Business

"The main reason why prescription drugs have such crazy names"

Finding a name is a little-known cost of selling a pharmaceutical these days.

. . . but finding a new name has become increasingly complex and expensive for pharmaceutical companies as more and more drugs get approved. Many companies that used to complete this exercise in-house now hire consultants and branding experts to find one. The entire process may cost companies between $250,000 to $500,000.


"The School of Money, First Grade"

David Merkel:

Most books dealing with money tend to be too advanced for average people.  If you’ve read me long enough, you know that I am pretty conservative with my finances.  That conservatism has generally worked well for me, my family, and the church that I help lead. It’s possible this post could lead to a series of posts; let me know what you think. . . .

I think it's pretty good.

Somewhere around age 15, young people need to see what areas in the economy need talent, and what sort of skills are needed.  In addition to specific skills, remember that in much of life mathematical reasoning, verbal skills, and genuine curiosity for solving problems will apply to a wide number of situations.  Remember, the economy will be different 20 years from now in ways that we do not presently fathom.  Being able to think creatively and critically, and being able to express it well in oral and written ways will never go out of fashion. (As an aside, that is one of the criticisms I hear in the local money management community.  Young people come out of college, but cannot express themselves well in writing.)

Informational interviewing at younger ages could be useful.  Even at older ages, when you get the chance to ask business owners or managers questions, ask them what are the biggest problems that they face, what keep them up at night, etc.  If nothing else, you’ll get a better perspective on what it is like to be in charge, and the headaches thereof.


"Book Review: Tom Stossel's 'Pharmaphobia'"

"Yet, despite the book's extraordinary well-documented and indisputable examples of real progress, the negative impact of the "anti-innovation"  industry—which has used every trick in the book to slow progress—becomes just as clear. By far, the most potent weapon in the arsenal of the conflict-of interest-movement is the fabrication of the myth that the process that leads to innovation is inherently dishonest and corrupt."


"Female Managers Do Not Reduce the Gender Wage Gap, [UC Berkeley B-School] Study Finds

So it's not just The Man keeping women down? Apparently not:

Working women are “leaning in” and supporting more females in leadership roles, but a new study finds that having a female manager doesn’t necessarily equate to higher salaries for female employees. In fact, women can sometimes take an earnings hit relative to their male colleagues when they go to work for a female manager.