeal of Indian academia on the global stage. Sarkar’s statement in the Lok Sabha underscores the proactive steps taken by the Indian government to attract foreign investment and expertise in the education sector. While other foreign universities have shown interest by accessing the UGC portal to explore application requirements, Lincoln University College stands as the sole applicant thus far. Renowned for its academic prowess, the university holds respectable positions in prestigious global rankings, reflecting its commitment to excellence. The UGC’s regulations aim to facilitate the seamless operation of FHEIs in India, granting them autonomy in degree-granting, admission processes, and fee structures. The move is poised to enhance educational opportunities for Indian students and foster collaboration between domestic and international institutions. Responding to queries regarding the affordability of FHEIs for Indian students, Sarkar emphasized the potential for scholarships and tuition fee concessions, ensuring accessibility and inclusivity. Additionally, stringent measures have been put in place to prevent misuse of philanthropic resources and ensure compliance with regulatory standards.

Sony Confirms Termination of $10 Billion Merger Deal with Zee Entertainment, Legal Battle Looms

Leave a Comment / By / Human Resource Community

Sony Corporation officially announced on Monday the termination of its proposed $10 billion mega-merger deal with Zee Entertainment, marking the collapse of the ambitious alliance that aimed to create India’s largest entertainment company. The agreement was intended to provide substantial financial prowess, positioning the unified entity to compete with global streaming giants like Netflix Inc. and Amazon.com Inc., as well as local conglomerates such as Reliance Industries Ltd, currently exploring potential partnerships with Disney. The termination notice served by Sony brings an abrupt end to the negotiations, which had been anticipated as Sony Group Corp signaled its hesitancy to extend the discussions beyond the originally agreed-upon deadline. The termination follows a report on January 21 by ET (Economic Times) indicating that Sony was unlikely to prolong the good faith negotiations with Zee Entertainment Enterprises Ltd. (ZEEL). Zee Entertainment, in response to Sony’s move, expressed its intention to take legal action against the Japanese conglomerate, setting the stage for a potential legal battle between the two entities. The fallout from the failed merger deal adds a layer of complexity to the media landscape, with Zee Entertainment now reassessing its strategic options. In a prior development, Zee had requested Sony to extend the merger deadline from December 21, 2023, citing the need for more time. The merger deal, initially inked on December 22, 2021, faced hurdles and uncertainties, ultimately leading to its termination. The termination of the Sony-Zee merger deal raises questions about the future trajectory of both companies in the highly competitive Indian entertainment market. Industry observers are closely watching the aftermath of this high-profile breakdown and its potential implications for the broader media and entertainment landscape in India.

India Witnesses Third COVID-19 Wave, Officials Confirm JN.1 Variant Impact

Leave a Comment / By / Health & Wellness Community

As India grapples with the ongoing challenges posed by the COVID-19 pandemic, official sources have confirmed the emergence of the JN.1 variant. However, reassuringly, the available data suggests that this variant is not causing an exponential rise in new cases, nor is it associated with a surge in hospitalizations and mortality rates. India has experienced three distinct waves of COVID-19, with the most significant impact observed during the Delta wave in April-June 2021. At its peak, the country reported a staggering 4,14,188 (4.14 lakh) new cases and 3,915 deaths on May 7, 2021. The latest data indicates that the JN.1 variant is not leading to a scenario similar to the Delta wave peak. This information comes as a relief amid concerns about the potential impact of new variants on the country’s healthcare system. Since the onset of the pandemic in early 2020, India has witnessed more than 4.50 crore people contracting the virus, with over 5.30 lakh fatalities recorded over the course of about four years. This underscores the persisting challenges and the need for ongoing efforts to combat the spread of the virus and mitigate its impact on public health. As the situation continues to evolve, health authorities are closely monitoring the spread and characteristics of the JN.1 variant. The confirmation that the variant is not currently associated with a severe increase in cases provides valuable insights for public health strategies.

Government Slashes Windfall Tax on Petroleum Crude: New Rates Effective January 16

Leave a Comment / By / Governance Community

In a recent development, the Indian government has revised the windfall tax on petroleum crude, bringing it down to 1,700 rupees ($20.53) per tonne from the previous rate of 2,300 rupees per tonne. The decision, outlined in a government notification on Monday, is set to take effect from January 16. This move comes on the heels of a significant hike in the windfall tax on petroleum crude on January 2, when the government increased it from 1,300 rupees to 2,300 rupees per tonne. The latest reduction is seen as an adjustment to strike a balance and address concerns in the energy sector. The windfall tax was initially introduced in July 2022 on crude oil producers in India. The tax was extended to cover exports of gasoline, diesel, and aviation fuel, as private refiners sought to capitalize on robust refining margins through overseas sales rather than selling domestically. Notably, the government revises the tax fortnightly to adapt to changing market dynamics. This adjustment aims to create a more favorable environment for the energy sector while ensuring a fair balance between government revenue and the interests of crude oil producers. As the revised rates come into effect from January 16, stakeholders in the energy industry will be closely monitoring the impact on refining margins and the overall dynamics of the petroleum crude market in India.

Delhi Reports First Case of JN.1 COVID Variant: Live Updates and Emerging Trends in India’s Pandemic Landscape

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Delhi has reported its first case of the JN.1 COVID variant, as per live updates on the pandemic. The All India Institute of Medical Sciences (AIIMS) in Delhi has promptly issued guidelines in response to this new case. As of December 26, India has recorded a total of 109 JN.1 COVID variant cases, according to sources from the Health Ministry. The distribution of cases reveals 36 in Gujarat, 34 in Karnataka, 14 in Goa, 9 in Maharashtra, 6 in Kerala, 4 in Rajasthan, 4 in Tamil Nadu, and 2 in Telangana. Wednesday witnessed a spike in the daily COVID-19 cases in India, with 529 new infections reported in a single day. The active infection count in the country stands at 4,093, with three new fatalities documented within 24 hours – two in Karnataka and one in Gujarat. This surge in cases follows a period of relative decline, with daily case numbers dropping to double digits until December 5. The resurgence is attributed to the emergence of a new variant and cold weather conditions. Internationally, the World Health Organization (WHO) has classified JN.1 as a variant of interest, distinct from its parent lineage BA.2.86. However, the WHO has emphasized that, based on current evidence, the overall risk posed by JN.1 remains low. The classification of JN.1 as a variant of interest underscores the ongoing efforts to monitor and understand the evolution of the virus.

COVID-19 Update: Rising Cases, Advisory in Himachal, JN.1 Variant Spreads

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Amid a surge in COVID-19 cases, several Indian states are urging citizens to adhere to coronavirus protocols. As of December 25, Kerala leads with 3,096 active cases, followed by Karnataka (436), Maharashtra (168), Gujarat (56), and Tamil Nadu (139). The Union Health Ministry reported 69 cases of the JN.1 COVID subvariant in the country. In response to the variant’s presence, Himachal Pradesh health officials issued an advisory. Chief medical officers are instructed to test individuals with COVID-19 symptoms, emphasizing vigilance. Dr. Sanjeev Kumar from Una recommended immediate testing for those with symptoms like cold, fever, or cough, while stressing the importance of mask-wearing. Karnataka Health Minister Dinesh Gundu Rao confirmed 34 cases of the JN.1 variant in the state, reassuring the public that the situation is under control. Deputy Chief Minister DK Shivakumar urged citizens not to panic, emphasizing that the health minister would provide updates. In a surprising turn, BJP MLA Basanagouda Patil Yatnal threatened to reveal a purported ₹40,000-crore “Covid scam” if expelled from the party. Yatnal alleges that the Karnataka BJP government, led by B S Yediyurappa, engaged in massive corruption during the peak of the COVID-19 pandemic. Delhi’s Health Minister Saurabh Bharadwaj stated that the city’s COVID positivity rate is around 1%. While advising caution during winter festivals, he assured the public that additional genome sequencing is being conducted. Meanwhile, a new COVID-19 case surfaced in Khurda district, Odisha, bringing the state’s total to three. All three individuals exhibit mild symptoms and are undergoing home treatment. Responding to the escalating cases, the Karnataka government’s coronavirus sub-committee implemented measures, including mandatory mask-wearing, home isolation, and caution against sending symptomatic children to schools. Dr. Shekhar C Mande, former Director-General of CSIR, emphasized the significance of disease surveillance in India, not only for COVID-19 but also for tracking the spread of various infections, including antimicrobial resistance. He highlighted the usefulness of surveillance methods such as wastewater analysis in detecting variants like JN.1. The World Health Organization (WHO) has labeled JN.1 as a ‘variant of interest,’ distinct from its counterpart BA.2.86. Despite this, WHO maintains that the risk from JN.1 remains low for now

Taiwan Pursues Employment Agreement with India Amidst Controversy

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Taiwan’s efforts to establish an employment mobility agreement with India have sparked debate and increased regional geopolitical tensions. The draft memorandum of understanding, which was initiated in September, aims to facilitate the employment of thousands of Indian workers in Taiwan’s various sectors. Although Taiwanese authorities have deemed the official figure of 100,000 workers to be inaccurate, the deal is nearing completion. This agreement is significant not only for economic cooperation, but also for its potential to improve bilateral relations between Taiwan and India. Although the two countries do not have formal diplomatic relations, they have established representative offices in each other’s capitals since 1995. The volume of trade between them has increased significantly, reaching USD 8.9 billion in 2021 from USD 2 billion in 2006 However, the impending agreement has sparked a backlash on multiple fronts. China, which fiercely opposes Taiwan’s sovereignty, sees India’s growing ties with the island nation as a threat. Concerns in Taiwan about potential job losses for Indian workers have added fuel to the fire, despite hopes for improved bilateral relations. The aging population and the need for diverse labor in sectors such as agriculture and industry are driving Taiwan’s pursuit of foreign workers, including those from India. The drop in the local labor force caused by the pandemic has exacerbated this need. For India, the agreement provides an opportunity to provide lucrative employment opportunities abroad to its sizable workforce. The announcement of the pact, however, has sparked online racist campaigns against Indians, which the Taiwanese government attributes to China’s concerted efforts to tarnish Taiwan’s image and strain relations with India. The geopolitical implications of the agreement are significant, particularly in light of China’s claims over Taiwan. Beijing regards Taiwan as part of its territory and opposes any diplomatic moves that would strengthen Taiwan’s sovereignty. India’s participation in a significant economic agreement with Taiwan is likely to aggravate China’s discontent in the region.

Hotstar Breaks Records with 59 Million Concurrent Viewers for World Cup Final, Surpassing Previous Milestone

Leave a Comment / By / Media Entertainment & Art Community

Disney’s Hotstar achieves a groundbreaking milestone with 59 million concurrent viewers during a highly anticipated World Cup final cricket match in India. This surpasses the previous record of 53 million viewers set just a week earlier. With no significant cricket events in the near future, Hotstar is poised to maintain this record for at least six months. The platform now holds a substantial lead in concurrent viewership over its competitor, JioCinema, which peaked at 32 million earlier this year. This achievement occurs against the backdrop of Disney facing challenges in the Indian market, including a decline in digital subscribers. Disney CEO Bob Iger expressed a commitment to the Indian market but acknowledged the need to evaluate options. Preliminary talks with potential partners, including Reliance and private equity firms, have taken place. However, the dynamics of Star India have evolved, with market conditions prompting a shift in focus to core businesses. Hotstar’s subscriber base has experienced a decline of more than 23 million in the past year, according to Disney. The platform faces competition, notably from Viacom18’s JioCinema, led by Mukesh Ambani, who has attracted top executives from Star India and invested $3 billion to stream the IPL cricket tournament for five years. Despite these challenges, Disney had high expectations for the ICC Cricket World Cup, projecting over 50 million concurrent viewers and aiming to reach 82% of India’s total annual video users during the 50-day series.

Reliance JioCinema Secures Exclusive Deal with Pokemon for Extensive Children’s Content Offering in India

Leave a Comment / By / Media Entertainment & Art Community

Reliance JioCinema, the entertainment division of India’s Reliance, has entered into an agreement with The Pokemon Company to feature children’s shows and movies on its platform, sources familiar with the deal revealed. This move is part of Reliance’s strategy to enhance its content library in the face of increasing competition from streaming rivals like Walt Disney Co in the domestic market. The recently signed deal designates JioCinema’s streaming app as the “exclusive” India platform partner for over 1,000 episodes and approximately 20 movies from the popular Japanese anime series Pokemon. Financial details of the agreement were not disclosed. To broaden the appeal of the content, the shows and movies will be dubbed into three Indian languages. Pokemon, a global multimedia franchise with a substantial market presence in trading cards, games, TV shows, and movies, is partnering with Viacom18, the entertainment joint-venture of Indian billionaire Mukesh Ambani that operates JioCinema. Despite requests for comments, Viacom18 and The Pokemon Company, owned by Nintendo and its affiliates, did not respond. This collaboration is part of Ambani’s broader effort to expand Reliance’s presence in the Indian streaming market, which is projected to reach a value of $7 billion by 2027 according to research firm Media Partners Asia. While JioCinema competes with streaming giants like Netflix and Amazon, its recent focus has been on challenging Disney’s Hotstar app, particularly by offering free streaming of cricket matches. As part of this content expansion, JioCinema is set to introduce approximately 3,000 hours of children’s content, including productions from Entertainment One, Animaccord, Cartoon Network Studios, and DreamWorks. These additions will be facilitated through Viacom18’s existing content agreements or integration with its other streaming platform, Voot Kids, which has been discontinued. Notably, although some Pokemon content was previously available on Voot, the new partnership with JioCinema represents a more extensive collaboration. In May, JioCinema announced a multi-year partnership with NBCUniversal, which confirmed that “kids and family programming,” including content from DreamWorks, was part of the agreement. Entertainment One, Animaccord, and Cartoon Network Studios did not respond to requests for comments. Additionally, in April, Viacom18 secured a deal with Warner Bros Discovery Inc. to bring more Hollywood and international content, such as popular series “Succession” and “Game of Thrones,” to JioCinema.