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US drugmaker Eli Lilly’s India unit set for change of guard

VCCircle

VCCircle · 9m ago

US drugmaker Eli Lilly’s India unit set for change of guard

Eli Lilly's India unit is undergoing a leadership change as Managing Director Vineet Gupta is set to move on to a global role. Gupta will leave his position in December, and discussions are underway to appoint a new head for the India division.

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Eli Lilly to set up global capability centre in Hyderabad, hire over 1,000 people

Economic Times

Economic Times · 7m ago

Eli Lilly to set up global capability centre in Hyderabad, hire over 1,000 people

Eli Lilly and Company plans to establish a new global capability centre in Hyderabad, hiring over 1,000 professionals to boost its digital strategy. Named Lilly Capability Centre India (LCCI) Hyderabad, this centre will enhance capabilities in automation, AI, software engineering, and cloud computing. Set to be operational by mid-2025, it marks Eli Lilly's second Indian centre after Bengaluru. The initiative highlights Hyderabad's growing role in healthcare innovation and aims to accelerate advanced technology solutions worldwide.

UnitedHealth says online platform fully functional after Change Healthcare hack

Reuters · 1y ago

UnitedHealth says online platform fully functional after Change Healthcare hack

UnitedHealth Group has announced that its electronic prescribing and claims submission services are fully functional again following a cyberattack on its tech unit, Change Healthcare. The attack, conducted by the Blackcat ransomware group, disrupted electronic pharmacy refills and insurance transactions across the US healthcare system. UnitedHealth expects to begin testing and restoring connectivity to its medical claims network and software on March 18. Electronic payment functionality is set to be available for connection on March 15.

US offers $10 million bounty for info on 'Blackcat' hackers who hit UnitedHealth

Economic Times

Economic Times · 1y ago

US offers $10 million bounty for info on 'Blackcat' hackers who hit UnitedHealth

The US State Department is offering a reward of up to $10 million for information leading to the capture of the Blackcat ransomware gang. The cybercriminal group targeted UnitedHealth Group's tech unit, causing disruptions in insurance payments across America. The ALPHV Blackcat ransomware-as-a-service group is known for hacking into critical infrastructure networks in the US and worldwide. UnitedHealth's tech unit, Change Healthcare, suffered a cyberattack in late February, resulting in a backlog of medical claims worth over $14 billion. The impact on community health centers serving millions of patients has been particularly severe.

Chip(per) ambitions: Why India needs its wafer fabs

Livemint

Livemint · 1y ago

Chip(per) ambitions: Why India needs its wafer fabs

India is aiming for self-reliance in semiconductor manufacturing by establishing its first indigenous semiconductor fabrication unit in 2026. The Tata unit is set to produce chips from scratch, while US-based Micron Technology's plant will handle packaging and testing. The move comes as the pandemic highlighted India's dependency on global supply chains for chips. Despite facing challenges posed by other advanced semiconductor-producing nations, India is making significant investments in the sector and expects its semiconductor manufacturing capacity to reach 1.8 lakh wafers per month. This push for self-reliance is crucial for national security and economic prosperity.

India's Glenmark to sell majority stake in life sciences unit for $680 mln

Reuters · 1y ago

India's Glenmark to sell majority stake in life sciences unit for $680 mln

Indian drugmaker Glenmark Pharmaceuticals has announced the sale of a 75% stake in its unit Glenmark Life Sciences to detergent maker Nirma for INR 56.52 billion ($679.84 million). Nirma will purchase the stake at a discount of 1.8% to the unit's current market value. The deal includes a mandatory open offer to all public shareholders of Glenmark Life Sciences. Following the transaction, Glenmark Pharma will retain a 7.84% stake in the company.

KKR scores spectacular returns in partial exit from Indian drugmaker

VCCircle

VCCircle · 5m ago

KKR scores spectacular returns in partial exit from Indian drugmaker

US-based private equity firm KKR & Co. Inc has successfully sold part of its stake in an Indian drugmaker, achieving impressive returns on an investment made over four-and-a-half years ago. Known for its strategic investments in India's healthcare sector, KKR has engaged in four significant transactions within the domain. This partial exit underscores KKR's adeptness in leveraging long-term investment strategies to maximize financial returns in emerging markets like India.

Market value of Nvidia and TSMC surges in October on strong AI chip demand

Economic Times

Economic Times · 9m ago

Market value of Nvidia and TSMC surges in October on strong AI chip demand

Global tech giant Nvidia experienced a significant increase in market value in October, driven by the high demand for its AI chips. Its market cap rose by 9.3% to reach $3.26 trillion during the month, while its chip supplier, TSMC, also saw a 6.5% increase to $832.8 billion. Meanwhile, Apple temporarily lost its position as the top global market capitalization to Nvidia, with a 3% decline to $3.4 trillion due to a modest growth forecast and sluggish sales in China. However, it quickly recovered. In Asia, Tencent Holdings' market value dropped by 9% to $483 billion during the same period. On the other hand, U.S. drugmaker Eli Lilly experienced a 6.45% decline in market value to $787.6 billion as its sales failed to meet expectations.

Grapevine: TVS Credit, Avendus, Haldiram, Aragen, Yotta in news

VCCircle

VCCircle · 8m ago

Grapevine: TVS Credit, Avendus, Haldiram, Aragen, Yotta in news

TVS Credit, Avendus, Haldiram, Aragen, and Yotta are making headlines. Reports suggest that an investor is interested in acquiring KKR's stake in Avendus. A US-based private equity firm is leading the bidding for a portion of Haldiram. Contract drugmaker Aragen is bringing on board an investor from Singapore. Additionally, Yotta is also in the news for undisclosed reasons.

Foxconn's unit at Devanahalli nearly ready, commercial iPhone shipments expected by June: Minister

Economic Times

Economic Times · 3m ago

Foxconn's unit at Devanahalli nearly ready, commercial iPhone shipments expected by June: Minister

Foxconn's unit at Devanahalli, Karnataka, is set to begin commercial iPhone shipments by June, according to Karnataka Minister M B Patil. This development marks a strategic shift for Apple, as geopolitical and tariff pressures make India a preferred production hub. With a significant land acquisition and investment, the move strengthens Karnataka's global manufacturing position and invites greater foreign investment. Apple CEO Tim Cook confirmed US iPhones will predominantly be made in India by June.

US insurers to expedite payments to healthcare providers after hack

Reuters · 1y ago

US insurers to expedite payments to healthcare providers after hack

Health insurers have pledged to accelerate payments to healthcare providers affected by the cyberattack on UnitedHealth Group's technology unit, Change Healthcare. Change Healthcare, which processes 50% of medical insurance claims in the US, experienced a cyberattack on 21st February, causing disruptions in insurance transactions, claims submissions, and provider payments. By expediting payments, insurers hope to ease cash flow problems for providers. While the names of the insurers were not disclosed, they have also committed to offering loans to Medicaid providers and assisting with switching to alternative clearing houses.

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