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Unravelling Audit Trends: A Guide for Accountants and Auditors in Dubai
Welcome, accountants and auditors in Dubai, to an insightful exploration of the latest audit trends shaping our vibrant industry landscape. In this guide, we'll delve into key trends, technological advancements, regulatory shifts, and best practices that are essential for your success in Dubai's dynamic financial sector.
Regulatory Updates: Stay ahead of the game by keeping abreast of the latest regulatory changes in Dubai. From updates in financial reporting standards to compliance requirements, understanding and adapting to these changes is crucial for ensuring accurate and compliant audits.
Technology Integration: Embrace the power of technology to enhance your audit processes. AI-driven analytics, cloud-based platforms, and automation tools can streamline auditing tasks, improve accuracy, and provide deeper insights into financial data, ultimately saving time and resources.
Best Practices: Elevate your audit game with best practices focused on risk assessment, internal control evaluation, and fraud detection. Proactive measures and robust strategies in these areas can strengthen audit outcomes, instill client trust, and mitigate risks effectively.
Sustainability Reporting: With sustainability gaining prominence, auditors in Dubai play a pivotal role in verifying and enhancing the credibility of sustainability reports. Incorporating ESG factors into audits is becoming increasingly important, reflecting the growing emphasis on corporate responsibility.
Blockchain Revolution: Explore the potential of blockchain technology in auditing. Its features such as enhanced data security, transparency, and immutability are transforming audit trails and ensuring the integrity of financial information, offering auditors innovative solutions to improve audit efficiency and reliability.
Future Outlook: The future of auditing in Dubai is promising for those who embrace change and innovation. Continuous learning, upskilling in technology, and maintaining compliance with evolving standards will be key drivers of success in the ever-evolving audit landscape.
By staying informed, leveraging technology, adopting best practices, and embracing innovation, accountants and auditors in Dubai can navigate through challenges, deliver value-added services, and drive excellence in auditing practices, cementing their position as trusted financial advisors in the region.
#DubaiAuditors#AuditTrends#AccountantsInDubai#RegulatoryChanges#TechIntegration#BestAuditPractices#SustainabilityReporting#BlockchainAuditing#FutureOfAuditing#FinancialCompliance#ESGStandards#AuditInnovation#AuditTech#DubaiFinance#AuditInsights#dubaibusiness#business strategy#uaebusiness
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Revamped Regulations and Compensation for Global Workers in Canada
Canada is witnessing remarkable economic growth, accompanied by a pressing need for both labor and skilled workforce. To confront this challenge head-on, the Canadian government is bolstering its oversight of industries employing international workers, placing emphasis on safeguarding employee rights and ensuring adherence to prevailing wage standards.
In accordance with Canadian immigration laws, the majority of employers must secure Labour Market Impact Assessments (LMIA). These assessments ascertain the necessity of hiring a temporary foreign worker for a specific position, ensuring that suitable local candidates are thoroughly considered before turning to international hires.
Employers in Canada are obligated to abide by the updated wage guidelines outlined by the Temporary Foreign Worker Program (TFWP). These wage standards are subject to annual revisions, with the most recent update occurring on November 29, 2023. It's important to recognize that median job wages can vary significantly across provinces within Canada. For instance, while a truck driver in British Columbia may command an hourly wage of approximately $35, the same position in another region might fetch around $20. The national median hourly wage in Canada stands at $25. According to the Job Bank, registered nurses can expect a median hourly wage of $40.39 nationwide, while software engineers may receive $51.64, and cooks typically earn $16.
The contribution of foreign workers to Canada's economy is substantial. The shortage of skilled labor has adversely impacted economic growth, resulting in an estimated monetary loss of $38 billion, particularly affecting small and medium-sized enterprises. Failure to address this issue is poised to worsen the situation in the future.
Provinces and territories play a vital role in ensuring that jobs offered to foreign workers align with their previous experience and that the latest wage revisions are implemented. In Canada, temporary workers enjoy rights akin to those of permanent residents, with employers bearing the responsibility of informing employees about their workplace rights.
For comprehensive assistance with immigration documentation and the application process for Canada, consider VisaMint Overseas Services as your trusted partner. Our experts stand ready to help you navigate the complexities of immigration and turn your aspirations into reality. Apply Now!
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UK Construction Compliance Regulations in 2024
Greetings, fellow builders! As we gear up for another year in the construction world, it’s crucial to stay updated on the latest UK construction compliance regulations.
Navigating these changes is like having a powerful tool for successful project management. In this extensive blog post, we’ll delve into the details, providing a thorough overview of what’s new, the key changes in 2024, and…
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Undervalued European Healthcare Sector: Investing in Aging Population's Health
#agingpopulation #Europeanhealthcaresector #goldmansachs #healthcareservices #investment #NovoNordisk #regulatorychanges #RocheHolding #undervalued
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China Removes Official Amidst Gaming Regulation Turbulence
China has reportedly removed a key official from its press and publications regulatory body following the recent upheaval in the gaming industry due to proposed rules aimed at curbing excessive spending on video games. Feng Shixin, who previously served as the head of the publishing unit within the Communist Party’s Publicity Department, was ousted from his role last week, according to sources familiar with the matter.
Unconfirmed Departure and Regulatory Impact
Although the Chinese government’s State Council Information Office, responsible for addressing media inquiries and personnel matters, has not responded to requests for comment, sources suggest Feng’s removal is connected to recent measures introduced by the National Press and Publication Administration (NPPA). These rules triggered a significant downturn in the stock prices of major players in the global gaming sector, including Tencent.
The Fallout from Regulatory Measures
The NPPA’s announced measures, designed to curb excessive spending in gaming and limit rewards incentivizing gameplay, led to widespread concern within the industry. This concern resulted in a staggering $80 billion decrease in the combined market value of China’s top gaming companies. Investors, already wary of potential regulatory changes, witnessed a dent in confidence, impacting the market at a time when Beijing aimed to foster private sector investment for economic rejuvenation.
Following the initial announcement, the NPPA softened its stance in response to public feedback, expressing intentions to refine the rules after considering public sentiment. However, this reassessment followed days of turmoil in the market and widespread apprehension among investors.
A Recovery Amidst Turmoil
China’s gaming sector faced severe governmental restrictions in 2021, including stringent playtime limitations for minors and a suspension of new game approvals for around eight months. This crackdown, driven by concerns about gaming addiction, was part of a broader regulatory tightening across various sectors, causing 2022 to be the industry’s toughest year, witnessing a decline in overall revenue for the first time.
Despite the challenging regulatory landscape, China’s gaming market experienced a resurgence in 2023, registering a 14% increase in domestic revenue, reaching 303 billion yuan ($42.47 billion), as reported by the CGIGC industry association.
The removal of Feng Shixin amid these regulatory shifts suggests ongoing turbulence within China’s gaming industry. As authorities navigate the delicate balance between regulation and growth, stakeholders await further developments that could significantly shape the future of gaming in the country.
Curious to learn more? Explore our articles on Enterprise Wired
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1 अक्टूबर 2023 | नई तिमाही के साथ बदलते नियम और विधियाँ के बारे में जानें
अक्टूबर महीने की शुरुआत के साथ ही हम एक नई तिमाही में प्रवेश कर रहे हैं। नई तिमाही की शुरुआत के साथ 1 अक्तूबर 2023 से कई नए नियम बदल रहे हैं। ये नियम हम सभी को प्रभावित करने वाले हैं। ऐसे में उनकी जानकारी ज़रूरी है। म्यूचुअल फंड नामिनेशन म्यूचुअल फंड खातों में नॉमिनी … Read more
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FUTURE MARKET TRENDS FOR PHARMACY RETAIL IN MEXICO
Mexico has a sizable and growing middle class, a business-friendly environment, increasing demand for healthcare services, and relatively expensive prescription pricing. The huge and expanding middle class, a conducive business climate, a rise in the demand for pharmaceutical products and healthcare services, and more quality certifications are all factors that have contributed to the expansion of the Mexican pharmaceutical market.
With a projected value of over $7 billion in 2020, Mexico will have the second-largest pharmaceutical market in Latin America behind Brazil. Antibiotics account for more than half of the industry's production in the nation, while other goods including analgesics and antiparasitics are also produced there.
Market Trends in Mexico's Pharmaceutical Retail Sector
There are a number of significant developments that may be seen in the Mexican pharmaceutical retail industry's current market trends. First, with rising expenditures in e-commerce platforms and online ordering systems, pharmacists' online presence has significantly risen. Additionally, the use of telemedicine services and other digital health solutions is expanding and provides easy access to healthcare. Additionally, there is a growing emphasis on health and well-being, which has increased the range of products available beyond conventional pharmaceuticals. Additionally gaining popularity are pharmacogenomics, digital marketing tactics, and personalised medicine. Finally, the importance of sustainability and eco-friendly practices is rising, with pharmacists launching programmes to cut waste and encourage green behaviour. These market trends are a reflection of the industry's dynamic nature, as well as how it has adapted to changing consumer needs and technology developments.
Comparison of Mexico with other countries in regard to the pharmaceutical industry
Thailand
Figure 1:
Segmentation of the Thai Pharmacy Retail Market
Organised and Unorganised Segment: Pharmacy stores in Thailand were led by the unorganised segment in terms of revenue in 2019 according to market structure (organised and unorganised segment). It competes in the OTC, generic, and health supplement markets and often does not offer home delivery services. On the other side, the organised sector has developed a strong presence throughout all of Thailand, which has led to increased customer traffic at these stores. Additionally, well-organized chains have mobile applications, a strong presence, more extensive product listings, and home delivery services. They also have a better brand value.
Product Categories (Medical Equipment, OTC, Prescription Drugs, and Non-Pharmaceutical Products): Due to the greater price and margins associated with prescription medications, they dominated the market in terms of revenue in 2019. OTC & Non-Pharmaceutical items were continually expanding in terms of revenue share among the other product groups. The least amount of money was generated by medical equipment.
Drug type (including generic and patented): Generic drugs dominated Thailand's pharmaceutical market in terms of revenue due to the country's large volume of patient consumption and expanding public healthcare programmes. On the other hand, patented medications are condition-specific.
India
SPER Market Research claims that a substantial shift in customer behaviour has led to the emergence of the India Online and Offline Pharmacy Retail Market. They have been successful in making shopping from the comfort of home simple. The question is, does this spell the death of traditional brick-and-mortar pharmacies? No, it seems like this is a fanciful world. For more than 20 years, the concept of internet pharmacies and the sale of medicines online has been rather vague. After the first two years of the epidemic, online pharmacies swiftly gained popularity, although they still can't completely replace offline/physical pharmacies. A substantial shift in consumer behaviour has resulted in the emergence of a potential market for e-pharmacies. They have been successful in making shopping from the comfort of home simple. The question is, does this spell the death of traditional brick-and-mortar pharmacies? No, it seems like this is a fanciful world. For more than 20 years, the concept of internet pharmacies and the sale of medications online has been rather murky. After the first two years of the epidemic, online pharmacies swiftly gained popularity, although they still can't completely replace offline/physical pharmacies.
Figure 2:
Telemedicine: During the pandemic, telemedicine accounted for 30% of all patient visits, with consumers transacting on digital health platforms increasing threefold. The domestic telemedicine market is expected to grow steadily in the coming years, reaching $5.5 billion by 2025, up from $830 million in 2019.
Online consultations: According to Praxis Global Alliance, the pandemic-induced lockdown created a huge demand for teleconsultation, with the market reaching $163 million in March 2021. The online doctor consultation market is expected to be worth more than $800 million by FY2024, with a 72% CAGR.
E-pharmacies: Several e-pharmacies are gaining traction in terms of customer traffic. For example, Tata 1 MG's traffic increased to 150 million unique customers in FY20, up from 90 million in FY20. According to the industry body FICCI, e-pharmacies in India will serve 70 million households by FY2025 as internet adoption and digital awareness rise.
Digital therapeutics: The next big thing in the health-tech industry is Digital therapeutics, delivering medical interventions directly to patients via evidence-based, clinically evaluated software to treat, manage, and prevent a wide range of diseases and disorders, including diabetes and obesity prevention. The increasing use of smartphones, tablets, and healthcare apps, as well as the rise in chronic diseases, are expected to drive the growth of the digital therapeutics market.
Smart wearables: People with chronic conditions, fitness enthusiasts, and tech-savvy youth have embraced smart wearables such as fitness trackers, smartwatches connected to smartphones, and medical-grade products such as heart patches to regularly monitor their health and fitness. Smart wearables come in handy for patients to track health parameters such as heart rate, blood pressure, physical activity, and sleep, with a doctor-to-patient ratio of 1:1456 versus the WHO recommendation of 1:1000. India is the world's third-largest wearable device consumer. a few weeks before the presidential election. a few weeks before the elections. a few days before the elections. Smart wearables are no longer a passing fad; they are here to stay.
Applications: Apps that drive tracking, monitoring, and notifications are also seeing an increase in the health-tech market as a result of changing lifestyles, demand for personalized care, and increased mobile internet usage.
Data: Among all trends, 'data' is undoubtedly the most important. All other growth factors are being driven by and will continue to be driven by, this trend. The future envisions a world in which healthcare models and interventions are supported by data and insights. Long-term longitudinal data, for example, can improve the response management capabilities of wearable devices. It will also aid in reducing human error while monitoring patients. Robotics, machine learning, artificial intelligence, and blockchain, which all rely on data, will change the future of healthcare, allowing providers to provide timely and efficient care.
Vietnam
In 2021, the Vietnam Pharmacy Retail market had a value of USD 7.45 billion, and during the forecast period, it is anticipated to grow at a CAGR of 6%. The main ones include the ageing Vietnamese population, the entry of retail corporations into the pharmacy sector, and the rising demand for retail chains of contemporary pharmacies. Additionally, as different ailments are becoming more prevalent, there is a greater need for pharmacies and other locations where people can get medications. This is thus anticipated to boost the expansion of Vietnam's retail pharmacy market. Market participants in Vietnam have launched a number of activities to spread knowledge about illnesses and their treatments as well as details on the presence of cutting-edge medical equipment and methods in hospitals.
Ageing of the population: Vietnam has reportedly started to age gradually, according to the Ministry of Health. In 2014, there were 10.2% more people over the age of 60 than there were in 1989 (7.1%). The United Nations predicts that in Vietnam, the population over 65 would nearly quadruple by 2040. These elements support the expansion of the retail pharmacy business.
Retail businesses entering the pharmacy: The participation of retail behemoths, rapid economic expansion, increased per capita income, an increase in the urban population, etc. are all contributing to the pharmacy retail market's rise. For instance, after purchasing the Long Chau pharmaceutical chain in 2017, FPT Retail rebranded it as the FPT Long Chau Pharma Joint Stock Company and opened a large number of additional stores in Vietnam. Similar to how the Gioi Di Dong grew into the pharmaceutical industry by acquiring the Phuc An Khang drugstore chain, they too took advantage of their experience operating retail chains. This then stimulated the retail pharmacy market in Vietnam.
Figure 3:
In terms of the number of locations, Pharmacity is currently the largest pharmacy chain in Vietnam. However the pharmacy company eventually lost its top spot in sales and earnings. In particular, Pharmacity, a chain of pharmacies, only made around VND3.6 trillion in revenue in 2021, which is about VND350 billion less than Long Chau Pharmacy. Additionally, Pharmacity has consistently posted losses in recent years. In particular, this pharmacy lost more than 360 billion VND in after-tax earnings in 2021. Pharmacity's desire to rule the market is based on its dominant position and sizable financial cushion, which are backed not just by SK Group but also by Mekong Capital and TR Capital. Pharmacity is prepared to exchange profits for market share because of this.
The benefit of Long Chau is that it has 6-7 times more SKUs (the number of pharmaceuticals in stock) than other pharmacies, which helps the store's sales dominate the industry. Accordingly, by the end of 2021, the Long Chau chain's sales were close to VND 4 trillion, up 3.3 times from 2020. This will enable Long Chau to turn a modest profit and take the top spot in the retail pharmacy chain market with a 45% market share.
The direction in which these companies will compete to increase their market share is unclear. However, in a competitive market like the one we currently find ourselves in, only companies with a sensible company plan, competent technology application, cost optimisation, systematic managerial abilities, and most importantly, only must have a sound financial base, can win.
The Pharmaceutical Retail Scenario in Mexico
Figure 4:
In Figure 4, Corporativo Fragua has the largest net sales value of any pharmacy in Mexico in 2021, reaching almost 85 billion pesos. Sales of 73.03 billion pesos put FEMSA division health in second place that year. Around 11 billion dollars worth of pharmaceutical items had already been sold in Mexico at that point.
Retail Channels for OTC, Pharma, and Derma-Cosmetic Products in Mexico:
The retail market for OTC, pharmaceuticals, and cosmetics in Mexico is divided into three categories: chain pharmacies, independent pharmacies, and supermarket pharmacies.
With 65% of the sales of consumer health and pharmaceutical products in this area, pharmacy chains hold the largest sales share in terms of value.
Independent pharmacies, which are made up of small and medium-sized businesses, account for 19.5% of total sales.
With a 14,5% market share, supermarket chains mostly sell OTC, Rx, vitamins, supplements, beauty goods, and other items for personal care.
Figure 5:
Online markets like Mercado Libre, Amazon, and Linio provide additional shopping outlets for OTC and healthcare products. Additionally, some of the drugstore and grocery companies offer home delivery services through convenience stores like Oxxo, 7-Eleven, and Circle K as well as delivery services like Rappi.
Top 5 Mexican Pharmacy Chains: The largest drugstore chain businesses in Mexico are as follows-
Farmacias Similares
Farmacias del Ahorro
Farmacias Guadalajara
Farmacias San Pablo
Farmacias Benavides
Figure 6:
About 30% of the country's physical establishments that sell prescription drugs and self-medication are owned by pharmacy chains.
Pricing in Pharmaceutical Retail in Mexico
Numerous factors may have an impact on the cost of medications in Mexico. The following are some significant elements relating to price in Mexican pharmacies:
Government Control: The Mexican government has a big say in how much drugs cost. To maintain the accessibility and affordability of necessary pharmaceuticals, the Federal Commission for the Protection against Sanitary Risk (COFEPRIS) oversees the pharmaceutical business and establishes standards for drug pricing.
Reference Pricing: The "Maximum Price to the Public" (Precio Máximo al Pblico, or PMPM) is the name of Mexico's reference pricing system. In this system, the government sets a maximum price for a certain class of medications, and all producers and merchants are required to abide by this price. The PMPM, which strives to control the cost of medications, is calculated by comparing the costs of comparable drugs in other nations.
Generic drugs and patent protection: Patent protection may affect drug prices. When a drug's patent runs out, generic equivalents may be released on the market, usually resulting in less expensive substitutes. In Mexico, generic medications are frequently less expensive than their brand-name equivalents, saving customers money.
Market Competition: The degree of rivalry between drugstores might affect prices. In places with a high concentration of pharmacies, competition may result in lower pricing as businesses compete for clients. Prices, however, could be higher in places with few options since there is less competition.
Discounts and promotions: To draw clients, Mexican pharmacies frequently provide discounts and promotions. These may include rewards programmes, discounts for large purchases, or cost savings on particular prescriptions. Pharmacies frequently promote special offers or discounts on well-known drugs.
International Trade Accords: The United States, Mexico, and Canada Agreement (USMCA) and accords between Mexico and the European Union may have an impact on the price of pharmaceuticals. These agreements may have an impact on the accessibility, cost, and availability of specific pharmaceuticals in the Mexican market.
Value-Added Tax (VAT): The value-added tax (VAT) for medicines in Mexico is 16%. The final retail price of pharmaceutical products is subject to this tax, which may affect the overall cost to customers.
Additionally, variables like supply, demand, and production costs may affect the precise pricing dynamics for a certain drug.
Technological Advancements in Pharmaceutical Retail Chains in Mexico
There have been a number of technological developments in Mexico's retail pharmaceutical industry that could have a big impact on healthcare. Here are a few noteworthy developments:
Online Pharmacies: As online pharmacies have grown in popularity in Mexico, people's access to pharmaceuticals has changed. With the help of these platforms, people may buy prescription and over-the-counter pharmaceuticals online and have them delivered right to their homes. Online pharmacies offer convenience, lessen the requirement for actual trips to real pharmacies, and enhance access to pharmaceuticals, particularly for people living in distant places.
Mobile Apps: In the retail of pharmaceuticals, mobile apps have become effective tools. Many pharmacies in Mexico have created their own mobile applications that let consumers obtain prescription drugs, follow the progress of their prescriptions, get reminders to take their meds, and access health information. Additionally, these apps make it easier for consumers to communicate with chemists and ask questions or get advice about their prescriptions.
Electronic Prescription Systems: By introducing electronic prescription systems, Mexico's prescription procedure has become more efficient. Healthcare experts increasingly create electronic prescriptions that are transmitted straight to pharmacies rather than utilising conventional paper prescriptions. This computerised strategy ensures precise drug dispensing, which lowers errors, boosts efficiency and increases patient safety.
Medication Management Systems: In Mexico, technological approaches to medication management are becoming more popular. These programmes often include automated pill dispensers or gadgets that remind people to take their prescribed medications. These gadgets can be set up to dispense medications at predetermined intervals, notify carers or healthcare practitioners in the event that a dose is missed, and send reminders to patients' smartphones.
Health Monitoring Devices: The growing accessibility of wearable health monitoring tools, such as smartwatches and fitness trackers, has created new opportunities for healthcare administration. Vital signs, activity levels, sleep patterns, and other health-related information can be tracked by these devices, giving users and medical experts useful insights. These gadgets' integration with pharmacy software enables the early identification of prospective health problems as well as personalised healthcare advice.
Data analytics and AI: The retail pharmacy industry in Mexico is undergoing a change thanks to the use of data analytics and artificial intelligence (AI). AI systems can find patterns in enormous amounts of data, forecast illness outbreaks, improve drug supply networks, and offer individualised treatment recommendations. AI-driven chatbots and virtual assistants can also help clients identify the proper prescriptions, provide details on drug interactions, and provide general healthcare guidance.
These technology developments in Mexico's pharmaceutical retail industry have the potential to improve patient access to healthcare, increase medication adherence, streamline procedures, and offer individualised treatment.
Factors Impacting the Pharmaceutical Retailers in Mexico:
Several factors are predicted to have an impact on the market trends for drugstores in Mexico. These possible tendencies are:
Digital Transformation: As more people use mobile applications, online pharmacies, and telemedicine services, the pharmaceutical retail industry is anticipated to continue to undergo a digital transformation. With the ability to obtain prescriptions, view healthcare information, and speak with chemists from the comfort of their homes, this trend will increase accessibility and convenience for consumers
Personalised Healthcare: Personalised healthcare is becoming more of a priority in Mexico as a result of technological and data analytics breakthroughs. Retailers of pharmaceuticals may use consumer information, medical monitoring equipment, and AI algorithms to provide individualised suggestions and interventions. Personalised pharmaceutical plans, proactive health monitoring, and lifestyle management initiatives may be involved.
Integration of Services: Drugstores may offer additional services in addition to the distribution of prescription drugs. They could collaborate with other healthcare organisations, including clinics or diagnostic facilities, to provide complete healthcare services all under one roof. Patients' healthcare experiences may be made more convenient by this integration.
Emphasis on Preventive Care: The focus is now more on preventive care than ever before, and Mexico is predicted to follow this trend in the global healthcare industry. Retailers of pharmaceuticals may make investments in programmes that encourage preventative care, such as wellness initiatives, immunisations, and health examinations. In the long term, these initiatives seek to lessen the burden of disease, enhance population health, and reduce healthcare expenses.
Pharmaceutical Supply Chain Optimisation: This will continue to be a major area of focus. To streamline operations, cut waste, and ensure effective drug delivery, retailers may implement cutting-edge inventory management systems, automated dispensing technology, and predictive analytics. This may result in better pharmaceutical accessibility and inventory management.
Patient Education and Involvement: To improve patient involvement and medication adherence, pharmaceutical merchants may make investments in educational programmes and digital platforms. To enable patients to actively participate in managing their health, these initiatives can include medication education programmes, interactive smartphone apps, and medication reminder systems.
Sustainability and social responsibility: The pharmaceutical retail industry is anticipated to be impacted by growing public awareness of environmental sustainability and corporate social responsibility. Retailers may implement environmentally friendly practises including promoting recycling and minimising packaging waste. In order to alleviate healthcare inequities and assist underprivileged populations, they may also take part in social activities. Examples include community health programmes or partnerships with charitable organisations.
These patterns show a movement in healthcare towards the patient, utilising technology and innovation to deliver more individualised and accessible treatments. However, a number of variables, such as legal frameworks, technical developments, and market dynamics in Mexico, will affect how these trends are actually implemented and how far they go.
Conclusion:
In conclusion, digital transformation, price control, and growing emphasis on individualised healthcare are driving significant changes in the Mexican pharmaceutical retail business. To improve accessibility and convenience for clients, pharmaceutical merchants are utilising internet platforms, mobile applications, and telemedicine services. Drug costs are controlled by the government through mechanisms like the Maximum Price to the Public (PMPM), which guarantees the accessibility and affordability of necessary pharmaceuticals. Retailers are increasingly focusing on supply chain optimisation, service integration, and patient education programmes. As relevance grows, so does embracing sustainability and social responsibility. Overall, Mexican drugstores are adjusting to changing consumer preferences to give their clients more individualised, easily accessible, and ethical healthcare options.
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Calling all gamers! Get ready for a major shakeup in the mobile gaming landscape. Epic Games, the powerhouse behind Fortnite and the Epic Games Store (EGS) for PC, has announced its ambitious plans to launch the EGS on both Android and iOS devices later this year. This move signifies a significant expansion of EGS's reach, potentially posing a serious challenge to established giants like Google Play Store and Apple's App Store. Unveiling the Mobile EGS: What to Expect The official announcement, made through Epic's social media channels, promises a mobile EGS experience built on the same core principles that have made the PC version popular: Fair Developer Deals: Epic Games has consistently championed fair deals for developers, offering a revenue-sharing model that is more favorable compared to many competitors. This commitment to developer support is expected to extend to the mobile EGS as well. Diverse Game Library: The EGS boasts a diverse library of games catering to a wide range of genres and interests. While specifics haven't been revealed yet, gamers can anticipate a curated selection that caters to mobile players. A Glimpse into the Mobile EGS Lineup (Maybe) While the exact launch date and full game list remain under wraps, Epic has offered some tantalizing hints. Images accompanying the announcement showcased titles like Rocket Racing, Rocket League Sideswipe, and Postparty. It's important to note, however, that these visuals might represent conceptual choices rather than confirmed offerings. Nonetheless, it suggests the mobile EGS might feature both established franchises and exciting new experiences. One title that's likely to be a major draw is Fortnite. The massively popular battle royale game has thrived on PCs and consoles, and its arrival on the mobile EGS could potentially attract a whole new wave of players. EGS on iOS: Capitalizing on Regulatory Changes The expansion to iOS devices is particularly noteworthy. Epic Games has long expressed interest in bringing the EGS to iPhones and iPads, but Apple's strict App Store policies previously presented a significant hurdle. However, recent regulatory changes have created an opening. The release of iOS 17.4, implemented by the European Union's Digital Markets Act (DMA), now allows for the installation of third-party app stores on Apple devices. This policy shift paves the way for the EGS's arrival on iOS but with a crucial caveat: at launch, it will likely be limited to users within the European Union due to ongoing regulatory variations across regions. A History of Conflict: Epic vs. Apple It's no secret that Epic Games and Apple have a somewhat contentious history. Earlier in 2024, a disagreement over Fortnite distribution in Europe resulted in a temporary suspension of Epic's developer account by Apple. This incident highlights the ongoing tensions between the two companies, and it remains to be seen how Apple will react to the launch of the mobile EGS, particularly in regions outside the EU. A Step Forward for Mobile Gaming Despite these potential challenges, Epic's foray into mobile app stores represents a significant development for the gaming industry. Here's why: Increased Competition: The presence of the EGS on Android and iOS will introduce more competition into the mobile gaming market. This could potentially lead to better deals for developers and consumers alike. More Game Choices: With another major player entering the mobile gaming arena, players can expect a wider variety of games to choose from, catering to diverse preferences. Potential for Innovation: Increased competition can often spark innovation. The arrival of the mobile EGS could potentially push existing app stores to enhance their offerings and features. FAQs: Q: When will the Epic Games Store be available on iOS and Android? A: While the exact launch date remains unspecified, Epic Games plans to roll out the mobile version of its store "later this year," with initial availability limited to users within the European Union. Q: What games will be available on the mobile version of the Epic Games Store? A: While specific titles have not been confirmed, expectations are high for popular games like Fortnite to be included in the lineup, alongside other offerings showcased in initial visuals shared by Epic Games. Q: What prompted Epic Games to expand its storefront to mobile platforms? A: Epic Games aims to provide a comprehensive, multi-platform gaming experience, catering to the evolving needs of gamers and developers. The expansion to iOS and Android represents a strategic move to reach a broader audience and drive innovation in the digital gaming market. Q: How will Epic Games navigate regulatory challenges and licensing disputes with Apple? A: Despite regulatory hurdles and ongoing tensions with Apple, Epic Games remains committed to expanding its digital storefront to mobile platforms. The company continues to explore opportunities to provide users with access to its services while adhering to regulatory requirements and resolving disputes through legal channels.
#Android#digitalstorefront#EpicGamesStore#EpicGamesStoreGoesMobile#gamingmarket#iOS#mobilegaming#regulatorychanges.
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Finance Transformation — Wealth & Product
In therapidlychangingworld of finance, the idea of financetransformationisnow at theforefront. Thisholisticapproachaimstoredefineandoptimizefinancialprocesses, systems, andstrategiestoensureproperresourceallocationand stimulate long-termgrowth. Central tothistransitionisthesmoothamalgamation of wealth management and product development, ensuringalignmentwiththedynamic market requirementsandcustomerneeds. Ram Puppala’sexpertiseand leadership in thisfieldreinforcethepotential for continualinnovationandimprovement in online tradingandfinancialsystems.
FinanceTransformation: A ParadigmShift
Financetransformationisnotmerely a buzzword; it’s a critical imperative. It involvesreimaginingfinancialstructuresandpracticestoalignwithcontemporary market dynamics. Withthe advent of technology, regulatorychanges, andshiftingcustomerexpectations, thefinancialindustry must continuallyadapttoremain competitive. Thistransformationaimstomaximizetheefficiency of financialoperationswhileminimizingrisks, ultimatelyenablingfirmsto create more value for theirclients.
Wealth Management: The Foundation
Wealth management, an integral part of finance, centersaroundthe management andgrowth of assets, ensuringthefinancialwell-being of individualsandentities. It isnot a one-size-fits-allapproach; instead, it involvescreatingpersonalizedfinancialstrategiestailoredtomeettheuniquegoalsandneeds of clients. Effectivewealth management requires a deepunderstanding of the market, a grasp of financialinstruments, andmostimportantly, a commitmentto client success.
The Wealth Management-Product Development Nexus
A harmoniousinterplayexistsbetweenwealth management and product developmentwithinthefinancialtransformationprocess. Wealth management leverages product offeringsto derive value for clients, andconcurrently, product developmentevolvesandadaptsbased on insightsand feedback fromwealthmanagerswho are at theforefront of client interaction. Thissymbioticrelationshipthrives on constant communicationandcooperation, ensuringthealignment of product offeringswith client needs. Ram Puppala’s leadership andexpertise in thisdomainunderscorethepotential of relentlessinnovationandenhancements in online tradingandfinancialsystems.
Innovation: The Catalyst for FinanceTransformation
In an age of technologicalacceleration, innovationisthedrivingforcebehindfinancetransformation. Wealthmanagersand product developersneedtoharnessthepower of data analytics, machinelearning, and artificial intelligence tounderstandcustomerbehaviorand market trends. Thesetechnologiesenablepersonalizedinvestmentstrategiesandthedevelopment of sophisticatedfinancialproducts. Innovationbringsefficiencyandaccuracytowealth management, benefitingbothclientsandfirms.
Risk Management andCompliance
Navigatingtheintricacies of financetransformationnecessitates a keen focus on risk management andcompliance. Embedded at theheart of everyfinancialinstitution’soperations, theseelementsensurethattheintegration of wealth management and product developmentremainswithinregulatoryboundaries. Byinstituting robust procedures for risk management andcompliance, financialfirmscanprotecttheirclients’ interestsandupholdtheintegrity of thefinanciallandscape. As a trailblazer in thisdomain, Ram Puppala’sexpertisehighlightsthesignificance of balancinginnovation in online tradingandfinancialsystemswith stringent adherencetocompliancenorms. Thus, safeguardingtheintegrity of financialoperationswhilefosteringcontinualinnovation.
Client-CentricApproach
Central tofinancetransformationis a client-centricapproach. Wealthmanagers must prioritizeunderstandingtheirclients’ financialgoalsandexpectations. Bydoingso, theycantailorfinancialstrategiesandrecommendproductsthatalignwiththeclient’srisktoleranceandfinancialobjectives. Thispersonalizedapproachbuilds trust andstrengthensthe client-advisorrelationship, a vital component of successfulwealth management.
The Dynamic Role of Financial Advisors
Financial advisors are the bridge betweenwealth management and product development. They serve as theintermediarybetweenclientsandthefinancialinstitution, translatingtheclient’sneedsintoactionablestrategiesand product recommendations. As clients’ financialsituationschange, financialadvisors play a pivotal role in modifyingstrategiesand product offerings, keepingthemalignedwiththeclient’sevolvinggoals.
The Fluidity of Market Trends
The financiallandscapeishighlydynamic, with market trendsshiftingrapidly. Wealthmanagers must adapttothesechangesandmaketimelyadjustmentstotheirclients’ portfolios. Similarly, product developersneedtostayahead of the curve bycreatinginnovativefinancialproductsthatcatertoemerging market demands. Thisadaptabilityis central tofinancetransformation, ensuringthatfinancialstrategiesandproductsremain relevant.
The Data-DrivenAdvantage
Data isindeedthecatalystdrivingfinancetransformation. It formsthebedrockuponwhichwealthmanagersand product developersbasetheirdecisions. Throughcarefulanalysis of client data and market trends, professionals in thefinance sector can discern investmentopportunitiesandmitigatepotentialrisks. Furthermore, these data-drivenstrategiespromotethedevelopment of bespokefinancialproducts, designedtocatertothevariedneeds of clients. In thisever-evolvingfinanciallandscape, Ram Puppala’sexpertiseunderscoresthe crucial role of data in innovatingandtransformingfinancialsystems.
Client Education
Financetransformationinvolves more than just providingservices; it’sabouteducatingclients. Clientswhounderstandthestrategiesandproducts in theirportfolios are betterequippedtomakeinformeddecisions. Financial literacyempowersclientstoactively participate in thewealth management process, fostering a more collaborativerelationshipbetweenclientsandtheiradvisors.
The PathtoSustainability
Financetransformationisnot a one-time event but an ongoingjourney. The processrequirescommitmenttosustainabilityandadaptability. Wealthmanagersand product developers must continually evaluate andrefinetheirstrategiesandproductstoensuretheymeettheevolvingneeds of clientsand market dynamics. Byfocusing on sustainability, financefirmscanbuildlastingrelationshipswithclientsandensuretheirlong-termfinancialwell-being.
Conclusion
The financialindustryisguidedbyfinancetransformationtowards a futurethatisincreasinglydynamicand client-oriented. Central tothisevolutionistheharmoniousfusion of wealth management and product development, whichunlocksgreatervalue for clientsandenablesfirmstothrive in a highly volatile financiallandscape. Throughinnovativepractices, data-driveninsights, and a robust commitmenttocompliance, financeprofessionalscansteerthroughthese transformative waves, thuspromising a brightandprosperousfuture for allstakeholders. The financeindustryis more than mere numbersandassets; it’saboutenablingclientstorealizetheirfinancialaspirationswhilemitigatingrisksalongtheway. Ram Puppala Cessation’sexpertise in this arena highlightsthesignificance of this transformative journey in shapingthefinanciallandscape.
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what were the biggest challenges over the years growing STAR? | Kelly Ziegler| PT Pro Talk Podcast
Discover the remarkable journey of overcoming challenges while growing STAR with Kelly Ziegler on the PT Pro Talk Podcast. 🌟📈 Unveil insights into navigating regulatory changes, fostering team cohesion, expanding services, and maintaining quality patient care amidst growth.
#ClinicGrowthChallenges #KellyZiegler #STARSuccessStory #PTProTalkPodcast #RegulatoryChanges #TeamCohesion #ServiceExpansion #PatientCare #HealthcareLeadership #AchievingSuccess
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🐦 Twitter Faces 'Stress Test' of Europe's New Big Tech Rules. 📝 Explore the implications and challenges as Twitter navigates the changing regulatory landscape. #Twitter #BigTechRules #Europe #RegulatoryChanges #StressTest
https://iipla.org/ip-news/twitter-faces-stress-test-of-europes-new-big-tech-rules/
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Banking Leaders Express Concerns Over Rising Geopolitical Uncertainty
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Prominent figures in the global banking sector have raised alarm bells over the potential threat of a financial crisis stemming from increasing geopolitical uncertainty and regulatory tightening. These concerns were voiced during the Global Financial Leaders Investment Summit, hosted by the Hong Kong Monetary Authority, where more than a dozen top executives from international financial institutions gathered to discuss the evolving landscape of the financial sector.
Challenges to Democracy
James Gorman, Chairman and CEO of Morgan Stanley, pointed to the geopolitical arena as a likely trigger for the next global financial crisis. He emphasized the challenges to democracy in various countries worldwide but did not delve into specifics. The ongoing Israel-Gaza conflict and the prolonged Russia-Ukraine war, coupled with simmering tensions between the United States and China, have added to the atmosphere of uncertainty that surrounds the global economic outlook.
Christian Sewing, CEO of Deutsche Bank, expressed concerns that the markets, though resilient in the face of global events so far, could become more susceptible to geopolitical escalations. Sewing emphasized that a sudden geopolitical incident could disrupt the prevailing market calmness, leading to a market event.
Reflecting on the 2008-2009 global banking crisis, policymakers on both sides of the Atlantic moved quickly in March to prevent a potential re-run of the crisis. Swiss authorities played a pivotal role in brokering UBS’s rescue of ailing rival Credit Suisse, a deal praised by the European Central Bank for its role in reassuring markets.
Rising geopolitical uncertainties could trigger next financial crisis, warn global bankers
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The situation on a global level
Global banks have found themselves in a precarious situation, with central banks temporarily pausing interest rate increases. The ongoing geopolitical tensions, including conflicts in the Middle East and Ukraine, have further complicated the macroeconomic outlook, making it challenging to predict future economic growth, asset valuations, and market volatility.
In an unusual show of solidarity, the leaders of global banking institutions voiced their concerns at the Asia summit, objecting to a set of stricter banking rules known as the “Basel Endgame.” These regulations, implemented in July, would require banks to set aside additional capital as a safeguard against risks.
Skepticism about the rules
David Solomon, CEO of Goldman Sachs, expressed skepticism about the rules, believing they could result in economic tightening at a time when it is not in the best interest of economic growth. The U.S. banking regulator has also proposed stringent capital rules for major banks in response to runs on smaller banks earlier this year, a move that has been met with resistance from the industry.
Colm Kelleher, Chairman of UBS Group, raised concerns about the so-called shadow banking sector, where an increasing volume of global assets is managed. He suggested that the next financial crisis might emerge from this sector. According to Kelleher, the policy objective should be to limit the size of large banks, but he cautioned that the least competitive players might falter when the system faces pressure.
Curious to learn more? Explore our articles on Enterprise Wired
#BankingLeaders#GeopoliticalUncertainty#FinancialCrisis#RegulatoryChanges#GlobalEconomy#EconomicOutlook#FinancialSector#FinanceSummit#Youtube
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Staying compliant with a set of regulations and laws that keep changing is difficult, unless you have the right tools. Improving and enhancing your entire process for compliance, insights, monitoring, audits, performance, and decision making are just some of the benefits provided by the Regulatory Change Management software solution.
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In the past few years we've seen many attacks on on the tax exemptions of CUs 📈. This is ripe for all types of discussions. While banks💰 want to take advantage of this benefit. So what can CUs expect?🧐
Head to our blog to learn more! https://www.oaktreebiz.com/industry-news/tax-exempt-status-is-challenged-again
#tax #taxexempt #taxexemptions #federalcreditunion #2020taxes #creditunionlending #creditunionforms #formsanddisclosures #creditunions #creditunionformsvendor #regulatory #CUforms #regulatorychanges #compliantformsforcreditunins #creditunioncompliance #otbs #otbs_cuforms
#creditunion#creditunions#taxes#2020taxes#2019taxes#taxexmpetion#federalcreditunion#creditunionlending#creditunionforms#formsanddisclosures#regulatorychanges#compliance#compliantforms#creditunioncompliance#otbs#oaktreebusiness
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Participants needed for online survey!
Topic: "Bitcoin acceptance and regulatory changes influence on users" https://t.co/H1Rhizwcio via @SurveyCircle#bitcoin #acceptance #PaymentSystem #RegulatoryChange #payment #pay #money #survey #surveycircle pic.twitter.com/B6gBZkkNys
— Daily Research @SurveyCircle (@daily_research) June 20, 2020
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