Page 50 - KPA DEC 2,2015
P. 50
BUSINESS A25
Wednesday 2 December
Samsung replaces mobile chief as smartphone lead dwindles
YOUKYUNG LEE of the mobile business at comes as Lee Jae-yong, Koh, an engineer, was an and research departments.
Associated Press the only son of ailing Sam- executive vice president Samsung said he led the
SEOUL, South Korea (AP) Samsung Electronics start- sung chairman Lee Kun- who led mobile research development of two flag-
— The Samsung conglom- hee, takes a bigger role in and development for the ship smartphones released
erate appointed a new ing next year. The change Samsung after his father past year. this year, the Galaxy S6
mobile president at its flag- suffered a heart attack in The 54-year-old has fol- and Galaxy Note 5. He was
ship Samsung Electronics was announced as part of May last year. lowed the typical career also behind development
for the first time in six years Shin will step away from path of those who reach of the Samsung Pay mobile
after growth stalled at the annual management re- day-to-day operations and senior executive levels in payments system.
world’s largest smartphone focus on long-term strate- South Korea: he joined Shin became the head of
maker. shuffle at South Korea’s top gies. He keeps his title of Samsung Electronics in 1984 mobile in 2010. Three years
Samsung said Tuesday that CEO of the IT and mobile and over three decades later, Samsung was the
Koh Dongjin was promoted conglomerate. division that encompasses worked his way through its world largest smartphone
to president. He will replace phone, network and com- development, human re- supplier despite being a
Shin Jong-kyun as the head Samsung Electronics’ puter businesses. sources, product planning latecomer behind Apple.q
smartphone sales lead has
been dwindling in the face
of competition from Apple
Inc. in the premium mar-
ket and Chinese compa-
nies in cheaper devices.
The management change
Express Scripts offers low-cost alternative to Turing drug
This photo shows a building on the Express Scripts campus in Berkeley, Mo. Express Scripts Holding rage among doctors, pa- created by Imprimis Phar-
Co. said Tuesday, Dec. 1, 2015, that it will make a treatment for the rare infection toxoplasmosis tients and politicians when maceuticals will now be
that costs $1 per pill available on its biggest formulary, or list of covered drugs, as an alternative to it bought rights to the pill available to about 25 mil-
Daraprim, which is manufactured by Turing Pharmaceuticals and costs $750 per pill. earlier this year and then lion customers through its
jacked up the price. The formulary. What those cus-
(AP Photo/Jeff Roberson) 62-year-old drug had been tomers pay will depend on
priced at $13.50 per pill be- their insurance coverage.
TOM MURPHY expensive alternative to a mosis that costs $1 per pill fore that. That could mean prescrip-
AP Business Writer life-saving medicine with a available on its biggest for- Other drugmakers have tions that come with a co-
The nation’s biggest phar- list price of $750 per pill. mulary, or list of covered also recently purchased payment as low as $10 or
macy benefits manager Express Scripts Holding Co. drugs. Daraprim, the drug the rights to old, cheap $20 for the whole bottle of
is muscling back into the said Tuesday that it will that costs $750 per pill, medicines that are the pills. Express Scripts man-
debate over soaring drug make a treatment for the comes from Turing Pharma- only treatment for serious ages pharmacy benefits
costs by promoting a less- rare infection toxoplas- ceuticals, which stirred out- diseases and then hiked for customers like insurers
prices. The cost of some and employers. It makes
newer medications has recommendations on drug
raised questions as well, coverage, and those cus-
and drug prices consis- tomers can then customize
tently rank among the top the guidelines.
public concerns, accord- Leaders of the HIV Medi-
ing to opinion polls. Express cine Association and The
Scripts announced its deci- Infectious Diseases Society
sion the same day a bipar- of America said in an email
tisan report from the Sen- that they are urging other
ate Finance Committee pharmacy benefits man-
concluded that Gilead Sci- agers and health insurers
ences put profit ahead of to make the Imprimis op-
patients in pricing its break- tion available as well. They
through hepatitis C treat- noted that care providers
ment Sovaldi at $1,000 per have faced “significant
pill. challenges” in obtaining
The Express Scripts deci- the treatment for patients
sion means that a cheaper since Turing raised the price
alternative to Daraprim in August.q
Manchester City gets $400M Chinese investment deal
ROB HARRIS and since then the club has club during a four-day state City’s value as a business is creates,” City chairman
Associated PRess expanded to create the visit to Britain in October. now closer to its neighbor Khaldoon Al Mubarak said.
LONDON (AP) — Manches- City Football Group that in- During Xi’s visit, former City following the Chinese in- CMC Chairman Ruigang
ter City announced Tues- cludes teams in New York, defender Sun Jihai, who vestment. United, which Li said the consortium en-
day that a Chinese con- Melbourne and Yokoha- made 130 appearances is listed on the New York visaged “unprecedented
sortium is investing $400 ma. China Media Capital for the club between 2002 Stock Exchange, is current- growth opportunities” from
million to buy 13 percent of Holdings and CITIC Capital and 2008, was inducted to ly valued at $3.05 billion the investment that will
the Premier League club’s are investing in the group the Manchester-based Na- “Our belief is that we now benefit Chinese football.
umbrella organization in a after six months of talks and tional Football Museum’s have an unrivalled platform “We and our consortium
deal that values the busi- the deal remains subject Hall of Fame. He was also to grow CFG, our clubs and partner CITIC Capital also
ness at $3 billion. to regulatory approval in appointed a club ambas- companies both in China see this investment as a
Abu Dhabi’s Sheikh Man- some countries, City said. sador in China in Septem- and internationally, and we prime opportunity for fur-
sour bin Zayed bin Sultan City’s injection of funding ber. Though long overshad- will be working hard with thering the contribution of
Al Nahyan bought City in comes after Chinese Presi- owed in Manchester by our new partners to realize China to the global foot-
2008 for around $400 million dent Xi Jinping visited the the more illustrious United, the potential that this deal ball family,” he said.q
