WEBVTT - Didi Included in Latest China Crackdown 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.320 Bloomberg Quick Takes Tim Stanovik. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.640 clus technology, politics, economics, all parnising the power of Business 0:00:13.680 --> 0:00:17.160 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:19.640 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.239 download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.880 pm Eastern Time on Bloomberg Radio, or watch us on 0:00:27.920 --> 0:00:31.320 YouTube search Bloomberg Global News. Well, I'm eager to get 0:00:31.320 --> 0:00:34.200 to our next guest, Dr lag Day Williams, who's Chief 0:00:34.200 --> 0:00:37.839 of Staff of Neurology at Columbia University. He's also the 0:00:37.880 --> 0:00:41.000 founder of Hip Hop Public Health. It works in the 0:00:41.040 --> 0:00:43.640 public sector to address health and equities and to bring 0:00:43.720 --> 0:00:47.080 vital information to underserved communities through the power of art, 0:00:47.400 --> 0:00:50.760 music and science. Dr lage Day Williams has joined us 0:00:50.760 --> 0:00:54.000 before on the show several times. Dr Williams, how are you. 0:00:54.760 --> 0:00:57.200 I'm doing well. Thanks for having me back. It's great 0:00:57.240 --> 0:00:59.840 to have you back. I want to start with we 0:01:00.120 --> 0:01:01.240 don't have a lot of time, so I want to 0:01:01.240 --> 0:01:03.120 get right to it. And what you're doing with hip 0:01:03.200 --> 0:01:05.480 hop public health, what you're focusing on right now is 0:01:05.680 --> 0:01:08.800 helping to reach underserved communities of color with the vaccine. 0:01:08.800 --> 0:01:11.520 And I'm looking right now at the New York City 0:01:11.680 --> 0:01:16.959 government website that shows data for different demographics with regard 0:01:17.040 --> 0:01:22.800 to how what portion of their population has been vaccinated. Um, 0:01:23.480 --> 0:01:27.360 white people in New York City have been vaccinated. That 0:01:27.400 --> 0:01:33.800 compares to of Hispanic and Latino and of Black New Yorkers. 0:01:33.840 --> 0:01:37.520 Why are we continuing to see this disparity? So it's 0:01:37.520 --> 0:01:40.720 a multiple reasons west seeing. But if you drill deeper 0:01:40.720 --> 0:01:44.640 into the numbers, that has been progressed across the board, 0:01:45.360 --> 0:01:48.920 but the disparity is still very real. Um, if if 0:01:48.920 --> 0:01:53.120 you extrapolate across the country, you look at the national data, 0:01:53.840 --> 0:01:59.840 we've actually, uh, Hispanics are doing very very well. Of 0:02:00.000 --> 0:02:04.360 his Flanics have been vaccinated according to recent trends, versus 0:02:04.440 --> 0:02:08.000 that total shaff the population, which is about seventeen percent. 0:02:08.080 --> 0:02:10.680 But still if you look at the if youok at 0:02:10.720 --> 0:02:13.680 the African American data among blacks, uh, you know we 0:02:13.720 --> 0:02:17.080 have also surpassed our share of the total population with 0:02:17.080 --> 0:02:21.000 about thirteen percent across the country been vaccinated versus you know, 0:02:21.040 --> 0:02:24.280 twelve percent to total share. But I completely agree there 0:02:24.360 --> 0:02:28.120 is still a tremendous amount of work that's left to 0:02:28.120 --> 0:02:31.000 be done. You know, I've always said that building trust, 0:02:31.200 --> 0:02:34.040 you know, isn't done overnight. It takes time. The real 0:02:34.120 --> 0:02:37.560 challenges that we are racing against time in this situation, 0:02:37.840 --> 0:02:40.800 we're racing against the variant, and so I think we 0:02:40.919 --> 0:02:45.400 just need to continue to increase, escalate an ant, intensify 0:02:46.200 --> 0:02:50.400 our efforts across multiple levels UM and get to the 0:02:50.440 --> 0:02:53.720 place where we actually get to a door to door 0:02:53.919 --> 0:02:59.119 vaccination campaign UM and UM and really hyper localifed messaging 0:02:59.360 --> 0:03:02.400 adored or vaccination campaign sort of like what we what 0:03:02.480 --> 0:03:04.320 we see with the census every ten years. If you 0:03:04.320 --> 0:03:06.440 don't fill it out, somebody comes to your door and 0:03:06.520 --> 0:03:11.400 knocks on it right exactly exactly. And that's difficult though 0:03:11.440 --> 0:03:14.120 to do, especially with the two shot vaccine. It works 0:03:14.120 --> 0:03:16.360 with a one shot vaccine, the Johnson and Johnson shot, 0:03:16.440 --> 0:03:18.360 but how do we know that somebody will be there 0:03:18.639 --> 0:03:22.320 the second time around. It's it's a challenge to it's 0:03:22.360 --> 0:03:24.680 a huge challenge. But you know, if I always said, 0:03:24.720 --> 0:03:27.200 this is you know, this is the United States of America. 0:03:27.280 --> 0:03:30.360 We have we have we have you know, robots on 0:03:30.520 --> 0:03:34.920 Mars right now. We you know, there's nothing beyond our 0:03:34.960 --> 0:03:38.040 capacity to accomplish. And I think that we just need 0:03:38.120 --> 0:03:41.520 to bring you know, the best minds together. But more 0:03:41.560 --> 0:03:45.680 importantly than the best minds, we need really glass roots 0:03:45.720 --> 0:03:50.280 approaches to the solution. I've always said, um, you know, 0:03:50.440 --> 0:03:53.480 the closer you are to a problem, you know, the 0:03:53.520 --> 0:03:56.360 closer you are to a solution. And so we need 0:03:56.400 --> 0:03:59.240 to get people who are actually living in and with 0:03:59.400 --> 0:04:02.160 the problem, and we need to figure out a way 0:04:02.200 --> 0:04:05.880 to work with them to attract you know, scalable solutions. 0:04:05.880 --> 0:04:10.080 And I'm sure there are examples in some smaller communities 0:04:10.120 --> 0:04:13.600 across across the country where success has been you know, 0:04:13.720 --> 0:04:17.120 has been seen in communities of color. Um. But you know, 0:04:17.160 --> 0:04:18.800 and so I think that we need to you know, 0:04:18.839 --> 0:04:22.120 take these best practices and scale them up. What are 0:04:22.160 --> 0:04:24.039 some of these best practices because you said it starts 0:04:24.040 --> 0:04:26.760 with trust and the idea of communicating. And I know 0:04:26.839 --> 0:04:29.520 several people that have yet to get a vaccine, and 0:04:29.520 --> 0:04:32.960 and and they're concerned, they have concerns, they want to wait, 0:04:33.200 --> 0:04:37.280 they say it's new. What's the right messaging here, Well, 0:04:37.320 --> 0:04:40.760 the right messaging is the for ust acknowledge and be 0:04:40.920 --> 0:04:45.520 non judgmental when discussing these issues with someone who is 0:04:45.640 --> 0:04:49.719 skeptical or hesitant or lacked confidence. I mean, we also 0:04:49.760 --> 0:04:52.159 have to acknowledge that there's certain people no matter what 0:04:52.200 --> 0:04:56.160 we say or do, UM will will continue to refuse. 0:04:56.279 --> 0:04:58.960 But I do think that there are still a number 0:04:58.960 --> 0:05:03.760 of people who can be persuaded. But again, it's gonna take, um, 0:05:03.880 --> 0:05:08.320 you know, really real, you know, personalized efforts UM to 0:05:08.640 --> 0:05:15.280 really identify uh you know networks UH, and leaders within networks, 0:05:15.960 --> 0:05:21.120 credible messengers, champions within these networks who are open to 0:05:21.200 --> 0:05:25.600 the vaccination message or or or have themselves being vaccinated 0:05:26.080 --> 0:05:29.799 and working with these you know, these these these leaders, 0:05:29.800 --> 0:05:33.680 these messengers, these uh you know, credible individuals with it 0:05:33.760 --> 0:05:37.040 what work with that networks? UM. And and it has 0:05:37.080 --> 0:05:39.039 to be one to one, it has to be one 0:05:39.080 --> 0:05:42.560 on one UH persuades. You know. At Columbia where I am, 0:05:42.640 --> 0:05:45.960 for example, UM, you know, we have multi layers of 0:05:46.120 --> 0:05:48.560 interventions all the way down to those one on one 0:05:48.640 --> 0:05:52.560 conversations with people that you trust. And I think that 0:05:52.640 --> 0:05:55.080 you know, I don't think that um uh, you know, 0:05:55.800 --> 0:05:59.040 copper carpet bombing messages are gonna work. I think we've 0:05:59.040 --> 0:06:01.360 already plucked all the low hanging fruits from that type 0:06:01.360 --> 0:06:03.839 of approach. I think we're now down to that door 0:06:03.880 --> 0:06:07.360 to door, that one on one conversations with people that 0:06:07.720 --> 0:06:09.960 people trust. Yeah, well this is where the real work 0:06:10.080 --> 0:06:13.040 really begins. And speaking of that, when we love about 0:06:13.040 --> 0:06:14.720 thirty seconds left, But I want to get to some 0:06:14.800 --> 0:06:16.920 of what else you're doing at Hip Hop Public Health 0:06:16.960 --> 0:06:20.440 because it's not just about the vaccine, oh absolutely not, 0:06:20.640 --> 0:06:25.799 absolutely not. You know, we address health disparities and health inequity, um, 0:06:25.920 --> 0:06:29.120 you know, as a as a whole, and we identify 0:06:29.320 --> 0:06:34.560 areas where communication that's been great comity of communications with 0:06:34.680 --> 0:06:38.359 certain communities, and we take our our approach, which is 0:06:38.640 --> 0:06:45.320 a really scientifically embedded, you can evident approach motivating the 0:06:45.800 --> 0:06:49.440 change in the community. Right, Dr Williams, we unfortunately have 0:06:49.520 --> 0:06:51.559 to leave it there this time this Dr lager Day Williams, 0:06:51.640 --> 0:06:53.600 chief of staff of Neurology, also found at Hip Hop 0:06:53.600 --> 0:06:56.400 Public Health. Bloomberg Philanthropies has provided in grant to Hip 0:06:56.400 --> 0:06:59.120 Hop Public Health. He's also a chief of staff Neurology 0:06:59.120 --> 0:07:04.080 at Columbia University chairs of d D SHO Shing d 0:07:04.200 --> 0:07:06.279 D and Inc. I should say, the parent company of 0:07:06.480 --> 0:07:08.520 d D SHO Shing Uh the a d r s 0:07:08.640 --> 0:07:12.080 right now lower by more than twenty point five per cent, 0:07:12.440 --> 0:07:15.360 absolutely plunging just a few days after going public. Here 0:07:15.480 --> 0:07:18.280 in the United States. Matt Turner is stocks reporter at 0:07:18.280 --> 0:07:20.160 Bloomberg News. He joins us now on the phone from 0:07:20.360 --> 0:07:23.360 wee Hawk in New Jersey. Matt, let's start at the 0:07:23.400 --> 0:07:28.360 beginning here, slide like this all because of regulatory crackdown 0:07:28.600 --> 0:07:31.160 in China. Give us the details here. What's going on? 0:07:32.560 --> 0:07:35.040 That's him, thanks. I mean, this all sort of started 0:07:35.080 --> 0:07:37.160 last week. We saw the we saw the idea where 0:07:37.160 --> 0:07:40.160 they raised four point four billion dollars um and you know, 0:07:40.200 --> 0:07:41.760 share us kind of climbed in the first few days 0:07:41.760 --> 0:07:44.720 of trading and really pulled their market cap up close 0:07:44.760 --> 0:07:48.120 to eight billion. But then, um, you know, Friday, we 0:07:48.160 --> 0:07:50.120 had regulators in China come out saying that they were 0:07:50.120 --> 0:07:53.560 going to launch this cybersecurity review into the company and 0:07:53.600 --> 0:07:56.160 they had halted the registration of new users, and we 0:07:56.440 --> 0:07:59.120 saw shares kind of trade lower on Friday, and then 0:07:59.800 --> 0:08:02.560 you that really escalated over the weekend, we saw they 0:08:02.560 --> 0:08:05.840 expanded that probe into two other firms, including d D, 0:08:06.480 --> 0:08:09.400 and they also have the app stores to actually remove 0:08:09.480 --> 0:08:13.280 their apps from the app stores completely. Um So, obviously 0:08:13.320 --> 0:08:15.760 that leads us into this morning where we saw you know, 0:08:15.800 --> 0:08:18.320 shares really really take a nose, that they were down 0:08:18.800 --> 0:08:21.400 as much in pre market, and then you know, as 0:08:21.400 --> 0:08:26.120 you said, now they're they're still down well over today. Look, 0:08:26.200 --> 0:08:29.160 this was obviously not priced in. When you see a 0:08:28.720 --> 0:08:32.559 a a decline like this, a move of this magnitude, 0:08:32.600 --> 0:08:36.479 this is something that was unexpected by regulator regulatory authorities. 0:08:36.880 --> 0:08:39.040 I'm thinking, you know about the timing here, right, just 0:08:39.440 --> 0:08:42.240 a few days after the company goes public. What do 0:08:42.280 --> 0:08:45.800 we know about what the Chinese government has said to 0:08:46.600 --> 0:08:50.600 d D and how they feel about it going public 0:08:50.600 --> 0:08:55.160 in the US. Yeah, I mean it's a little unclear. 0:08:55.440 --> 0:08:58.640 We've had the Wall Street Journal report earlier that the 0:08:58.720 --> 0:09:02.079 Chinese regulators may have actually warned d D as as 0:09:02.080 --> 0:09:04.959 far back as three months ago and had asked them 0:09:05.000 --> 0:09:09.400 to delay that i p O. Obviously that wasn't the case. Um. 0:09:09.559 --> 0:09:13.360 D D in fact even flagged in the regulatory filings 0:09:13.360 --> 0:09:14.960 for the I p O that there were some sort 0:09:15.000 --> 0:09:17.319 of you know, there were those anti trust concerns and 0:09:17.440 --> 0:09:20.360 they weren't actually sure uh you know, if those would 0:09:20.360 --> 0:09:22.560 be resolved fully, uh you know, if they were going 0:09:22.600 --> 0:09:25.400 to face more fines in the future. Um. So it 0:09:25.800 --> 0:09:28.000 was something that may not necessarily have been priced into 0:09:28.000 --> 0:09:30.120 the stock, but it was definitely um you know, if 0:09:30.120 --> 0:09:32.600 you kind of dug into the the filings and even 0:09:32.880 --> 0:09:34.400 uh you know, spoke to some of those people in 0:09:34.440 --> 0:09:37.160 analysts in China. Um, you know, it was a concern 0:09:37.160 --> 0:09:40.520 at least inside the company. There's also just the latest 0:09:40.559 --> 0:09:44.199 in sort of a crackdown on Chinese companies um as 0:09:44.880 --> 0:09:47.800 you and flip a right in the story, Investors worried 0:09:47.840 --> 0:09:50.440 that the latest security based probes have vopmened a new 0:09:50.480 --> 0:09:54.480 front in Xijian things broader campaign against China's internet giants 0:09:54.480 --> 0:09:57.120 that began in November with the collapse of Aunt Group 0:09:57.120 --> 0:09:59.640 companies thirty five billion dollar I p O and subsequent 0:09:59.640 --> 0:10:03.920 anti trust investigations into Ali, Baba and Matwan. I'm wondering 0:10:03.960 --> 0:10:06.240 how investors are digesting this news when it comes to 0:10:06.600 --> 0:10:10.240 other tow A d r s of other Chinese companies 0:10:10.240 --> 0:10:13.280 that are listed here in the US. Yeah, it's it's 0:10:13.320 --> 0:10:16.080 been a pretty broad based sell off today. UM. We 0:10:16.080 --> 0:10:19.560 we had looked earlier at you know, all these Chinese 0:10:19.559 --> 0:10:21.360 firms that have actually I POD this year. There are 0:10:21.360 --> 0:10:25.679 thirty seven that have started trading uh since we started. UM. 0:10:26.080 --> 0:10:29.360 And of that group, uh, thirty one of those were 0:10:29.400 --> 0:10:31.800 lower at this point, uh, you know, as about half 0:10:31.840 --> 0:10:33.240 an hour ago. So you know, it's a pretty broad 0:10:33.280 --> 0:10:37.080 based selloff. You know, even shares of Goldman and Morgan Stanley, 0:10:37.080 --> 0:10:39.400 who were both underwriters of this d D I p 0:10:39.480 --> 0:10:42.079 O we're lower today. So it's kind of it's hitting 0:10:42.080 --> 0:10:44.880 every everyone that's involved, and you know, even even some 0:10:44.920 --> 0:10:47.800 of those antilary stocks that are not obviously directly linked 0:10:47.800 --> 0:10:50.599 to d D. So does this make Chinese companies that 0:10:50.640 --> 0:10:52.760 are thinking about listening in the United States? Does this 0:10:52.800 --> 0:10:56.120 make them think twice about doing that? Yeah, I mean 0:10:56.160 --> 0:10:58.640 from everybody that we've talked to, you know, this is 0:10:58.760 --> 0:11:01.040 this is something that uh, you know, the analysts are 0:11:01.040 --> 0:11:03.480 saying is going to be a concern for some of 0:11:03.559 --> 0:11:05.320 these ideas that are going forward, even some of the 0:11:05.320 --> 0:11:08.160 ones that are are planned for later this year. UM. 0:11:08.200 --> 0:11:10.680 And it is part of that push that we've seen 0:11:10.760 --> 0:11:12.920 from from China and from Jun pink to to try 0:11:12.960 --> 0:11:16.680 and get these Chinese firms to list domestically, you know, 0:11:16.679 --> 0:11:18.480 in Hong Kong and in China as opposed to listening 0:11:18.480 --> 0:11:20.920 in the US market. Yeah, I I wonder match. Just 0:11:20.920 --> 0:11:23.040 in the last ten seconds, we have what analysts are 0:11:23.080 --> 0:11:26.280 saying about the business. How this actually affects the company's 0:11:26.320 --> 0:11:30.360 business if people can't new customers can't download the app, yeah, 0:11:30.400 --> 0:11:32.680 I mean for now, you know, it's a little unclear 0:11:32.720 --> 0:11:34.719 they're saying that. You know, like we've seen some of 0:11:34.760 --> 0:11:37.920 the other crackdowns. You know, the financials haven't really borne 0:11:37.960 --> 0:11:39.640 any of the impact, right, you know, that's something that 0:11:39.720 --> 0:11:42.480 they will be watching closely going forward. Matt Turner, stocks 0:11:42.480 --> 0:11:44.600 reporter at Bloomberg News. He joins us live on the 0:11:44.600 --> 0:11:47.000 phone from Wee Hawk in New Jersey, giving us the 0:11:47.080 --> 0:11:49.800 latest on d D Inc, The parent company of d 0:11:49.920 --> 0:11:52.560 D Sho Shang. Thanks so much, Matt for joining us. 0:11:53.000 --> 0:11:56.600 You're listening to Bloomberg Business Week with Carol Masser and 0:11:56.679 --> 0:12:00.920 Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, here 0:12:00.920 --> 0:12:03.800 at Bloomberg Business Week, we've been covering the unequal distribution 0:12:03.840 --> 0:12:06.560 of vaccines around the world. What's happening here in the 0:12:06.640 --> 0:12:09.600 United States is certainly the exception, not the rule, with 0:12:09.679 --> 0:12:13.720 vaccines pretty much available for free to anyone who's eligible. 0:12:14.120 --> 0:12:16.640 But a new story in Bloomberg Business Week by James 0:12:16.640 --> 0:12:20.400 Peyton and John Lawerman talks about life saving vaccines becoming 0:12:20.440 --> 0:12:24.320 profit machines for drugmakers and for middle income countries protection 0:12:24.360 --> 0:12:27.880 from the virus can cost governments dearly. Joining me now 0:12:27.920 --> 0:12:30.560 is Joel Webber, editor at Bloomberg Business Week. He's with 0:12:30.559 --> 0:12:34.400 me in the Bloomberg Interactive Brokers studio. Also joining us 0:12:34.480 --> 0:12:37.280 is James Peyton, healthcare reporter for Bloomberg News. He joins 0:12:37.360 --> 0:12:40.560 us on the phone from London. Joel, this is a 0:12:40.679 --> 0:12:45.560 fantastic piece that that really dives into the cost, really 0:12:45.559 --> 0:12:49.200 what it costs countries around the world, uh, to actually 0:12:49.200 --> 0:12:52.800 get this life saving tonic, right, this life saving vaccine. 0:12:53.040 --> 0:12:56.160 And I'm wondering how much should they be getting charged 0:12:56.200 --> 0:12:59.000 by these for profit pharmaceutical companies that for decades have 0:12:59.040 --> 0:13:03.000 been boogeyman. That's what we're finding out right. And I 0:13:03.000 --> 0:13:05.720 think what what sticks out to you, um or to 0:13:05.760 --> 0:13:07.920 me at least in this story is is actually just 0:13:08.040 --> 0:13:12.240 what a big windfall COVID vaccines have become for pharma. 0:13:12.360 --> 0:13:14.800 I mean, we're looking at a hundred billion plus dollar 0:13:14.880 --> 0:13:20.360 business and depending on how things go, you could just 0:13:20.520 --> 0:13:24.240 imagine their booster shots look like another another wave of 0:13:24.280 --> 0:13:26.960 money for them. But there is this have and have 0:13:27.040 --> 0:13:30.079 not question that I think we we as a as 0:13:30.080 --> 0:13:32.640 a newsroom, have spent a lot of time thinking about 0:13:32.679 --> 0:13:34.640 and talking about and reporting about, and I think this 0:13:34.679 --> 0:13:37.600 story is another version of that. Because there are the 0:13:37.600 --> 0:13:41.800 the America's and granted there are a few countries quite 0:13:41.880 --> 0:13:43.840 like ours that can pull off pull off what we 0:13:43.840 --> 0:13:46.120 can pull off, and that leaves the rest of the 0:13:46.160 --> 0:13:49.760 world in a different predicament. And especially for the load 0:13:49.800 --> 0:13:54.200 of middle income countries, the options do not look great um. 0:13:54.280 --> 0:13:58.200 And these vaccines are not always cheap um. And so 0:13:58.280 --> 0:14:00.880 that brings in a question of soft power. Well, so, James, 0:14:00.960 --> 0:14:03.600 let's bring you in here. What what stands out to you? 0:14:03.920 --> 0:14:08.480 Um as you were writing about the story. Yeah, we'll 0:14:08.480 --> 0:14:10.200 get to be with you. I mean, I think you 0:14:10.200 --> 0:14:12.840 you nailed it, you know, in terms of the debate, 0:14:12.920 --> 0:14:15.640 because um, I think it's an important one to have. 0:14:15.800 --> 0:14:18.959 You know, these huge sales that you mentioned that are 0:14:18.960 --> 0:14:23.160 flowing to the vaccine makers raise that question right of 0:14:23.280 --> 0:14:26.000 what is a fair price and what is a fair 0:14:26.040 --> 0:14:29.920 profit UM in the middle of a raging pandemic. You know, 0:14:30.000 --> 0:14:32.920 and as you say, these vaccines are saving wives, they're 0:14:32.960 --> 0:14:37.880 rescuing businesses, allowing countries like the US and the UK 0:14:38.160 --> 0:14:42.440 where where I am, to reopen. Obviously that is mentally 0:14:43.240 --> 0:14:47.880 valuable to those countries that are UM fortunate enough to 0:14:47.920 --> 0:14:50.320 have vaccines, but you know, vast parts of the world 0:14:50.320 --> 0:14:53.480 have this limited UM access and some of the people 0:14:53.520 --> 0:14:55.840 I talked to for this story question, you know, what 0:14:55.960 --> 0:14:59.800 level of profits are are justified given that uneven dis 0:15:00.000 --> 0:15:03.120 abution we're seeing and given them many of these vaccines 0:15:03.120 --> 0:15:07.640 are heavily funded by governments, by the US, by the UK, Germany, 0:15:08.000 --> 0:15:13.320 and some nonprofits that themselves received funding from governments, and 0:15:13.320 --> 0:15:17.080 there is an interest beyond the humanitarian one is you know, 0:15:17.160 --> 0:15:20.720 as we've written a lot about and discussed UM, you know, 0:15:20.760 --> 0:15:22.960 there's a lot of steak from a from a health perspective, 0:15:23.920 --> 0:15:27.680 in an economic sense as well. If this virus keeps circulating, 0:15:28.400 --> 0:15:32.160 new variants could emerge that could be you know, problematic, 0:15:32.480 --> 0:15:35.760 and that could prolong the pandemic. So you know, this 0:15:35.920 --> 0:15:39.400 is an important issue and it's not just a question 0:15:39.480 --> 0:15:44.320 of the availability of vaccines to win these countries will 0:15:44.400 --> 0:15:49.200 get access to these shots, but also whether they'll be 0:15:49.240 --> 0:15:52.640 affordable uh when when they when they finally do get 0:15:52.640 --> 0:15:55.720 the chance to uh to purchase them. So I think 0:15:55.720 --> 0:15:58.440 it's a I think it's an important topic. Well, it's 0:15:58.640 --> 0:16:00.880 it's something that we're seeing play out right before our 0:16:00.880 --> 0:16:03.720 eyes with the delta variant, if we were able to 0:16:03.880 --> 0:16:05.920 you know, this is the variant that is is more 0:16:05.960 --> 0:16:09.120 concerning than other variants that were predominant here in the 0:16:09.200 --> 0:16:11.840 United States just a few months ago, and it's certainly 0:16:11.920 --> 0:16:15.760 ripping its way around the UK and indeed the predominant 0:16:15.800 --> 0:16:17.920 variant of new infections here in the United States, and 0:16:17.960 --> 0:16:20.800 it's certainly concerning. Um. I wonder about some of the 0:16:20.800 --> 0:16:23.000 examples that you write about. Take us into what you 0:16:23.080 --> 0:16:26.880 learned about Senegal for example. Yeah, Well, we looked at 0:16:27.040 --> 0:16:30.280 we looked at some countries around the world and um, 0:16:30.320 --> 0:16:32.960 you know, the thing on pricing is that there's a 0:16:33.040 --> 0:16:37.560 lack of transparency and there's very little disclosure about who 0:16:37.640 --> 0:16:40.440 is paying what. So some of the prices are starting 0:16:40.440 --> 0:16:43.960 to emerge. You know, We've looked at some regulatory filings Uh, 0:16:44.000 --> 0:16:46.760 you know, government statements and some of the sources that 0:16:46.800 --> 0:16:49.200 we've talked to, and you know, you can start to 0:16:49.240 --> 0:16:52.080 paint the picture. But you mentioned Senegal. You know it's 0:16:52.080 --> 0:16:57.520 a lower income UH country. They are paying uh, they 0:16:57.560 --> 0:17:00.880 agreed to pay about roughly twenty U S dollars a 0:17:01.000 --> 0:17:04.560 dose for Sign of Farms vaccine. Now, this is one 0:17:04.560 --> 0:17:08.639 of the Chinese vaccine makers that we talked about in 0:17:08.680 --> 0:17:11.760 our piece as well. And now you know, you can 0:17:11.760 --> 0:17:13.919 look at some of these prices and say, you know what, 0:17:14.040 --> 0:17:17.199 that doesn't sound like a lot given you know, the 0:17:17.200 --> 0:17:20.080 potential of vaccines, given what we're talking about, and also 0:17:20.160 --> 0:17:21.960 some of these costs, to be fair, you know, they 0:17:22.080 --> 0:17:25.520 pale in comparison to the the economic costs of of 0:17:25.560 --> 0:17:29.560 not vaccinating your population, right, I mean you consider the 0:17:29.880 --> 0:17:33.560 trillions of dollars globally that that's at stake. But for 0:17:33.600 --> 0:17:36.320 a country like Senegal, um, you know, I mean we 0:17:36.760 --> 0:17:40.280 look at some data showing that they're um annual per 0:17:40.320 --> 0:17:44.280 capita health spending is less than sixty U S dollars 0:17:44.320 --> 0:17:46.359 And for a lot of these for a lot of 0:17:46.400 --> 0:17:51.640 these countries, you know, they're they're grappling with multiple health threats. Uh. 0:17:51.720 --> 0:17:54.840 You know around the world. They're obviously diseases like malaria 0:17:54.880 --> 0:17:58.399 and HIV and many others, and these are you know, 0:17:58.480 --> 0:18:02.320 stretched health. But just that these countries are working with 0:18:02.560 --> 0:18:06.040 and you know, they're not in a position obviously to 0:18:06.200 --> 0:18:08.800 spend big vaccines. They might be able to do it, 0:18:08.880 --> 0:18:10.800 they might be able to pull it off, but then 0:18:10.840 --> 0:18:15.680 that raises the risk that they'll have to divert spending 0:18:16.440 --> 0:18:19.160 from other areas to to pay the bill for vaccines, 0:18:19.160 --> 0:18:22.280 and that could have a long term impact that will 0:18:22.320 --> 0:18:25.680 be writing about probably for years to come. And that 0:18:25.800 --> 0:18:28.600 Actually there's this great quote that I loved in here, 0:18:28.640 --> 0:18:31.840 which is this is essentially a seller's market. And that's 0:18:31.880 --> 0:18:35.240 a quote that refers not only to uh, what the 0:18:35.960 --> 0:18:38.880 US companies can charge, but also even the Chinese ones. 0:18:38.920 --> 0:18:41.520 What's I found surprising that in some cases the Chinese 0:18:41.600 --> 0:18:45.920 vaccines cost even more than the American ones, just bite 0:18:46.640 --> 0:18:50.879 maybe not having the same efficacy. Absolutely, And the China 0:18:51.160 --> 0:18:53.520 side to this, I think is is fascinating because there 0:18:53.560 --> 0:18:55.919 has been a focus you know, we have done some 0:18:55.960 --> 0:18:59.399 stories on this, but looking at the geopolitical benefits to 0:18:59.520 --> 0:19:04.280 China gets from exporting vaccines to the world, but overlooked 0:19:04.400 --> 0:19:08.720 perhaps is the financial benefit to China. You know, China, 0:19:08.880 --> 0:19:12.679 you may recall last year talked about vaccines being a 0:19:12.720 --> 0:19:15.720 global public good. You know, they wanted to treat vaccines 0:19:15.760 --> 0:19:18.600 as the global public good. And you know, we're finding 0:19:18.640 --> 0:19:21.600 now China, Chinese companies are finding now that they're also 0:19:22.040 --> 0:19:26.680 you know, turning out to be lucrative products for Chinese 0:19:26.680 --> 0:19:28.960 companies as well. And now, you know, one person I 0:19:28.960 --> 0:19:31.640 talked to with the counsel on Foreign Relations pointed out 0:19:31.680 --> 0:19:36.679 that China likely sees that as something that's actually beneficial. 0:19:36.720 --> 0:19:39.320 You know, they can benefit the world can benefit from 0:19:39.520 --> 0:19:43.199 uh their vaccines. But some of these vaccines are not 0:19:43.280 --> 0:19:45.919 cheap that the Chinese companies are selling well. It's a 0:19:45.960 --> 0:19:49.800 fantastic story by James Payton along with John Lawerman. You 0:19:49.800 --> 0:19:51.560 can read James a story on the Bloomberg and at 0:19:51.560 --> 0:19:54.119 Bloomberg dot com, Slash business Week. James Payton his healthcare 0:19:54.119 --> 0:19:57.480 reporter at Bloomberg News. Joe Webber, editor of Bloomberg Business Week, 0:19:57.520 --> 0:20:05.360 Joel's with me in the Bloomberg Interactive Broker Studio. This 0:20:05.760 --> 0:20:09.800 is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes. 0:20:09.880 --> 0:20:16.240 Tim Stinovic on Bloomberg Radio. Hello. Hello, it's Bloomberg Business Week. 0:20:16.280 --> 0:20:18.879 Tim Stinaback live in the Interactive at Broker's Studio in 0:20:18.880 --> 0:20:23.840 New York. Carol Masser taking a well deserved day off today. Well, 0:20:23.920 --> 0:20:27.360 Andy Jasse, it's day two for the brand new CEO 0:20:27.760 --> 0:20:31.040 of Amazon. Shares of Amazon are hired today by four 0:20:31.080 --> 0:20:34.240 point seven and nine percent as we speak, reaching a 0:20:34.320 --> 0:20:36.920 new intra day record. But he's got his work cut 0:20:36.960 --> 0:20:40.679 out for him long term. Jasse has to navigate Washington 0:20:40.840 --> 0:20:44.800 and European regulators, and of course appears a growing workforce 0:20:44.880 --> 0:20:49.480 of hundreds of thousands of warehouse employees. Heather are Younger 0:20:49.520 --> 0:20:53.880 as founder and CEO of employee Fanatics. It's an employee 0:20:53.920 --> 0:20:58.200 experienced consulting firm. She joins us now from Denver, Colorado. Heather, 0:20:58.280 --> 0:21:01.680 it's great to have you. How are you. I'm doing great, 0:21:01.720 --> 0:21:04.320 Thanks for having me on. So what is the advice 0:21:04.440 --> 0:21:08.520 that you would give Amazon's brand new CEO, Andy Jassy? 0:21:08.600 --> 0:21:10.680 Who mind you? Has been somebody who's been at Amazon 0:21:10.760 --> 0:21:14.040 for decades. He's most recently had of a WS in 0:21:14.080 --> 0:21:19.120 his first week of of being CEO. Well, I think 0:21:19.160 --> 0:21:21.600 no matter what, he needs to be really clear up 0:21:22.000 --> 0:21:24.240 what type of leader he's going to be, uh, and 0:21:24.640 --> 0:21:27.719 how he might be different from Paseos of course, and 0:21:27.760 --> 0:21:29.880 even though he's been there, you know, setting his mark, 0:21:29.960 --> 0:21:32.199 deciding what kind of leader he wants to be and 0:21:32.200 --> 0:21:34.040 how he's going to show up for all of those 0:21:34.119 --> 0:21:36.320 hundreds of thousands of people who are looking to him 0:21:36.400 --> 0:21:39.600 for leadership. That's that's one thing I think. Secondly, Um, 0:21:39.640 --> 0:21:41.439 he's going to need to take some real clear steps 0:21:41.480 --> 0:21:43.920 to listen to those people, because I'm not sure anybody 0:21:43.920 --> 0:21:47.520 has been listening and understanding what their needs are, what 0:21:47.600 --> 0:21:49.639 their complaints might be, and just to be committed to 0:21:49.640 --> 0:21:52.080 doing the right thing as it relates to them. It's 0:21:52.119 --> 0:21:54.560 so interesting that you said that that element of listening, 0:21:54.560 --> 0:21:56.480 because when I was reading the notes that our producer 0:21:56.520 --> 0:21:59.200 Paul sent to me, Um, you mentioned listening and it 0:21:59.280 --> 0:22:01.560 struck me because, as as I mentioned earlier in the show, 0:22:01.560 --> 0:22:04.960 I just finished We're Colleague brad Stone's new book about Amazon, 0:22:05.000 --> 0:22:07.280 and I was struck with many parts of it. But 0:22:07.359 --> 0:22:10.240