Dr Reddy's plans to launch generic of Novo's weight-loss drug next year, CEO says
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Drugmaker Dr Reddy's Laboratories plans to launch a cheaper copycat version of Novo Nordisk 's blockbuster weight-loss drug Wegovy in 87 countries next year, CEO Erez Israeli said in a press briefing on Wednesday.The launch plans for the generic version of semaglutide, which is the active ingredient of Novo's Wegovy and Ozempic , comes at a time when drugmakers are racing to grab a share of the global obesity drugs market that is expected to be valued at $150 billion by early 2030s.
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Time of India
2 hours ago
- Time of India
Saudi Arabia's unemployment falls to 2.8%: Here's what's changing in the job market
The kingdom's unemployment rate drops to a new low amid Vision 2030 reforms/Representative Image TL;DR: Saudi Arabia's overall unemployment rate including nationals and expatriates dropped to just 2.8% in Q1 2025, down from 3.5% in Q4 2024. Saudi nationals' unemployment reached a historic low of 6.3%, ahead of the Vision 2030 target of 7%, prompting a revised aim of 5% by 2030. Saudi women's unemployment fell to 10.5%, while female participation rose to 36.3%. Male unemployment declined to 4.0%, and male participation reached 66.4%. The labour force participation rate overall rose to 68.2%, with Saudi citizen participation hitting 51.3%. In a significant milestone for the Kingdom's economic transformation, Saudi Arabia's total unemployment rate dropped to 2.8% in the first quarter of 2025, the lowest on record, as confirmed by the General Authority for Statistics (GASTAT). The decline reflects rising participation rates and successful workforce policies under Vision 2030. For Saudi nationals, the unemployment rate hit a historic low of 6.3%, surpassing earlier targets and prompting a new ambition to reduce it further to 5% by 2030. Breaking Down the Figures Overall Unemployment and Participation Rates GASTAT reported an overall labour force participation rate of 68.2%, rising from 66.4% in Q4 2024. Among Saudi nationals, the participation rate increased to 51.3%, signalling broader workforce integration. Gendered Insights as per GASTAT Saudi women's unemployment dropped sharply to 10.5%, down 3.6 percentage points year-on-year, driven by structural reforms and increased access to public and private job sectors. Female participation rose to 36.3%, with an employment-to-population ratio of 32.5%. For Saudi men, unemployment decreased to 4.0%, while their labour force participation reached 66.4%. Youth & Age Cohorts Employment among core working-age Saudis (aged 25–54) increased to 65.9%, with unemployment falling to 5.4%. Young Saudi men (15–24 years) saw their unemployment drop to 11.6%, despite a slight decline in participation to 33.0%. Young Saudi women improved their employment-to-population ratio to 14.6%, with participation rising to 18.4%. What Is Driving the Decline? Several factors are credited for this improvement: Vision 2030 Economic Reforms: The government has invested heavily in infrastructure, technology, tourism (e.g., NEOM and Red Sea Project), and financial services, generating thousands of new jobs. National Labour Programs: Programs like 'Nitaqat' and the Human Capability Development Program are tailored to skill and match Saudi job seekers with private sector roles. Rise in Female Employment: Post-2018 reforms that removed mobility and guardianship restrictions have led to more Saudi women entering the workforce. The latest GASTAT data shows women's unemployment falling by 1.2% compared to the previous quarter. Private Sector Incentives: Companies hiring Saudi nationals benefit from subsidies, relaxed taxes, and accelerated licensing processes. This has encouraged more private firms to localise employment. Labour Market Challenges Remain Despite progress, challenges persist: Youth unemployment, while improving, still hovers near 15%. Many Saudis continue to prefer public sector jobs due to higher pay and security. Private sector alignment with graduate skills remains inconsistent. The Ministry of Human Resources and Social Development (MHRSD) recently announced plans to expand vocational training partnerships and promote hybrid work opportunities for Saudi women to address gaps in rural employment zones. Why It Matters: Saudi Arabia's progress on unemployment is more than just a statistical improvement, it represents a cultural and structural transformation. By 2030, the Kingdom aims to have 70% private sector workforce participation by Saudi nationals. Achieving this will determine the sustainability of its diversification agenda and reduce the pressure on public sector employment. The drop in the unemployment rate boosts investor confidence, aligns with international development benchmarks, and provides the groundwork for a more inclusive and competitive labour market. As of July 2025, Saudi Arabia's steady drop in unemployment reflects a proactive approach to restructuring its economy and empowering its workforce. Continued investments in skill-building, gender inclusion, and private sector incentives are expected to maintain this momentum. However, maintaining long-term success will depend on narrowing regional inequalities, better aligning education with industry needs, and ensuring the reforms reach all segments of Saudi society. FAQs: Q1: What is Saudi Arabia's unemployment rate as of 2025? As of Q1 2025, the overall unemployment rate is 2.8%, according to GASTAT. Q2: What programs are helping reduce unemployment? Key programs include Saudisation (Nitaqat), the Human Capability Development Program, and support for private sector hiring. Q3: Is female employment rising in Saudi Arabia? Yes. Female participation is now at 36.3%, with women's unemployment declining due to targeted government initiatives. Q4: What sectors are generating the most jobs? Technology, tourism, logistics, and finance have been the fastest-growing employment sectors.
Economic Times
3 hours ago
- Economic Times
Ray of hope for the Parkinson's community? Latest study claims dogs can detect the disease early with high accuracy
What is Parkinson's Disease Live Events How can dogs help in detecting Parkinson's (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A new study has discovered that trained dogs were surprisingly accurate in detecting Parkinson's disease . This development has come as a ray of hope for the Parkinson's community, as there are currently no definitive early diagnostic tests for the latest findings have given hope to scientists, as this data will help them identify the biological markers that dogs are able to detect, according to Identifying the earliest changes in the body could result in improved tests, allowing patients to get timely care, as the study suggests that dogs can detect symptoms potentially years before is a neurological disorder that leads to symptoms such as stiffness, tremors, trouble with balance, and slow movement. It is progressive and worsens as time goes on. While there is no cure at present, medications and sometimes surgery can help manage is still no conclusive test for diagnosing Parkinson's, so finding the biological markers that dogs can sense may be valuable. Symptoms can first appear up to 20 years before they are persistent enough for a clear diagnosis. An early detection test could give patients and doctors a significant advantage in managing the research published on July 15, 2025, in The Journal of Parkinson's Disease claimed that dogs can detect the disease. But the question is, how is this possible?According to the study features a double-blind study involving trained dogs. Seborrheic dermatitis, a skin condition caused by glands producing too much sebum, is one of the early symptoms of Parkinson's , often appearing before motor issues. Sebum has a unique smell, and researchers thought dogs might be trained to detect the extra sebum in skin the study, professional trainers taught a group of dogs to detect Parkinson's from skin samples. Ten dogs started the training, but just two finished the challenging process. After completing their training, the dogs were presented with a series of skin samples, one of which might have had Parkinson's. The study was double-blind, making sure the dogs weren't influenced by their trainers or the the end, the dogs were 98% accurate at detecting Parkinson's disease from the skin samples. Their sensitivity to the samples was also high, between 70% and 80%. While this is only an initial step toward creating an early test for Parkinson's, the findings were have demonstrated the ability to sense several diseases, including cancer. Cancerous tumors release volatile organic compounds that some dogs' keen sense of smell can pick up. They may also be able to detect conditions like diabetes, malaria, and COVID-19.
Time of India
4 hours ago
- Time of India
How a Bengaluru man tried to dodge tax by registering his Ferrari & Mercedes in other states but ended up paying Rs 1 crore in dues
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A businessman based in Bengaluru has landed in trouble for trying to dodge Karnataka's high road tax by registering his luxury cars in other states. According to a TOI report, he has now been made to pay nearly Rs 1 crore in pending taxes after a transport department department recovered Rs 61.9 lakh in tax for his Ferrari 812 Superfast, which was registered in Jharkhand, and Rs 37 lakh for his Mercedes-Benz, which was registered in Puducherry. Officials found that both cars were regularly being used in Karnataka, even though they were registered elsewhere.'He lives and works in Bengaluru. The Ferrari, which costs about Rs 5 crore, was registered in Jharkhand with just Rs 14 lakh paid as tax. If he had registered it here, the tax would have been close to Rs 1 crore,' a senior official from the transport department told per the rules, if a car registered outside Karnataka is used in the state for more than 12 months, the owner must pay Karnataka's road tax. 'He didn't follow this rule,' the official March, the department sent the businessman a notice asking him to pay the dues. He first claimed the Ferrari had only come to Bengaluru for servicing in January and would be returned to Jharkhand within three months.'But we gathered proof that both cars had been used here regularly for over a year. On Friday, we showed him the evidence and warned of legal action. He then agreed to settle the matter and gave cheques for the dues,' the official is the second such case in recent days. Earlier this week, the department collected Rs 40 lakh in tax from another businessman who had bought second-hand Rolls-Royce cars that once belonged to actors Amitabh Bachchan and Aamir Khan. Those vehicles were also running in Karnataka without paying local from TOI
