Switzerland Today
Greetings from Zurich!
Last week I was in a freezing cold Davos for the World Economic Forum.
I’ll give you a run down of events later, but first here are the topics of interest for today.
In the news: a military security threat, beleaguered ptarmigans and working refugees.
- Surveillance cameras are supposed to improve security at military sites in Switzerland, such as weapons depots. But the outdated cameras are actually presenting a security hazard as they are a soft touch for hackers.
- Alarm bells are ringing with the fate of the rock ptarmigan bird threatened by climate change, shrinking Alpine habitat and the growth in mountain tourism.
- Of the 70,000 Ukrainian refugees with an S permit, 15% have found gainful employment with 27% in training and over a third keen to join the workforce.
- The Federal Vaccine Commission has declared Switzerland’s vaccination program a success despite some misgivings about medical side-effects.
Pandemic pain for pharma
The terrible Covid-19 pandemic has thankfully descended from its peak of global mayhem. But pharma companies are feeling the waning pandemic in their pockets.
A study by consultancy firm Deloitte and the Centre for Health Solutions found that 20 of the world’s largest drug producers have seen returns on their R&D investments tumble from 6.8% in 2021 to 1.2% last year.
The study measures the cost of devising, testing and manufacturing treatments against sales volumes.
At the height of the pandemic, several vaccines and other drugs were rushed through the regulatory process.
Pharma companies were hoping this trend would continue. They were wrong. Consequently, they have been forced to down-scale their forecast revenues on drugs in the coming years.
It just goes to show that social and business interests are not always perfectly aligned.
Fragmentation in the Alps
The World Economic Forum (WEF) again staged its annual conference in Davos last week in an attempt to find harmony in a fragmented world.
The messages emanating from delegates were mixed.
Good news: inflation appears to be coming under control. Bad news: central banks may yet have to raise interest rates again.
Good news: stock markets and GDP forecasts are improving. Bad news: two-thirds of chief economists surveyed expect a global recession.
And the worst news may be that any financial gains are unlikely to be spread evenly. Growing inequality is even bothering some multi-millionaires, who had the temerity to call for a more equitable tax system.
Did you know that an apartment that usually costs CHF150 a night to rent will set you back CHF2,600 during WEF? Do you also know that cyberattacks are expected to cost the global economy $24 trillion by 2027?
Neither did I. For more fascinating facts and figures, I recommend you read this article.
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