Category Archives: Health Care

China Joins International Effort to Bring COVID Vaccine to World’s Neediest

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China is the latest country to add its signature to a global effort to make sure that when a coronavirus vaccine is finally developed and ready for distribution, it will be given to the neediest people around the world.

Know as the COVAX initiative, it is sponsored by the World Health Organization and has signed up 157 countries. The WHO hopes the program will ensure that 2 billion doses of this life-saving vaccine will be made available to those most in need, no matter where they live, by the end of 2021.

“We have solemnly pledged to make vaccines developed and deployed by China a global public good, which will be provided to developing countries as a priority,” Hua Chunying, a spokeswoman for China’s foreign ministry, wrote on Twitter.

This is an about-face for China, which originally bowed out from joining COVAX. China is currently developing four vaccines that are in clinical trials. One of them, according to Wu Guizhen, chief biosafety expert at the Chinese Center for Disease Control and Prevention, should be ready to be used on the general population sometime in November. President of China, Xi Jinping promised back in May that he would make any Chinese vaccine available for “the global good.” At that time Xi also pledged $2 billion to WHO, making China the organization’s largest donor.

In early September, the United States announced its decision to stay away from the COVAX initiative, stating that:

“We will not be constrained by multilateral organizations influenced by the corrupt World Health Organization and China,” White House spokesman Judd Deere said at the time.

Money Management during dual crisis

How to Manage a Dual Crisis: Coronavirus and Market Meltdown

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The CEO of Source Financial Advisors, Michelle Smith, has issued several suggestions for how the financial community can endure two conflating situations: the economic fallout of the coronavirus and market declines.

Be in Touch

Use technology to maintain contact with clients. Video platforms should be utilized as much as possible to offer a face-to-face personal interaction. While working remotely may mean that things are a bit more casual, it is important to keep things professional.

Be Authentic

The need to maintain decorum and professionalism notwithstanding, it is also important to be genuine with clients. They want to know that their money is in good hands, but they also want to have a sincere conversation about life. Start and end every conversation with a client by discussing their wellbeing. Ask how they are managing and feeling. Give them the assurance they need. Show them that you care about their physical, mental, and financial health.

Michelle Smith advises maintaining professionalism alongside authenticity during these trying times.

Be Pro-Active

When things are uncertain it is tempting to switch to preservation mode. We have a fiduciary responsibility to do our best for those who are already clients; we may not have the bandwidth to grow our business. But as we focus on the clients we have, we should also maintain business contacts and relationships that can help our business in the future. Look for opportunities in various sectors and actively pursue leads.

Be Thoughtful

Clients are worried about a lot of things right now. It is the job of financial planners and economic advisors to ensure that money is not an additional concern. The current health concerns coupled with economic uncertainties present people with two extremely basic fears: being alone and broke. Now is not the time to overwhelm clients with statistics and trends. Listen closely to what the clients are saying and what they feel most comfortable with at this time. This is unchartered territory for everyone. Every individual, business owner, team leader, and industry specialist is figuring out how to navigate these uncertain times. In the money management field, being attentive, genuine, forthcoming, and caring is the best business practice right now.

World’s Largest Medical Mask Maker Ramping Up Production

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A NIOSH N95 particulate respirator by 3M that can filters at least 95% of airborne particles. Photo courtesy of Banej

President Donald Trump called into play what is known as the Defense Production Act in order to confront the ever-worsening coronavirus pandemic with increased production of desperately needed personal protective equipment (PPEs). This act requires private industry to re-purpose their factories and to greatly step-up production for the singular effort of producing the needed supplies to properly face the deadly pandemic that is wreaking havoc on the country, especially in New York City.

One such manufacturer is 3M, the world’s largest producer of respirator masks. One day after President Trump invoked the DPA 3M said it is ready and willing to comply with the order to supply more N95 masks for the US. They added, however, that they will not stop exporting masks to other countries that also desperately need them.
3M released the following statement:

“3M and its employees have gone above and beyond to manufacture as many N95 respirators as possible for the US market.”

The DPA also requires that companies supply the Federal Emergency Management Agency (FEMA) with the equipment ordered by the agency. 3M said it is working closely with FEMA to supply the requested masks while at the same time enlarging the number of masks it is importing into the US from its offshore factories, including from China.

The company said that it must continue to supply masks to Canada and Latin America, despite the administration’s additional request to halt the sale of US-made respirators to countries other than the USA.

A statement from 3M explained that:

“There are significant humanitarian implications of ceasing respirator supplies to healthcare workers in Canada and Latin America, where we are a critical supplier of respirators,” the statement said. Ceasing delivery of masks to these countries would “likely cause other countries to retaliate and do the same.”

The company warned that retaliation on the part of other countries would most certainly lead to the total number of respirators available for use in the US to decrease.

“That is the opposite of what we and the administration, on behalf of the American people, both seek,” 3M said.

John McCain Returning to Washington for Vote on Healthcare Bill

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Despite his recent diagnosis with brain cancer and surgery to remove a related blood clot, 80-year-old Senator John McCain announced he will be returning to Washington DC from his home in Arizona to take part in a crucial vote on healthcare reform.

The Senate is scheduled to vote on a Republican sponsored healthcare bill which, if passed, could drastically undo much of Obamacare’s legislation. The fact that McCain is making a heroic effort to return to the Senate floor in time for this vote seems to indicate that his vote could make the difference in the bill’s passage.

Over the past few weeks the Republican bill has come within a hair’s breadth of its own demise several times as the GOP struggled to make good on its 7-year promise to “repeal and replace” the Affordable Care Act, Obama’s signature legislation.

At the moment, a Senate vote is predicted to be uncomfortably close; with 52 votes for the Republican bill, and 48 against, making McCain’s vote a key vote for success.

“For Senate Republicans, this is their chance to keep their promise. Over and over again, they said, ‘Repeal and replace, repeal and replace.’ But they can now keep their promise,” President Trump said.

The GOP legislation would eliminate tax penalties on people who do not buy health insurance policies; cut the Medicaid program which helps the poor; and would reduce the amount of government subsidies available for consumers who wish to purchase insurance but can’t afford it.

Cigna Rebuffs Anthem Bid for Takeover

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The trend to merge health insurance companies into fewer unique entities continues apace as Anthem Inc. made a bid to buy rival health care insurer Cigna Corporation.

The latest bid for Cigna came after months of negotiations between the parties and a previous offer ten days ago. The latest takeover bid came when Anthem offered to buy Cigna for about $175 per share. Cigna is still saying no to the offers.

Health care giant Humana Inc. has also entered the fray, discussing a possible takeover of Cigna as well as Aetna Inc.

On Monday morning Anthem’s market value was estimated at $43 billion, and Cigna’s was approximately $35 billion.

Cigna stock soared in the wake of the Wall Street Journal story about the takeover bid, climbing 12 percent in active midday trading, reaching $153.74 per share. Anthem shares also grew, adding 2 percent to close at $164.22.