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Welcome
Managing Director Shashank M
.......Note From
Co-Founder & CEO Shankar VS Chief Editor Madhusmitha V Patil Editor Ujal Nair Assistant Editor Medhaj Nair, Tamanna Shaikh, Tasleem Majumder Head of Operations Kevin Harris
EDITORIAL
The time is perfect to establish and flourish your business Wealth Management is the most important aspect of any career. If you are able to sustain yourself financially then it would support your creative acumen and your social life. Trading and asset management are some of the most popular means of wealth
Head of Production Shank Mendez
generation, apart from conventional corporate careers and
Head of Research Laura Edwards
onto the bandwagon for developing their investment portfolios,
Head of Media Sales Charles Grey Media Sales Manager Chris Young
services or product-based businesses. While many are jumping there are few who dare towards the path of entrepreneurship. A
common
experience
among
well-established
business
personalities suggests that any new venture can be stacked
Advertising contact chris@intlbm.com
up successfully based on an innovation that serves a popular
Content Managers: Daniel Edwards, Sumana Shankar
developments in Photonic Sensing, AI in Mental Healthcare,
Business Development Leo Morgan, Alisha Taylor, Jane Sanders, James Smith, Jason Brown, Lily Jones, David Johnson, Stella Grace, Sara Watson Graphic Designer Chandan R Video Editor Nelson Caitan Account Manager Agnes Wong Registered Adddress: Sharjah Media City (Shams), Al Messaned City, Al Bataeh, Sharjah, United Arab Emirates, P.O. Box: 515000 Office Address: Suite No 502, Al Tawhidi 1 Building, Floor 5, Khalid Bin Al Waleed Road, Bur Dubai, Dubai, UAE. Email: info@intlbm.com Phone: +971 55 686 6713
dilemma. In this edition, you will learn about the latest Quantum Computing, Oncology, precision medicines and more. These pages would also introduce you to some of the latest trends in Digital Advertising, Strategies for Employee Retention and even customer experiences in the banking industry. Obviously, setting up a business is one story but sustaining it profitably is an entirely different plot. For this, it is highly suggested to read up on our article about the Code of Conduct for Training and the top HR Trends for 2023 Workplace. Also, we cordially invite you to our Annual Awards Ceremony, scheduled for November 4 at Atlantis The Palm, Dubai. The nominations are open and free for all. Don’t miss this opportunity to garner the top merits for your brand. Be sure to check out our website at
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CONTENT
10 26 36
Should You Start Trading Currency Pairs in Forex?
Technology Advancements and Emerging Opportunities in Photonic Sensing
Seven Strategies for sustained employee retention
58
How to Create a Code of Conduct Training That Will Help Your Business Thrive
52 62 88 The Rise of Monoclonal Antibodies and Biosimilars in Oncology
Shift Towards Precision Medicine to Improve Healthcare Outcomes
How to Make Money with Reseller Hosting
What to consider when investing in your child’s higher education? An international university education is an
First, you need to take a step back – look at
2019, global student mobility tripled, with US,
goal. Education is not the destination, but
open door to opportunity. Between 2000 and
UK, Canada, and Australia hosting almost half of the internationally mobile students.
In 2019, over 5 million students were traveling each year to study overseas. The number
the bigger picture and plan towards the end rather part of the journey to the life your child wants to lead. This means thinking about how
the university they select will shape their lives beyond their years of study.
represented USD196 billion of total intern-
The right institution isn’t just a matter of
forecasted to reach USD 433 billion by the year
finding the location that suits your child’s
ational education expenditure and is 2030.
With international education being a signif-
icant and daunting financial investment, it’s natural for any parent to ask the question – is it a worthwhile investment?
06 / Education
academic reputation; it’s also a question of lifestyle and goals and also fits within your
budget. Whether this is home or abroad, Ivy League or public, here are some of the critical
questions for parents and children to consider together to make sure that it is an investment well made.
Is the program flexible or focused on one specialization? Choosing a program of study should naturally be driven by your child’s skills and interests,
but to find the right program in that field, there are other things to consider. Is the program flexible in exploring other disciplines, or does it follow a specialization from the start?
American institutions often don’t require
students to select a major until later in their program, while UK universities generally follow the specialized curriculum from the beginning.
Consider whether flexibility or focus is the right option for your child.
Does the teaching style suit me? Is the teaching style experiential, with practical and lab-based lessons, or is it more traditional
a n d cla ssr oom-o ri en ted? Fo r exam p le ,
American universities offer co-op programs that combine classroom instruction with
on-the-job training, while the UK curriculum
focuses heavily on academic rigor. Consider
which will suit your child and best prepare them for their future.
Will it prepare me for a good job? Is the program, and most importantly, its
there is workplace demand for the knowledge
market? Degree programs of the same name
job prospects when they graduate.
curriculum, relevant to the emerging jobs can vary in content and delivery. Consider if
and skills your child will develop to have good
Can I work wherever I want? Qualifications linked to licensed professional
countries of practice, as well as where they
need to be transferable so that they are
is recognized by the relevant bodies and will
practice, such as medicine and accounting, accepted by the relevant authorities in the
are awarded. Consider whether the program enable your child to work globally.
Education / 07
Can we afford the fees and expenses? Do you have a financial plan in place? Higher
across countries and cities. Consider what
returns are rarely immediate. If your child plans
scholarships are a realistic option, as this
education is a significant investment, and the to go overseas, living expenses must also be
considered. The tuition, accommodation and general subsistence cost vary significantly
you can commit financially and whether may have a bearing on which institutions and locations you should explore.
Am I prepared to leave home? Is your child prepared to live independently?
If they aspire for an international education
to moving away from home, potentially
consider the other options available such
It’s a big leap from graduating high school multiple flights away from family and friends.
Consider whether your child is practically and
emotionally prepared for independent living.
but don’t want to leave home straight away, as branch campuses with transfer or study abroad options after one or two years.
Will I meet the right people? Can the institution expose your child to
child to international networks that broaden
university education isn’t just a qualification; it’s
the location and institution are a good fit to
networks that will help build their career? A an experience that will shape a child’s future. Attending university overseas will expose your
their professional horizons. Consider whether develop lifelong connections that can boost career development.
Where do I want to be in the future? Are you looking for a higher education
With so much at stake, parents often feel
University can provide the launch pad if your
such a life-defining decision. Trying to balance
destination that could facilitate immigration?
child’s long-term life goals involve living and working abroad. Consider the legal
requirements and lifestyle aspects of the
countries you’re exploring, as well as the longterm employment prospects that will come
with the degree qualification and academic reputation of the institution chosen.
08 / Education
immense pressure to help their child make the logistical challenges and financial
responsibilities with the need to do what’s best for their child’s education, well-being, and future prospects means that the university
admissions process can be a stressful experience for parents as well as students. If
you start early with these key questions, you’ll be well prepared for the process.
Blog by Varun Jain Varun Jain is Founder and CEO of UniHawk, a leading university admissions counselling and test preparation institute in the GCC, specialising in guidance for overseas study.
Education / 09
Should You Start Trading Currency Pairs in Forex? Have you come across information about trading currency
pairs in forex and wondered whether it is the right path for you? Maybe you even know people who are already trading in the
forex market, and they have encouraged you to trade but you aren’t sure if you should. Well, by answering some questions,
you can gain some much-need clarity regarding whether or not you should start trading currency pairs or if you should try a different strategy to achieve your goals when it comes to your personal finances. Here are some questions to consider.
Are You Willing to Put the Work in to Learn About Forex? One of the many things you need to consider before becoming
a forex trader is whether or not you have the time to learn about
this trading strategy. There is a lot to think about, from the forex
broker that you will sign up with to the trading platform you
will use. For instance, will you search for an online broker that lets you download MetaTrader 4, or would you prefer using a different platform?
In addition to thinking about your online broker and trading platform, also consider the fact that you need to learn as
much as you can about currencies in order to work with them wisely. There are major, minor, and exotic currency pairs in the
forex market, so it’s important to discover what they are, what influences their values, and more. That way, you can decide which pairs you want to buy and sell once you start trading.
10 / Forex
Forex / 11
Do You Have a Decent Budget for Trading Currency Pairs? Another thing to consider is your trading
budget. Although you don’t really need to have
a huge budget to start trading currency pairs,
some of those funds and put them into the forex market to hopefully make them grow.
you want to be comfortable with the amount
Coming up with a budget is key because it
do not have a lot of money set aside in savings,
trader. It is easy to feel tempted to trade with
that you plan on putting into the market. If you you might not be totally ready to put some
of it into trading currency pairs. On the other hand, if you have a good amount of money set
aside, you might be able to comfortably take
12 / Forex
can help you stay within your limits as a forex a lot of money, as you might assume that doing so means you will get bigger and better
returns, but you need to bear in mind the risk that you take on.
Are You Comfortable with Taking on Risk? Speaking of risk, every trade that you make
losing too much of your hard-earned money.
level of risk, and you can use that as a way
use to calculate risk, and there are methods
in the forex market will come with some to determine if you want to go through with
a trade or not. Some trades are riskier than others, and you might not be comfortable with
them. That’s totally fine, as you can stick with lower risk trades.
Before you start trading currency pairs, work on
determining how much risk you are willing to take on. That way, you can reduce the odds of
The good news is that there are tools you can that you can use to manage risk, so you don’t have to blindly guess.
Overall, forex can be thrilling and can help you grow your money, but because there’s a lot to learn and the trades do come with risk, it’s important to carefully evaluate this strategy to figure out if it’s right for you.
Forex / 13
‘DKK’s ultimate goal is to truly provide access to first-class financial services in emerging markets’ Khalid Talukder of DKK Partners
International Business Magazine recently announced DKK Partners as the ‘Leading Provider of
Foreign Exchange (FX) Services, UK 2023’. DKK has garnered a reputation for being one of the
most trusted FX liquidity market maker. It provides 24-hour global access with a specialisation on frontier markets.
Founded by Khalid Talukder and Dominic Duru in 2020, DKK Partners holds the ambition to unveil a whole new crop of high-potential enterprises led by prolific entrepreneurs. Co-founder Khalid Talukder gave us exclusive insight into the key investment pockets, value chains, global investor scenario and the expectations to be met for the startups and the MSMEs. 14 / Forex
The following are the excerpts from the exclusive interaction with the co-founder
According to you, what are the current trends, top segments, key investment pockets, value chains and competitive scenarios in some of the emerging economies around the world?
Co-founder
Dominic
Duru
and
I
have
Scaling globally also presents obvious
lived the struggles these regions face in terms
with on the ground teams, getting licencing,
backgrounds in emerging markets and have of access to financial services, technology and support. These barriers have long held back the progress of developing nations and
geographical challenges, communicating and building networks sometimes from scratch.
frankly this has gone on for too long. That’s a
But it’s all a part of the journey. We have
on ensuring we have regional experts in every
Senegal, Cameroon & Ghana to mention a few
driving force behind DKK, and I pride myself country that we operate in - people who have
also lived these barriers and have the same determination to unlock the gateways to emerging markets.
excellent teams growing in countries such as who share a passion for the development of
financial services in emerging markets and there’s no slowing down here, we want to continue expanding into new regions.
DKK’s ultimate goal is to truly provide access
I also believe that blockchain will advance
markets to empower local economies and
from economies, and it is only a matter of
to first-class financial services in emerging business to thrive. There is so much potential
in regions such as Africa and the Middle
East and with proper support, technological
significantly off the back of digital currencies
time before digital currency becomes more common in the UK.
infrastructure and access, these economies can deliver global business growth.
Forex / 15
How are you attracting the younger generation of tech-savvy global investors?
Entrepreneurship promotes innovation and
action above all else, creating a drive to solve problems and succeed because you have to.
DKK was set up to be a disruptive fintech company focused on emerging markets that
empowered our customers with a combination
of the latest technology and market expertise. We also wanted to create a new kind of
fintech business that leads the way on CSR,
diversity and forward-thinking. The first three years have been an incredible journey, but we
have so much more to do, and this is just the beginning.
have processed $100M+ in FX transactions for FY 2022.
To maintain stability in their currencies,
manage payments, and build confidence in
economic crises, central banks in emerging and frontier markets need to hold significant reserves of foreign exchange. The limited
availability of G10 currencies, particularly the US dollar, can impede access to global
financial markets for banks and businesses in these regions. Thin market liquidity leads to volatile prices, high transaction fees, and slow transaction times.
Our platform offers an alternative way
Our solution: Stable coin (USDT/USDC), which
currencies without relying on central
(vaults) to provide an alternative method for
to access G10 and emerging market banks. Our expanding range of products includes FX emerging market liquidity, FX
hedging & risk management, and various
channels for cross-border payments. We have bootstrapped our company with zero debt and 16 / Forex
is a ‘pivot’ through secure digital wallets
transferring value. Having in country nostros
allows us to effectively trade both sides of the transaction and move value between fiat
currencies and non-fiat alternatives in real time.
Do you provide any special features for the startups and SMEs? We support start-ups, non-bank financial
promote international trade and expansion
launch their business offerings internationally
er’s customers can make and receive pay-
institutions (NBFI), local banks and SMEs to
with FX, payment and liquidity management solutions, backed by DKK’s team of financial
experts built with deep in-region knowledge and years of industry experience.
DKK also provides a Virtual IBAN (International
working closely with our partners. Our customments to unique addressable IBAN’s in multiple jurisdictional formals via local and cross border payment rails. DKK is truly a champion
of international collaboration and overseas growth.
Bank Account Number) for payments busi-
We strive to solve the issues that businesses
jurisdictional accounts. Our solution gives
holding them back from growth in emerging
nesses to enable multi-currency, multi businesses in the payments space a crucial
competitive edge through offering interna-
tional business bank accounts, unlocking access to new territories and currencies to
face with barriers to international payments, markets through a combination of innovative
technologies and financial expertise. We want businesses to have access to the tools they need to thrive in overseas markets.
Give us a short description of some of the salient services of DKK Partners DKK Partners launched in 2020 and offers unrivalled liquidity across emerging and frontier market currencies, offering customers
in supporting important causes and making a difference where it really counts.
access to real-time pricing, execution and
Last year, for example, we supported a
for day-to-day exposures in foreign exchange,
frontline in the fight against homelessness.
settlement. We act as a one-stop entry point balances, and risk, monitoring, market fluctuations and live market news feeds. The
real-time aspect provides businesses with
unique control in the market which makes our
campaign with Shelter, going on the
Shelter is an incredible organisation with dedicated volunteers, and the work they do protects the wellbeing of so many people.
proposition unique.
Being an entrepreneur in DKK Partners has also
meant being empowered with the resources to tackle social issues. We founded DKK with
a clear mission statement to deliver first class services to our clients, but that’s only part of
who we are, and this initiative is the first of
many that will allow DKK to play a crucial role Forex / 17
Kindly share a success story of one of the clients of DKK Partners Due to our country expansion through the
West Africa region over the last couple of years, and leveraging USDT and USDC, we have been able to effectively clear emerging market currencies into G3.
We have been particularly focused on major importers of FMCG products into west African
markets sourced internationally. Everyone is aware of the length of time it takes s ettle
international invoices through ‘clunky’ corre-
18 / Forex
sponding legacy banking rails which affects working capital for these firms & profitability.
By leveraging DKK’s deep liquidity pools and
our proprietary ‘clearing’ rails by partnering
with strategic financial institutions we can achieve same day or at worst next day
settlement where typically this would take anything between 5-7 days.
What are the future prospects and ambitions of DKK Partners? What are the upcoming events that your clients should look forward to? One of my proudest achievements of recent
Central Africa, Dubai, as well as the UK, with
Freeman of The Worshipful Company of
countries in the second half of 2023. Our motto
times was being inducted to become a Entrepreneurs. It was a special occasion and
vindicated all the work that’s gone into building
DKK Partners over the past few years. It’s also
been a great achievement to be invited to speak at a number of industry summits in the
halls of Parliament, debating key topics such
plans for continued expansion in a further 3-4 for the has been ‘the year of scale’, aiming to
expand our reach globally to new emerging and frontier territories and hiring more on the ground staff with deep local knowledge of the market.
as regulation and the future of AI alongside
We have grown year on year by an average
as we carve out a roadmap for the intersection
expansion in 2023, we aim to continue that
esteemed industry leaders and policy makers of financial services and technology over the coming years.
We’ve rapidly increased our staff numbers over the past few years, bringing in specialist teams
to serve on the ground markets in West Africa,
of 150 per cent in revenue and through further rate while maintaining the quality of our
products and services through the hires of industry veterans as well as up and coming entrepreneurs
to
continue
building
our
excellent team and delivering access to firstclass FX solutions.
Forex / 19
Fed Tread to dread or Break Bread?
20 / Investment
Investing cautiously and not against in ways
The rebound has sent valuations to extreme
policy gave rise to the adage “Don’t Fight The
times forward earnings. But is this confidence
that might run contrary to the US central bank Fed”! Despite that, a section of investors seems
to wage this fight unequivocally. Although the
Fed offered explicit guidance that continued monetary tightening may be needed to subdue
inflation, investors seem to have ignored how
such policy action could further weigh on the economy and corporate profits. Instead, they
have sent US stocks rallying on the apparent
levels again, with the SPX now priced at 18.5 justified? Is inflation truly controlled and will the US economy come out of this tightening cycle with only a scratch? Morgan Stanley’s Global
Investment
Committee
believes
investors should recognize that this is a period of profound uncertainty. Three developments amplify my concerns:
conviction that inflation will quickly fall to the Fed’s target of 2% and that the central bank will soon turn to cut interest rates.
Investment / 21
Opaque Economic Outlook Consumers are spending down their savings and running up credit card balances at a time when corporate layoffs have begun in some sectors. Even as service sectors remain strong, manufacturing new-order rates continue to decline, suggesting weaker demand for goods. Some investors expect the economic recovery in China to rescue the US economy from a steeper decline, but if US growth rebounds, that could put upward pressure back on prices and prompt the Fed to keep rates higher for longer, in turn weighing on asset prices.
Perturbed Corporate Profits The consensus estimate for SPX company earnings this year is higher than likely at $224 per share. This relatively sanguine forecast is based on 2020-2022 trends, which seems to ignore the fact that economic growth has been extremely distorted in those recent years: For the past 10 quarters, US nominal GDP has run between 9% and 14%, versus the long-run trend of 4-5%, and SPX operating margins have averaged 14.5-16.5%, versus the 25-year average of 12.5%. The tendency for performance to revert to a long-term average could bring about a negative year-over-year change in earnings growth, known as a “profits recession.” 22 / Investment
Labor Market Positivity Despite gathering headlines on layoffs,
Inflation has likely peaked and the bulk of
the US labor market has remained strong
Fed tightening is probably behind us. But
overall, as measured by large numbers of
remember that policy operates with a lag,
new job openings and a recent 53-year low
and uncertainty around the economy,
in the unemployment rate. A resilient jobs
earnings, and jobs matters. It is a confusing
market could help the economy achieve a
time that demands hedging one’s portfolio
“soft landing” if robust real wages support
positioning. To that end, investors should
consumption. The conundrum, however,
focus on income generation while this
is that strong wages and spending would
cyclical period of maximum uncertainty
likely add to inflationary pressures and
plays out. Lean into short to intermediate-
thus provide little rationale or incentive for
term Treasuries, municipals, investment-
the Fed to cut rates.
grade corporate bonds, and dividendgrowth stocks. Investment / 23
The Fed hiked interest rates for the eighth
isn’t coming down as fast as hoped.
time earlier this month and warned of
Data this week showed consumer prices
ongoing increases needed to bring down
increased by 6.4% in January compared
inflation. That same week, the jobs report
to the same time last year. That was only
for January showed the US unemployment
slightly lower than the 6.5% pace recorded
rate fell to a 53-year low. This is powering
the month before, and economists had
wage
boosting
expected a bigger deceleration to 6.2%.
consumer spending, which might explain
On a month-on-month basis, consumer
why consumer prices in the US rose more
prices climbed by 0.5% in January –
than expected last month. The Fed has
the most in three months and a steep
two responsibilities: keep employment full
acceleration from December’s 0.1%.
gains
and,
in
turn,
and inflation around a stable 2%. But the central bank can only do half a victory
One of the reasons why inflation isn’t
lap because January’s jobs and inflation
falling fast enough goes back to the red-
reports painted two very different pictures.
hot labor market, which has bolstered
The first was an absolute blowout: 517,000
wages and allowed many Americans to
jobs
the
keep on spending – even as borrowing
month before and shattering economists’
costs rise and inflation stays elevated. In
estimates of 187,000), a 53-year low in the
fact, separate data this week showed retail
unemployment rate, and strong wage
sales increased 3% last month from the
growth that was higher than expected.
one before – their biggest gain in nearly
added
(more
than
double
two years and easily topping forecasts But while promising for workers, the
of 1.9%. Those numbers aren’t adjusted
jobs report was probably too hot for the
for inflation, meaning that consumer
Fed’s liking. The central bank has been
spending outpaced the 0.5% increase in
aggressively increasing interest rates in an
consumer prices for the month by two and
effort to dampen consumer demand and
a half percentage points.
bring down inflation. Problem is, inflation •
Inflation is likely to stay high for a while. On top of a blistering labor market, China’s
reopening could fuel inflation in the US and the world over. Bloomberg Economics, for one, reckons China’s economic growth will almost double this year to 5.8%, and that could lift global inflation by close to a full percentage point toward the end of
2023. But even putting the labor market and China aside, history tells us that spikes in inflation take a long time to disappear. A study by Research Affiliates looked at
surges in 14 developed countries over the past 50 years: when inflation crosses 24 / Investment
above 8% (the level reached by most of the developed world last year), falling back •
to 3% usually takes six to 20 years, with a median of over ten years.
Interest rates will probably climb to a higher peak than previously thought. But that
doesn’t guarantee a repeat tumble for stocks. That’s because the marginal impact on stock valuations of a one percentage point increase in rates is far less when you start at today’s levels of around 5% in the US, versus when you start from zero. Put
differently, rates rising from 0% to 1% hits stock valuations way harder than rates •
going from 5% to 6%.
The US securities regulator proposed new rules this week that would force investment advisors to secure clients’ crypto assets with qualified custodians. The idea is to
build better safeguards around investors’ assets and comes after the collapse of several high-profile crypto companies last year, which revealed that customer funds were not as safe as had been advertised.
Hence the title of my article! Have a great Feb month making and taking the right investment decisions or at least try!
Risk warning
As with all investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Past performance and the contents of this outlook is not reliable indicator of future performance. This article/print is protected through international copyright & print laws and may not be reproduced, distributed or copied without exclusive permission from the writer. Hence the title of my article! Have a great Feb month making and taking the right investment decisions or at least try!
- Blog By Geoffrey Muns Geoffrey Muns is an Independent Financial Advisor and Planner certified from the UK, US and UAE based out of Dubai for the past 20 years. He also works in the PE/VC space and is a seasoned investment banker having worked with international banks and investment firms in the region.
Investment / 25
Technology Advancements and Emerging Opportunities in Photonic Sensing
Photonic sensing is a technology that uses
nanotechnologies, leads to the development
changes or identify a specific target. It
highly impact different applications.
light to detect and measure environmental involves the use of optical systems, such as
of hybrid devices and topologies that can
lasers, fibers, detectors, and photodiodes, to
Photonic sensors can be used in a variety of
phase, polarization, or time delay caused
sensing, temperature and pressure sensing,
detect changes in light intensity, wavelength, by changes in the environment or the
presence of a target. Advancements in the optics and photonics domain aim to replace conventional advanced
technologies
functionality
in
that
provide
sensing
and
monitoring applications. The integration of
photonic sensors with other technologies, such as electronics (LiDAR), microfluidics, and 26 / Technology
applications, such as chemical and biological structural health monitoring, environmen-
tal monitoring, and security and surveillance. They offer several advantages over traditional sensors, such as high sensitivity, fast
response time, immunity to electromagnetic
interference, and the ability to monitor remote or inaccessible locations.
Organizations across the globe aim to expand
healthcare, telecommunications, energy, and
various aspects and diversify the potential
role in the development of smart cities and in
the functionalities of photonic sensors from
capabilities in biological and chemical sens-
ing modalities. Some noteworthy R&D areas include thermal stability analysis, enhancing sensitivity levels, low detection limit, high
tunability, newer materials, flexibility in terms of structure, and self-assembly. It is interest-
ing to note that researchers are also exploring stretchable and self-adhesive photonic sen-
sors that are biocompatible for underwater motion detection applications. Photonic crystal sensors for wearables and terahertz imag-
ing are other areas garnering a lot of attention from the research community.
Some interesting sensors include fiber optic sensors, surface plasmon resonance sensors,
photonic crystal sensors, and microresonator sensors. Such sensors are becoming increasingly important in many industries, including
aerospace. They are expected to play a key enabling the internet of things (IoT) concept.
Some of the prominent companies working on photonic sensors are ON Semiconductor, OMRON Corporation, Banner Engineering Corp.,
Pepperl+Fuchs GmbH, Hamamatsu Photon-
ics K.K., Applied Nanotools and Synaptec Ltd. Prime Photonics, LC, Banpil Photonics Inc., NP Photonics Inc., One Silicon Chip Photonics Inc., Bayspec Inc., FISO Technologies Inc., A2 Photonic Sensors SAS, Ibsen Photonics A/S, Smart
Fibres Limited, BBN International Limited, and Baumer Electric AG.
Startups such as Optics11, Optitune, and Luminate are developing innovative photonic sensing
technologies,
including
fiber
optic sensors, plasmonic biosensors, and metasurface-based sensors
Developments in Photonics Driving R&D Innovations in Sensors Nanophotonics: The development of nano-
selectivity and have potential applications
highly sensitive and selective sensors that can
monitoring, and food safety.
photonic structures enabled the creation of
detect small changes in the environment or a
in medical diagnostics, environmental
target.
Optical fiber technology: The use of optical
Plasmonics: Plasmonic sensors use the inter-
greatly over the years. Newer configurations,
action between light and surface plasmons,
which are oscillations of free electrons in metals, to enhance the sensitivity of the
sensor. This has led to the development of highly sensitive biosensors for medical and environmental
applications.
Plasmonic
biosensors detect the presence of biological
molecules. These sensors offer high sensitivity and
fibers for sensing applications has expanded such as hollow core fibers and microstructured
fibers, are explored to develop distributed
sensing, where measurements are made along the entire length of the fiber. Distributed fiber
optic
sensors,
such
as
distributed
temperature sensors (DTS) and distributed
acoustic sensors (DAS), have been developed for applications such as structural health monitoring, oil and gas pipeline monitoring, Technology / 27
and perimeter security. These sensors can
on a single chip. These chip-scale sensors
along the entire length of a fiber optic cable,
telecommunications, and environmental
measure temperature or acoustic vibrations allowing for real-time monitoring of large areas.
Chip-scale
sensors:
Advances
in
microfabrication technology have led to the
development of photonic sensors that are small enough to be integrated onto a single chip.
Chip-scale
photonic
sensors,
also
known as photonic integrated circuits (PICs), are becoming increasingly common. These sensors are small, lightweight, and can be
integrated with other electronic components
have applications in biomedical sensing, monitoring.
Metasurface-based sensors: Metasurfaces are artificial structures that can manipulate
the properties of light. Metasurface-based sensors can be designed to detect changes in
the environment or a target, including changes in temperature, pressure, or refractive index.
These sensors have potential applications in
biomedical
sensing,
environmental
monitoring, and chemical sensing.
Conclusion The adoption of photonic sensing technol-
Various business models such as device sales,
businesses and governments to improve their
on the specific market, target customers, and
ogies presents numerous opportunities for
operations and gain a competitive edge. By leveraging the benefits of high accuracy, sensitivity, and real-time monitoring, organizations can enhance their decision-making
processes, reduce costs, and increase
efficiency. Manufacturers must invest in
research and development of photonic sens-
ing technology and explore new applications to remain competitive.
Authored By: Varun Babu,
service, subscription, and licensing depend competitive landscape. It is important for
companies to understand customers’ needs and preferences and develop innovative
products through strategic partnerships to
succeed in the photonic sensing industry. Furthermore,
collaborations
between
academia, industry, and government can help accelerate the pace of innovation and drive
the commercialization of photonic sensing solutions.
Industry Analyst, and Kasthuri Jagadeesan, Director, TechVision, Frost & Sullivan
28 / Technology
Technology / 29
Incorporation of Artificial Intelligence into Mental Healthcare
Mental healthcare is a severe concern today. People are raising awareness everywhere to save mental peace, fight
stress, anxiety, and many more. Day by day, the concern for
mental healthcare is expanding and it has become really important for everyone to consider their mental health.
Our fast-paced world has made everyone’s life stressful.
People hardly find time to think about their health, let alone, mental health. Moreover, there still exists some places where
natives think that discussing mental health is a taboo and even shun the very existence of the term ‘mental health’, turning it as part of ‘physical health’. Therefore, in this partially aware world,
when people ponder to fight their mental illness and end up getting incomplete treatment or unsure illness, their belief
towards a cure declines. Therefore, it becomes very essential to treat or diagnose the patients with right procedures.
30 / Healthcare
Healthcare / 31
Reports and Statistics An individual is said to be suffering through
pated to expand to USD537.97 billion by 2030,
positive emotion, have low mood, and has a
says that in 2020 , depression affected more
some kind of mental health if he/ she has no
variety of abnormal behavioral, emotional, physical, and cognitive issues. Globally,
mental health diseases are on the rise that
at a CAGR of 3.5%. World Health Organization than 264 million individuals worldwide, regardless of age.
affects 1 in every 7 individuals. At least 10%
From 2022 to 2027, the market for artificial
the fourth greatest cause of death for people
to expand at a CAGR of 39.1%. Following an
of the population is impacted, and suicide is between the ages of 15 and 29. Nearly 15% of teenagers experience a mental health disor-
der. Depression is caused by several variables, including genes, stress, and brain chemistry.
According to some research, the market for mental health services worldwide, which was valued at USD383.31 billion in 2020, is antici-
32 / Healthcare
intelligence in mental health is projected
analysis of 28 studies on artificial intelligence and mental health, researchers from IBM
and the University of California came to the conclusion that the choice of AI techniques
and quality of data training allow algorithms
to approximately identify a variety of mental disorders with a 63-92% accuracy.
AI’s Essentialities Artificial Intelligence or AI has been leveraged for many years. Almost in every field now,
there’s a role of AI. It is playing a significant role in backing up nearly every effort of
human life. In the medical field, AI is already playing a big role in diagnosing people’s diseases. Whether for automating the tasks or
analyzing patient data or using tools such as
AI assisted pathology tools to assist diagnosis, AI has played its role very well. Now, if we see
the functions of AI in curing mental health issues, there are innumerable roles that AI can play in solving the issues in its nascent
stage. Mental health field has initiated AI into it in order to receive better and personalized
care. AI can shorten waiting times and allows quick availability. While accessing treatment there could arise several barriers which AI can remove easily. Moreover, it can boost up the
efficiency level in medical or therapy sessions.
Further, AI has the power to precise the diagnosis and treatments of the patients. The training of therapists and the quality control of care are both made easier by the technology.
With the aid of this technology, medical personnel could sieve through patient records
to find information about their behavior, pattern, history, or any other useful information
that could aid in decision-making. In mental healthcare, artificial intelligence could lower expenses and increase accessibility. A new
study demonstrated that artificial intelligence may detect anxiety symptoms with over 92% accuracy.
Technology
continues
to
offer
approaches to improve mental health. AI can drastically lessen symptoms before they worsen if used properly.
Healthcare / 33
How is AI transforming mental healthcare solutions? Let us have a few detailed look at how AI can revolutionize patient’s mental issues:
• Provide precise diagnosis AI has the power to combat misdiagnosis or
behavior, and other aspects to deliver a more
provide the right and precised diagnosis at
and doctor in getting the best result. Recent
re-define early diagnosis. It has proved to
shorter period of time, thus increasing therapy effectiveness. AI research can assist doctors personalize treatment by grouping patient diagnoses into several ailment subgroups.
Leveraging AI to analyze enormous amounts of large data and identifying trends can help
professionals make advancements earlier than they alone could do. For instance, AI can
identify patterns in complex data like family history, successful prior therapies, patient
accurate diagnosis and assist both the patient technological
developments
demonstrate
that AI can identify depression twice as accurately as humans. AI extracts data from
a sample and then assesses several metrics contained within the sample. For instance, the
technology can identify depressive symptoms by examining vocal biomarker information
from an audio sample, such as pitch or speech rhythm.
• Assigning right therapist According to researchers, insights from data
modification is necessary or if it’s time for a
patients with right therapists and determine
company, Lyssn, analyses utterances between
can be used to better connect potential
which kind of therapy would be most effective for a given person. Furthermore, after being
matched with a therapist, it is important to keep a track of the patients’ advancement. AI can assist in determining when a treatment
new therapist. A UK and US based software therapists and clients using an algorithm to
determine how much time is spent during
a session on constructive therapy vs. idle conversation.
• Comprehending the language pattern of the patients In therapy sessions of the mental health care,
precise words that a therapist and patient use
or consultants. It is done to comprehend
a disorder at the greatest quality level. A UK
patients are often interacted by the doctors patient’s behavior, issues and other things.
This is also called as psychotherapy or talk therapy. In order to make the session smooth
and easy, medical healthcare professionals use AI to analyze a method called NLP or
Natural-Language Processing. This procedure uses machine learning and identifies the 34 / Healthcare
to communicate with one another and treat based company, ieso, tested the procedure
showcasing the potential of AI-based online
therapy, with a 1/3 greater recovery rate
than face-to-face therapy. Additionally, their services shorten waiting lists by 30% and expedite patient access to care.
AI applications
There are several AI applications too that process human behavior more accurately. Some of them are:
1. Woebot, that claims to be an emotionally intelligent AI chatbot that provides a space for
individuals to express their thoughts and emotions through therapeutic dialogues while also keeping track of their moods.
2. Youper, a therapy app, averse to decrease the level of anxiety and depression in a patient within the first two weeks of treatment.
3. Wysa is an artificial intelligence (AI)-based “emotionally intelligent” bot that offers a variety of tools and techniques, including evidence-based CBT, Dialectical Behavior Therapy (DBT), guided meditation, breathing, and yoga, to help users regulate their emotions and ideas.
Concluding Thoughts: Today 1 in 7 people, globally, experience
mental diseases more objectively than done
to resources and developing new forms of
enhanced. However, AI is a work in progress. It
mental health issues. Hence expanding access
therapy are essential to preserving both
mental and physical health. Incorporating AI into mental healthcare solution could be
a game changer. It will be feasible to assist mental health professionals in redefining
now as AI approaches are developed and
is unlikely that it will ever completely replace
conventional therapy in the foreseeable future, but still the potential of artificial intelligence for mental healthcare is considerable.
- A blog by Tasleem Majumder Healthcare / 35
Seven Strategies for sustained employee retention 36 / Corporate
In today’s competitive job market, retaining employees has become a challenge for organizations. While factors such as work-life balance
and compensation are often discussed as key drivers of employee retention, recent research
has identified other important factors that play
a crucial role in keeping employees engaged and committed to their organizations.
Autonomy and Empowerment Employees who are given autonomy and
likely to take ownership of their work and feel
and committed to their work. When employees
This sense of ownership and pride can lead
empowerment are more likely to feel engaged have a sense of control over their work and are trusted to make decisions, they are more
a sense of pride in their accomplishments. to higher levels of job satisfaction and lower turnover rates.
Opportunities for Growth and Development Employees who are given opportunities for
lead to higher levels of job satisfaction and
feel engaged and committed to their work.
when employees are given the opportunity to
growth and development are more likely to
When employees are provided with training and development programs, they are able to acquire new skills and knowledge, which can
a greater sense of fulfillment. Additionally, advance within an organization, they are more
likely to feel committed to the organization and less likely to leave.
Genuine Constructive Feedback for True Development Genuine constructive feedback that leads to
According to a survey by TinyPulse, employees
can help in retaining the workforce. Employees
more likely to be engaged in their work
true development is another crucial factor that want to know how they are performing and
what they can do to improve their skills and knowledge. Regular feedback can help them to grow in their roles and feel valued and appreciated.
who receive regular feedback are 3.5 times compared to those who don’t. Furthermore, employees who receive regular feedback have
a turnover rate that is 14.9% lower compared to those who don’t.
Corporate / 37
However, feedback needs to be constructive
In addition, feedback should be given in a
on the employee’s strengths and areas for
the opportunity to discuss their progress and
and genuine to be effective. It should focus
improvement in a positive way, rather than just pointing out mistakes or weaknesses. Employees should feel that their managers care about their growth and development and are willing to invest in them.
timely manner, and employees should have receive guidance on how to improve. This
can help in fostering a culture of continuous learning and development, where employees feel that they are growing and developing in their roles.
Recognition and Appreciation Employees
who
feel
recognized
and
are more likely to feel valued and motivated
likely to feel engaged and committed to
recognition can come in many forms, from
appreciated for their contributions are more
their work. When employees receive positive feedback and recognition for their work, they
to continue performing at a high level. This verbal praise to bonuses or promotions.
Purpose and Meaning Employees who find purpose and meaning
likely to feel a sense of fulfillment and pride in
and committed to their organizations. When
satisfaction and a greater sense of loyalty to
in their work are more likely to feel engaged employees are able to connect their work to a larger mission or purpose, they are more
their work. This can lead to higher levels of job the organization.
Positive Leadership Leaders who demonstrate positive leadership
According to a study by Gallup, employees who
and committed employees. When leaders
their strengths or positive characteristics are
behaviours are more likely to have engaged actually walk the walk, and are supportive,
empowering, and provide opportunities for
growth and development, employees are more likely to feel valued and invested in their
work. Additionally, positive leadership can help
to foster a positive workplace culture, which
can lead to higher levels of job satisfaction and lower turnover rates.
38 / Corporate
strongly agree that their manager focuses on
67% more likely to be engaged in their work compared to those who don’t. Furthermore, organizations with positive leaders are more
likely to have engaged employees and higher levels of productivity and profitability.
Work Relationships Another important factor that contributes
as very important. Another study by Edelman
relationships within the workplace. Employees
view
to employee retention is the quality of who have positive relationships with their
colleagues and managers are more likely to feel
Trust Barometer found that 75% of employees their
employer’s
important for retention.
trustworthiness
as
valued and engaged in their work. According
As employers around the world deal with
Management (SHRM), 55% of employees rated
phenomena, a renewed focus on the practical
to a study by the Society for Human Resource relationships with their co-workers as very important to job satisfaction, and 44% rated relationships with their immediate supervisor
the aftermath of disruptive workplace steps to promote workforce retention will bring benefits to employees and employees alike.
- Blog By Hanan Nagi
Corporate / 39
Quantum Computing: The Future
40 / Technology
The world is making a breakthrough in every
field, technology being no exception. What’s
fascinating is how a particular technology
Let’s dive right into this beautiful concept which will make a difference in the future.
could suddenly soar to new heights and play
It is often considered a complicated technology
discovered relativity, he was clueless about
let’s make it elementary and begin with a
a part in shaping the future. When Einstein it becoming an important concept but look
at us now, opening up this infinite box of opportunities known as quantum computing.
to understand but, for people curious to learn,
holistic approach. Starting right from the How, What and Why questions.
What is Quantum Computing? When professionals run into a problem they turn towards supercomputers which aren’t that
super as sometimes the scale and complexity
of the problems are too much for them to handle. This is where quantum computers
could come to the rescue, they harness the law of quantum mechanics to solve problems
that are too complicated for traditional computing technology. The astonishing power
of a quantum computer is due to the colossal resemblance
of
having
three
elemental
properties of quantum mechanics: quantum
superposition, entanglement and interference. To understand precisely, in classical computers there is something known as bits which store data, and it only takes the value of either 1 or
0 at any given time, whereas a qubit can be found in a superposition of both states 0 and 1 until a measurement is obtained.
Quantum Superposition A quantum particle is used as a bit, also known
can be controlled with an electromagnetic
any particle, but outer electrons in phosphorus
and while we’re not observing, they can be up
as a qubit. It could be an electron, photon, or atoms are frequently used. When the spin is up
it’s 1 and when the spin is down it’s 0. The spin
field. The spin of electrons can be up, or down,
and down at the same time. This is known as quantum superposition.
Technology / 41
Quantum Entanglement In quantum mechanics, we use the property
outcomes of measurements on these qubits.
so that no matter the distance, one particle
capitulate 0 or 1 at random, but no matter
of entanglement. Two particles can be linked always gives the same result as its other half.
This entanglement will manifest itself in the
When measured, these qubits will always how distant they are from each other, they will consistently give the same result.
Quantum Interference Quantum interference is an outgrowth of
or destructively. Constructive interference is
in quantum mechanics that describes the
of another wave having the same frequency
superposition. It is a fundamental concept behaviour of quantum systems when they interact with each other. In quantum mechanics, particles such as electrons and photons can behave as both waves and particles and when they interact with other particles or
waves, they can either interfere constructively
where the crest of one wave meets the crest resulting in an amplitude which is the sum of
the two individual amplitudes. On the other hand, destructive interference is when a range
of one wave meets a trough of another wave,
then the amplitude is equal to the difference in the individual amplitudes.
How do they work? Quantum computers tend to deal with
to qubits. Lastly, a repository is required for
to classical computers. Traditional computers
maintain the qubits in their constant form. This
instructions in a different way when compared use binary bits whereas quantum computers convey information through qubits. The qubits
capability of being in superposition is the core of quantum computing, as it displays a huge
storing these qubits. This repository must demands specific requirements that range from needing to be near zero degrees or the housing of a vacuum chamber.
analytical power.
Qubits require huge sustenance as even a
They harness an array of algorithms to
result in a loss of a quantum state. Not only
perform various assessments and inferences. User inputs are then accustomed by the
computer to create a multifaceted space
basic instruction can cause disturbance and small vibrations but slight temperature shifts will also make the qubits decohere.
where patterns and individual data points
That’s why quantum computers are
quantum computer comprises three parts.
superconducting circuits — the most salient
are stored. The physical construction of a
The first one is a classical computer with a framework that executes programming by
delivering commands to qubits. The next part
is the transfer of signals from the computer 42 / Technology
kept isolated, and the ones that run on method, preferred by Google and IBM — have to be kept at near-absolute zero (a cool -460 degrees Fahrenheit).
Some applications of Quantum Computing 1. AI and Machine Learning Quantum computing has the potential to
problems, which can enable us to find better
providing exponential speedup for certain
learning algorithms can be used to classify
revolutionize AI and machine learning by types of calculations especially related to
optimization, which involves finding the best solution from a large set of possible solutions. Quantum computing can provide exponential
speedup for certain types of optimization
solutions faster. Secondly, quantum machine
data more quickly than classical algorithms. Additionally, quantum computing can be
used to speed up the training of machine
learning models, which can help reduce the time required to develop new AI applications.
2. Computational Chemistry It is one of the most promising fields because
with that, it can also improve the nitrogen-
both values i.e. 1 and 0, concurrently. This could
based fertilizer; creating a room-temperature
of the ability of quantum computers to exist in provide a great opportunity for the machine to
map molecules elaborately which could serve
the purpose of pharmaceutical research. Along
fixation process for creating ammonia-
superconductor; removing carbon dioxide
for a better climate; and creating solid-state batteries.
3. Financial Services Application of quantum technology in this
complex algorithms are used to automatically
accomplish intricate computation and give
market variables, which is beneficial, especially
field will prove to be rewarding as it can a better solution in lesser development time.
Algorithmic trading is another possibility where
trigger share dealings by evaluating the for high-volume transactions.
4. Logistics Quantum computers would help to optimise
optimizing stocking levels. This would reduce
them to calculate the most efficient routes that
supply chain by predicting and mitigating
transportation and routing systems by helping
would save fuel consumption and travel time. Secondly, it can help companies to maintain
their inventory by predicting demand and
stockouts and waste. It would also aid in the risks,
improving
visibility,
and
optimizing
logistics processes. Thus, improving freight transportation and last-mile deliveries.
Technology / 43
Weather Forecasting & Climate Change Quantum
computers
can
gather
huge
Forecasting consists of various factors, like air
could lead to enhanced weather system
lead to difficulty in providing accurate data.
amounts of data, in a stipulated period. This modelling allowing scientists to predict the changing weather patterns in no time and
with excellent accuracy — something which
can be essential for the current time when the world is going under a climate change.
pressure, temperature and air density, which Quantum computing could help overcome
these difficulties easily. Meteorologists will also be able to analyse more detailed climate
models, which will provide greater insight into climate change and ways to mitigate it.
Breakthroughs in Quantum Computing These are some of the companies scaling the quantum peakCompany
IBM
Milestone the first company to give a cloud-based computing approach. Its first
cloud-based processor consisted of a five-qubit processor and IBM continued to introduce new versions.
Google has claimed to achieve an experimental milestone of scaling a
logical qubit, demonstrating for the first time that it’s possible to reduce errors by increasing the number of qubits
Microsoft
Microsoft introduced Azure Quantum, the world’s first full-stack, opencloud computer.
It has proficiency in building spin qubits that can operate at a higher
Intel
temperature. Intel also has skills in quantum dot arrays that are useful
in large-scale qubit processor productions using transistor fabrication technology.
Rigetti Computing Toshiba
44 / Technology
Rigetti uses superconducting qubit technology to make and deploy integrated quantum computing systems.
is known for its Quantum Key Distribution (QKD) program as it protects network communications.
Conclusion Quantum computing is a rapidly developing field that promises to reform
computing and solve some of the world’s most complex problems. The property of qubits allows quantum computers to
p er for m
certai n
cal cu l at i o ns
exponentially faster than classical computers.
Despite the promise of quantum computing, there are still significant
challenges that must be overcome before it can be widely adopted. One
of the biggest challenges is developing e r r o r -c or r e ctin g co des t hat can
protect quantum information from the effects of noise and decoherence.
Another challenge is building quantum
computers with enough qubits to solve meaningful problems.
Overall, the field of quantum computing
is still in its early stages, but it has the potential to fundamentally transform
computing and solve problems that are currently intractable with classical
computers. As research continues, we will likely see significant advancements in both the theory and practical applications of quantum computing.
- Blog By Tamanna Shaikh
Technology / 45
Top HR Trends for 2023 Workplace
46 / Corporate
The Human Resource or HR department in an
out to be a nightmare for the HR department.
is the key to a company’s success. An HR is
HR has to bring more efficient employees than
organization is a very crucial department. It responsible for onboarding effective, efficient,
and deserving candidates to the company.
Above all, the employees of a company are the core sources who execute company’s goal and have influence over its clients and generate revenue. Therefore, an HR is the key person responsible for the core assets to a company’s success.
T h e r oles and duti es an HR h as to g o through are very challenging. Like any other troublesome task, an HR has to go through a lot of miscellanies. The Covid-19 pandemic turned
Moreover, each year the challenge rises as the the last time. Businesses all over the world are
now aware that in order to draw in and retain workers, they need a specific and relevant purpose for the upcoming year. In today’s extremely
competitive
market,
managing
and retaining employees is one of the most
important HR roles. Employee expectations are changing along with the workforce,
with demands for improved interpersonal interactions and increased job satisfaction.
These factors have identified themselves as the top HR challenges that executives and company owners need to be aware of in 2023.
Let us see some of the top challenges HR professionals are facing in 2023: Attracting Quality Talent It has always been a challenge for the HR team
to hunt for suitable talents for their company.
2023 talent acquisition seems to be the
that the companies also had to face ‘Great Resignation’.
highest priority for the HR team. Either there
To hire the right candidate for a position, HR
arduous task for the HR to select the befitting
assessment tools and cut the percentage of
are loads of good talent, which makes it an candidate, or there is a dearth of good talent
for a job role. However, the current global talent
crisis is making it difficult for the HR team to
recruit qualified and suitable candidates to
fill a vacancy. According to a recent survey of
HR executives ranking conducted in the U.S.,
hiring and talent retention remains the highest challenge with nearly 47% of respondents. Pandemic could be the reason why many of
the employees had to leave companies as
per employers’ orders. It was during this time
executives must develop more effective talent unwanted candidates. Skills evaluation and
methods of remote interviewing could be used to speed up the process of accurate hiring.
Moreover, candidates today are well prepared with some of the common interview questions; Be it introducing themselves or answering questions that are related to their study
pursued, past experiences or questions related to the upcoming roles. Today, an HR needs to
come up with innovative ways to test the skills and true competencies of a candidate.
Corporate / 47
Win back the employees After putting down so much effort to select
Hybrid working differs from organisation to
company will try to lose its quantifiable asset.
should come a couple of days of a week to work
the right candidate for a particular role, no
Many situations may rise where employees willingly resign from their position. It could be due to their personal issues or decisions or it
could be related to their dissatisfaction with
the tenure they were hired for. If latter is the reason, then people are less willing to stay
back in an unfulfilling job. Here, it becomes more demanding for the HR people to retain the employee rather than hiring a new one. According to a 2022-2023 SHRM State of the
Workplace report, for 30% of HR professionals, retention became a bigger challenge. Retaining
the existing dependable employee will be more fruitful than recruiting a new one. HR people
need to play some stratagems to win back
deserving employees. Companies must show their consideration and acknowledgement of
the experiences and value propositions of their employees. Businesses must demonstrate how they promote enduring principles and a distinct sense of purpose.
Flexible working conditions could be another
factor in hiring or retaining employees. Employees want options of hybrid or remote
work. They can even switch jobs due to these factors. According to a recent Gartner
research, 75% employees need more flexible
options than these. Experts also predict that hybrid working would be a successful one
in 2023. Since the pandemic, workers have preferred to work from their own comfortable remote locations.
According to a survey
conducted by Nasscom and Indeed, for 66% of respondents, working remotely improved employee satisfaction. 48 / Corporate
organisation. To some it means, employees
and rest they can do work from home (WFH). Some companies also offer WFH due to certain
unavoidable situations of the employees. Other businesses may only need in-person meetings once every three months. The goal
of hybrid arrangements is to combine the
finest elements of both. Therefore, HR people
must consider a flexible working environment as well.
Re-evaluating staff value proposition With rising competition, employee expectations
As company HR, you must first shift from
culture due to the pandemic and other social
to a human-centred value proposition. This
are also rising. Moreover, changes in the work
issues is also increasing employee expectations. In addition to the competitive compensation,
robust benefits, and opportunities for growth
and development, employees increasingly demand for a holistic value proposition that includes job advancement, skill development,
inclusion, belonging, fairness, trust, authenticity, purpose, a supportive culture, and wellness. Employee standards place a strong emphasis
on belonging. In a recent Randstad poll, more than half (54%) of the participants said they
would quit their jobs if they didn’t feel like they
belonged there, and 42% said they would turn down a job offer if the employer’s values didn’t match their own.
addressing employee’s value proposition (EVP) treats employees as humans and not workers which they feel satisfying. This year, it seems
many of the progressive organizations are doing so. Secondly, you can attract significant talent and increase employee engagement
when you make an investment in providing a solid EVP. For instance, if applicants find an EVP appealing, your company can cut the
compensation premium by 50% and expand
its labour market reach by 50%. Organizations
can decrease annual employee turnover by just under 70% and increase new hire
commitment by nearly 30% by successfully deploying their EVP.
Prioritizing employee wellbeing Due
to
the
fast-paced
working
culture,
of the company should be built up in such a
According to the Workforce Institute at UKG,
benefits their mental well-being. Also, an HR
employees remain stressed most of the time.
46% of middle managers intend to leave their positions in the upcoming year as a result of stress at work.
Handsome packages cannot always solve the issues of stress or unhappiness. Companies
need to consider employee well-being and this year they must contemplate all the factors
that could lead to better employee welfare.
way that it attracts employees and hence
will need to control employee morale, exhibit transparency, and consistently earn back the
confidence of those who are uneasy about their jobs. Moreover, flexible working conditions, as mentioned above, can also lead to employee
well-being. HR professionals or the managers should maintain the diversity and inclusion in the work culture for long-term benefits.
In 2023, employee wellbeing will be a major
The development of a holistic well-being
out for after such a pandemic. Companies
which has progressed beyond physical well-
factor that nearly every employee will look are required to spend a sum of money on
enhancing employee wellbeing and making sure they are resilient and self-assured in the
face of new possibilities and challenges. Not
only that, the work culture or the environment
culture is now a part of employee well-being, being. Employee well-being now broadly
means their physical/mental, career, financial,
social, community, emotional and purposedriven well-being too.
Corporate / 49
Making accountability Making
accountability
means
companies
be considered is maintaining an adequate
for their actions, decisions, and results. They
employees. Fostering relationships with the
should make their employees accountable
should try to re-engage their workforce which
means having a conversation with employees
on their performances. A company should try to set monthly objectives and deadlines to keep employees motivated to complete
tasks on time. These enable team members to understand their part in advancing the company’s goals and adapt their work goals
as necessary to stay on track with those goals. Accountability motivates the employee
and hence results in increased productivity. Talking about productivity, another factor to
relationship between a manager and his
managers and bosses could help employees receive advice and support, as well as details
on potential growth possibilities, resulting in employee motivation. Furthermore,
through talent mobility and skill building, the company can provide more accountability
to its employees. A company can offer
existing employees to move to new roles or departments within the company. This will not only give value and motivation to the
employees but will also impulse them to stay back in the company.
Conclusion Recruiting, retaining, engaging and motivating
ones and help them grow. Managers should
professionals go through every year. Moreover,
projects every time. They should leave some
employees
are
immense
tasks
that
HR
in 2023 the burden will be more due to a shortage of talent. HR professionals should be prepared in knowing deeply about their new
hires or re-evaluating the needs of the existing
not burden their team members with new plan for the coming year as we don’t know what may or may not happen and how we should respond to that.
- Blog by Tasleem Majumder
50 / Corporate
Education / 45
The Rise of Monoclonal Antibodies and Biosimilars in Oncology
Since the approval of the first recombinant
sugars or complex combinations of these
(FDA) in 1982, several biological drugs and
under the ambit of protein biopharmaceutical.
insulin by the US Food and Drug Administration
medicines were authorized. Thus, beginning the era of undiscovered/infinite possibilities
in the field of biopharmaceuticals. To educate the common masses on this little-talkedabout concept, we will begin with the most
basic knowledge and later dive deep into this mammoth topic of biosimilars, monoclonal antibodies and biopharmaceuticals.
Broadly illustrating, biopharmaceuticals are structurally complex biological molecules that
can be composed of nucleic acids, proteins, 52 / Technology
substances and, monoclonal antibodies come
Similarly, a biosimilar is a type of biological product that is highly similar to an already approved biological drug, also known as
a reference product. Understanding these basics is important as these concepts will
serve as the basis for the upcoming discussion. Now moving forward to our concerned area
i.e. oncology, these products have become an integral part of cancer treatment both as
therapeutic agents and as supportive care agents. Thus, becoming dominant in the oncology market.
Introduction In oncology, biological medicines are
extensively used for treatment, but these
products also increase the financial burden on
of monoclonal antibodies(mAbs) has just been embarked upon.
the healthcare sector. As reference products
mAbs are notably more intricate both in
new frontiers for biosimilar medicines in the
compared to epoetin and filgrastim. As the
are losing exclusivity rights, this has opened
market. These medicines tend to offer viable
and cost-effective treatment options. It should
be noted, a biosimilar cannot be considered an identical copy of the originally approved
biological product. Minor differences can exist
between the biosimilar and the reference product, but it needs to be demonstrated that
these differences are not clinically meaningful. Hematopoietic
growth
factors(epoetin
&
filgrastim) are used in oncology as supportive treatment, but the introduction of a biosimilar
the structural and functional aspects when
door to this innovation has been unlocked, the number of biosimilars available in oncology is
likely to increase rapidly, with the therapeutic focus
shifting
from
supportive
care
for
chemotherapy to targeted, potentially lifeprolonging or curative monoclonal antibodies
(mAbs). Rituximab was the first mAb biosimilar
approved by EMA in 2017. Following that, a second rituximab biosimilar, GP2013 (Rixathon), as well as the trastuzumab biosimilar SB3 (Ontruzant) was approved.
Rituximab It is a genetically engineered mAb used i n the treatment of various conditions
including cancers especially non-Hodgkin’s
lymphoma(NHL) and chronic lymphocytic leukaemia(CLL). It also treats auto-immune
disorders such as rheumatoid arthritis, lupus, and multiple sclerosis. The process begins when rituximab binds to a protein called CD20 on the surface of B cells, a type of white
blood cell involved in the immune response. By binding to CD20, rituximab helps to destroy
the B cells and suppress the immune system. Concerning this mAb, biosimilars to rituximab
were developed namely-Blitzima, Truxima, Ruxience, Riximyo, Rixathon and Ritemvia.
Technology / 53
FDA-approved mAB biosimilars in oncology: Reference Biologic
Biosimilar
Biosimilar Manufacturer
Avastin (Bevacizumab)
Mvasi
Amgen Inc
Zirabev
Pfizer Inc.
Rituxan (Rituximab)
Truxima
Celltrion, Inc
Ruxience
Pfizer Ireland Pharmaceuticals
Riabni
Amgen, Inc
Ontruzant
Samsung Bioepis Co. Ltd
Trazimera
Pfizer Inc
Herzuma
Celltrion, Inc
Kanjinti
Amgen Inc
Ogivri
Mylan GmbH
Herceptin (Trastuzumab)
Trastuzumab It is a humanised monoclonal antibody used
over several months, and the specific dosing
HER2-positive. It targets and binds to the HER2
condition and the stage of their cancer. It has
in the treatment of breast cancer that is
protein, which is overexpressed in certain
types of breast cancer cells. By binding to HER2, trastuzumab can slow down the growth and
spread of cancer cells. Trastuzumab is usually
administered intravenously and may be used
alone or in combination with chemotherapy. It is typically given as a course of treatment
54 / Technology
regimen will depend on the individual patient’s
proven to be an effective treatment for HER2positive breast cancer and has also been
approved for use in many countries around
the world. Biosimilars of trastuzumab include Herzuma,
Trazimera.
Kanjinti,
Ogivri,
Ontruzant
and
Bevacizumab It is a recombinant humanized monoclonal
metastatic colorectal cancer, non-small cell
growth factor (VEGF) and is used to treat
cell carcinoma, and cervical cancer. It may
antibody which targets vascular endothelial
various types of cancer. It works by inhibiting the growth of blood vessels that supply
nutrients and oxygen to cancerous tumours,
thus preventing their growth and spread. Bevacizumab is approved by the U.S. Food and
lung cancer, glioblastoma, metastatic renal be used alone or in combination with other
chemotherapy drugs or targeted therapies.
Biosimilars of avastin(Bevacizumab) are Mvasi and Zirabev.
Drug Administration (FDA) for the treatment of
FDA-approved mAB biosimilars in oncology: Reference Biologic Avastin (bevacizumab)
MabThera (rituximab)
Herceptin (Trastuzumab)
Some Biosimilars
Biosimilar Manufacturer
Mvasi
Amgen Technology (Ireland) UC
Zirabev
Pfizer Europe MA EEIG
Aybintio
Samsung Bioepis NL B.V.
Equidacent
Centus Biotherapeutics Europe Limited
Oyavas
STADA Arzneimittel AG
Alymsys
Mabxience Research SL
Blitzima
Celltrion Healthcare Hungary Kft.
Truxima
Celltrion Healthcare Hungary Kft.
Ruxience
Pfizer Europe MA EEIG
Ontruzant
Samsung Bioepis NL B.V.
Zercepac
Accord Healthcare S.L.U.
Trazimera
Pfizer Europe MA EEIG
Herzuma
Celltrion Healthcare Hungary Kft.
Technology / 55
The Need for Biosimilars in Oncology A reform is brought in cancer treatment with
the introduction of biologics, which are large,
complex molecules produced from living cells. Not only are they highly competent at targeting explicit cancer cells but also, they have fewer
side effects on patients. However, biologics
are expensive, which limits access to these life-saving therapies. Biosimilars are similar to
biologics in terms of safety and efficacy but
are produced by different manufacturers and
at a lower cost, making them an important tool for increasing access to cancer treatment.
The need for biosimilars in cancer is driven
by several factors. Firstly, cancer is a disease that affects millions of people worldwide, and the best treatment is biologics which is costly.
Biosimilars offer a more cost-effective way to provide these treatments to patients who need them.
Secondly, many biologics have patent protections that prevent competition from
generic drugs. Biosimilars, on the other hand, can be developed once the patent on the original biologic has expired, which allows for competition and lower prices.
Finally, biosimilars have the potential to increase the sustainability of healthcare
systems by reducing the financial burden of cancer treatment. The cost of cancer treatment is a major concern for patients and healthcare providers alike, and the availability
of biosimilars can help to reduce the cost of treatment without sacrificing quality.
56 / Technology
Conclusion With the increase in the number of unknown
have provided patients with more treatment
necessary to upgrade our knowledge and
therapies. These developments have also led to
variations w.r.t diseases, it has become expertise in the field of medicine. Biotechnology
is proving to be an area of vast possibilities for development and is contributing significantly. The scope for mAb and biosimilars is pushing
boundaries for medical improvement. They
options and enhanced access to effective a more competitive market, ultimately leading to reduced healthcare costs. As research and
development in this field continue, we can
expect to see even more promising therapies and improvements in cancer treatment.
- Blog by Tamanna Shaikh Technology / 57
How to Create a Code of Conduct Training That Will Help Your Business Thrive Creating a code of conduct training for your business isn’t
just something you should do; it’s essential for the success and longevity of any organization. While this process may not be as exciting as other aspects of running a company,
like creating creative ideas for launching new products, employee codes of conduct are vital to establishing boundaries and ensuring proper behavior among its staff members.
Here we look at how developing and implementing an effective code of conduct training program can lead to
better working conditions across the board, increased customer satisfaction, greater productivity levels,
increased profitability, and improved morale within your team.
What is Code of Conduct Training and Why is it Important for Your Business?
Code of conduct training provides a clear and meaningful
set of rules designed to help guide employees’ behavior
both in the workplace and outside. It can also be called a code of ethics or ethics policy.
58 / Corporate
A Code of Conduct Training benefits your business by promoting respect, good judgment, and positive employee
behavior. This type of training helps establish healthy
boundaries for employees and their communication with each other – ensuring everyone is held accountable
for their actions. This training also helps demonstrate to
potential customers that your company values ethics and best-practice standards.
Additionally, it can help protect your organization from legal liabilities should any issues arise. Creating a strong Code of Conduct Training for your business will help it thrive in the long run.
Guidelines for Establishing an Effective Code of Conduct Training
Creating an effective code of conduct training for your business is essential to ensure your employees understand the standards and principles guiding their behavior. When
designing a code of conduct training, it’s necessary to set
clear expectations for staff, outlining the responsibilities and duties they must adhere to while on the job.
Establishing expectations should include a thorough explanation of ethical values such as honesty and integrity. In addition, it’s essential to promote behaviors that support collaboration, respect, responsible communication, and
inclusivity. If misconduct occurs, provide details on how it will be addressed and by whom.
Finally, emphasize that it is everyone’s responsibility to uphold the code of conduct – regular review ensures
everyone stays on track with meeting the established guidelines.
Corporate / 59
Tips For Effectively Communicating the Code of Conduct Training Communicating the importance of code
Additionally, establishing policies on sharing
essential. Establishing clear expectations and
and mutual respect. Follow up regularly on
of conduct training to your business is
good examples can help your employees
understand how they should act in the workplace. You can ensure everyone gets the
message by incorporating helpful visuals and keeping it simple.
feedback will create an atmosphere of trust the progress made toward understanding and implementing these policies. Remember,
you can tailor communication with each
department according to the need to get the best results from each group of employees.
Setting Up Programs That Monitor and Enforce the Policy Creating a code of conduct for your business
This could come in regular check-ins or
workplace and fostering healthy relationships
report violations, ensuring supervisors are held
is essential for maintaining a harmonious between teams and management. But what
good does a policy do if it is not regularly
monitored or enforced? To ensure that implementing a code of conduct is achieved, businesses set up programs to keep track of
surveys, encouraging team members to selfaccountable for good behavior, and having
consequences if norms are broken. In this way, companies can enforce their Code of Conduct Training and ensure its success.
interpretation and adherence to the policy.
Evaluating Your Training Program to Ensure it Is Meeting Your Needs Evaluating your training program is a crucial
You can also look at wide-scale factors
well as the needs of your business. It’s essential
associated with the code of conduct training.
step to make sure it is meeting your needs, as to use data and analytics to measure how participants are doing across different areas. Keeping track of employee engagement, learning retention rates, and improvements in
employee behavior are just a few of the ways you can gauge success.
60 / Corporate
like customer satisfaction or particular KPIs Regularly reviewing and assessing your code
of conduct training program will help ensure
that it is effective for everyone involved, allowing everyone to benefit from the progress in creating a thriving work environment.
Resources To Help You Develop and Implement An Effective Code Of Conduct Training Program Developing and implementing an effective
Taking time to explore and integrate these
for any business to ensure its workplace
significantly impact creating a healthy,
code of conduct training program is essential culture is inclusive, respectful, and based on
ethical practices. Several excellent resources
resources into your training program can productive environment for everyone involved.
are available to help enterprises to create a
A Code of Conduct Training will give you the
values and provide staff with the guidance
Establishing an effective training program
code of conduct that will reflect the company’s they need.
Businesses new to the process can find
templates online to get them started. At the same time, those looking to take their training
program up a notch can look into customizing their plan with professional assistance. Tutorials and online courses are also available,
which can provide managers with tips and advice on implementing their code of conduct
necessary tools to move your business forward. requires you to set clear guidelines and
communicate them clearly and consistently.
Additionally, ensure that you have robust
processes for monitoring compliance with the policy and evaluating its effectiveness. With
these strategies in place, you can rest assured
that your Code of Conduct will help promote a safe, respectful working environment for everyone involved.
in day-to-day operations most effectively.
- Blog received on Mail from Skylar Colton
Corporate / 61
Shift Towards Precision Medicine to Improve Healthcare Outcomes Precision medicine (PM) strategies are
driving an era of value-based care to make diagnosis, treatment, and disease management more targeted and patientcentric, improving treatment outcomes and reducing overall healthcare costs. PM’s
utility
continuum
is
of
expanding
healthcare
equitable,
outcome-driven
utility
diseases
across
to
the
achieve
healthcare
delivery. The PM will find high clinical for
where
over
and
undertreatment could lead to resistance and serious side effects. Oncology
is
the
most
tapped
area,
(WGS)
and
whole
exome
where PM tools such as whole genome sequencing
sequencing (WES), and targeted gene
panels are being increasingly used to predict disease risk, stratify patients for
therapy selection, and monitor response
to therapy. It can also be useful to predict disease recurrence and optimize dosage. Precision tools are expected to improve
the efficiency and accuracy of disease screening, risk assessment, prevention, diagnosis,
monitoring
to
therapy
while
selection,
reducing
costs
improving treatment outcomes.
62 / Healthcare
and
and
Advanced Precision Testing Aimed to Provide Holistic Molecular Signatures While genetic, environment, and lifestyle
risk, while companion diagnostics have been
to develop precision medicine tools, advances
therapies in breast, lung, and other cancers.
factors were initially the key factors considered in multiple omics technologies, single cell
developed for the rational use of targeted
analysis methods, molecular imaging,
Single-cell analysis technologies, especially
augmentation are pushing the realm of PM by
omics are emerging as promising tools for PM.
big data, and artificial intelligence (AI)
providing deep molecular insights. Precision
testing has expanded beyond just genomic analysis and includes multiple biomarkers–
microbiome, transcriptome, epigenome, and proteome that provide a detailed molecular
signature which would be a value add in disease modeling, drug development, clinical decision support making, and enabling real-
time, dynamic monitoring of the disease. Pharmacogenomics assays can also guide
and predict the response in patients and help optimize treatment. Targeted gene panels are being increasingly utilized to assess cancer
single-cell multi-omics tools, and spatial These methods give a deep understanding of tumor heterogeneity and can be leveraged
in precision oncology. While PM aims to help stratify patients and decide on treatment
regimens, it can be a useful tool for disease monitoring and surveillance and enable a shift towards predictive and preventive healthcare
in the long term. In an era dominated by omics and Big Data, advanced analytical tools which
can integrate multidimensional, heterogenous, large-scale data could decipher patterns from
“big” complex data and hold great potential to advance PM.
Targeted Precision Therapies High costs and poor treatment outcomes,
for certain types of cancers, with an array
the development of targeted cancer therapies.
a strong pipeline of late-stage candidates.
resulting in tumor resistance have been key in The US Food and Drug Administration (FDA) approved
targeted
therapies,
Herceptin
and Gleevec which have been in the market
for several years are a testament to the groundwork done in this space. Pharma
companies are increasingly moving away
from the blockbuster mindset to create more high-value, targeted therapies for target
certain patient populations. Implementation of
molecular screening and subsequent therapy selection is becoming more commonplace
of FDA-approved targeted therapies, and The accelerated approvals of mobocertinib
and sotorasib in 2021 as targeted therapies for different mutations in NSCLC indicate the growth of genomic tools-driven therapeutics
development. Several Companion Diagnostics
(CDx) is being co-developed with therapeutics, and these assays are being widely leveraged
to predict treatment outcome, help stratify patients for optimal drug and dosage, and for prognosis.
Healthcare / 63
Augmenting Clinical Testing with Digital Tools and AI is Integral to Realizing the Full Potential of PM The growing demand for precision medicine
precise treatment of the infection, rather
and has made digitization from a good-to-
antibiotics. Rapid immunodiagnostics and
has certainly pushed digital transformation have to a critical element in healthcare. Big
Data and AI/machine learning (ML) tools help in managing high volume, disparate multimodal data from clinical data, and electronic health records (EHRs) along with omics data and
enable precision diagnostics, and support as CDS (clinical decision support) tools.
AI/ML augmentation can enhance the
than treating patients with broad-spectrum
host response tests can be used to differentiate between bacterial and viral infections and
support as a CDS tool. Harmonizing the integration of AI into genomic diagnostics will support the prediction of infectious pandemics,
better understand the prognosis of infections,
and provide actionable insights to clinicians to initiate appropriate therapeutic intervention.
accuracy of molecular diagnostics and
In critical care or emergency care, advanced
onset. This is especially important for complex
clinical decision-making and improved
enable the prediction of disease risk and early diseases, such as cancers or neurological
diseases, where a panel of biomarkers needs to be analyzed. However, the limited clinical validation of such tests and reimbursement
challenges have been deterrents to widescale adoption.
Many AI-based molecular diagnostics are being developed as an adjunct to treatment
digital tools are extremely valuable for precise outcomes. The AI/ML algorithms can analyze bedside tests, EMRs, medical imaging, and Web- and mobile-based device data for precise
identification
of
patients’
needs
and provide appropriate treatment. The AI-
enabled clinical decision-making platform
can also detect clinical risks in patients to facilitate early individualized interventions.
intervention, to analyze responses to treatment,
Wearable devices such as smartwatches, or
the use of molecular signatures is critical
with
and predict outcomes. In addition to cancers,
in infectious diseases where overtreatment can result in antimicrobial resistance (AMR),
a globally growing concern. Advances in diagnostics integrated with digital tools have made infectious disease management more precise than ever. Rapid phenotypic or culture-
free antibiotic susceptibility testing platforms can quickly detect and identify infectious
diseases within minutes, and this also enables 64 / Healthcare
skin patch-based diagnostics are integrated flexible
and
miniaturized
sensors
measuring simple parameters such as vital signs, stress, wellness, or glucose monitoring
to infection, sleep, or ECG monitoring. The continuous health data collected by digital
tools can be analyzed to identify the patterns in a patient’s health, which are called digital biomarkers. Integration of AI algorithms with
digital biomarkers can provide actionable
diagnosis and precise selection of therapy or
dosage to the patient at the right time. This
Medical imaging biomarkers can help in
medicine for chronic disease patients.
location and extent of the abnormality, the
is especially useful for providing precision For
example,
performing
healthcare
digital
professionals
biomarker
analysis
of
patients with diabetes, and hypertension can
receive real-time insights such as dynamic dose optimization or precision nutritional
recommendations. Digital biomarkers can also be useful to pick early “signals” to predict and prevent certain diseases and quantify phenotypic data. In fact, pharma companies
are providing users with digital tools such as wearables, companion apps, or AI health assistants to get personalized insights and
manage their disease condition by optimizing dosage by themselves.
stratifying the patients and depending on the
treatment decisions are made accordingly.
Hybrid imaging can also be used to guide precision medicine in patients. Such as fluorine-18
fluorodeoxyglucose
(18F-FDG
imaging
positron
emission tomography/computed tomography PET/CT)
modality
can
guide precision medicine for invasive bladder carcinoma. Moreover, combining data from
medical images with individual genomic phenotypes—also known as radio-genomic analysis—helps
in
guiding
therapeutic
strategies for individuals. This diagnostic, therapy, and prognostic precision medicine plays an important role in oncology.
Healthcare / 65
Advanced Clinical Trials for Precision Drug Development With the aim to develop precision medicine,
support precision medicine in clinical trials by
significantly. Adaptive trial design analyzes
to strategic treatment planning. A digital
the clinical trial design is also changing
interim data points to modify the trials as
required and provide precise therapy for patients. These trials modify the doses and
better assess the relationship between
outcomes and dosage. Digital biomarkers also
stratifying the population into different subsets biomarker is an effective way of developing
personalized population baseline data which
improves the pre-screening and recruitment of patients in a trial.
Current Roadblocks and the Path Ahead With dwindling costs and times of next-
medicines is more R&D intensive and costly
in clinical practice. However, there is still a
streamlined regulations for their success.
gen sequencing, WGS has become routine significant
populations SNP
underrepresentation
(single
and
ethnicities
nucleotide
in
of
certain
terms
of
polymorphism)
mapping, and biobanking, and this needs to change to derive value from precision testing. Issues around regulations, insurance
reimbursements, and data management and analysis have also impeded the full-fledged
development of PM. Most genetic predictive testing is not reimbursed in many parts of
the globe, and improving clinical validation and including their coverage would help in widespread adoption. Developing targeted
than
traditional
medicines
and
requires
Outcome-based reimbursements can help such
high-value,
low-volume
therapies
thrive in the market and make them more accessible. Increased use of deep learning and
other ML algorithms can help analyze large-
scale, multimodal data to make PM more streamlined. For the PM to become an integral part of disease management, it is important to
devise strategies to integrate genomic data, clinical data, and RWE (real-world evidence)
in real time to render precision diagnostics and population health analysis more clinically actionable.
Large Scale Precision Medicine Efforts Will Bolster Growth The Precision Medicine Initiative launched by
in Germany are collaborating to advance
level effort to implement strategies to shift
Council) region, especially UAE, Saudi Arabia,
the US in 2015 was the first formal nationaltowards value-based care delivery. This was
followed by nations such as UK, Sweden, and
Germany setting up PM initiatives. Multicentric
efforts such as the one between Genomic
Medicine Sweden (GMS) and the Centers for Personalized Medicine (ZPM) initiative 66 / Healthcare
PM. Countries in the GCC (Gulf Cooperation and Qatar are also actively working on largescale
genome
sequencing,
biobanking,
and creation of reference genomes (Qatar Reference
Genome)
which
would
drive
population-wide understanding of disease susceptibility and help develop preventive
healthcare strategies. China and Japan are
from diverse populations, and inclusion of
and others have also prioritized large-scale
to further drive PM strategies. Developing
trailblazers in the APAC region, while Taiwan
genomic sequencing efforts to push PM. It recently announced precision health as one of its six core strategic focus areas in its Vision
for 2030. Building comprehensive datasets
underrepresented minorities will be critical sustainable
and
long-term
economic
models that would support the financing of
PM strategies will be crucial for widespread adoption.
Co-authored by Ruplekha Choudhurie, Senior Industry Analyst and Team Lead (Health & Wellness), TechVision, Frost & Sullivan, Debarati Sengupta, Senior Industry Analyst and Team Lead (Medical Device and Imaging), TechVision, Frost & Sullivan
- Blog received on Mail by Frost & Sullivan Healthcare / 67
Improving customer experience in the banking industry
In a world where businesses are fighting to pace up their rank in the market, customer experience plays an important role. It does not matter what is the nature of the business, a good customer experience plays a significant role. With the ongoing trends in the business industry, everyone is trying to improve every department including tech, management, recruitment, etc. Improving the customer experience is also an important area that most businesses neglect. Talking about the banking sector, improving the customer experience in today’s era will bring more business and that is why it is very important.
68 / Banking
Customer Experience in the Banking Sector Improved customer experience is a compet-
itive advantage for banks. It leads to higher wallet share, recommendations, and opportunities for cross-selling. Banks worldwide are
evaluating existing products and services to determine customer satisfaction and provid-
ing customized solutions to retain customers and attract new ones. Customer experience in banking includes interactions through various channels, such as call centers, emails, and
social media. It is crucial for marketing and customer retention.
Banking / 69
Current State of the Banking Sector We all know that the world has been
personalized experience, and fast response
the other changes, the banking sector has
channels.
undergoing
various
changes.
Among
all
experienced new trends on the basis of
across payment platforms and service
emerging priorities. Banks around the globe
Customers now prefer banks that have well-
to improve their customer experience.
security breaches, litigation, and fines. It has
are using management systems like Wavetec
The traditional customer relationships have been disrupted by savvy competitors who have introduced 24/7 self-service,
maintained privacy and security, avoiding become compulsory for banks to maintain a proper IT infrastructure as cybercrime is on the rise.
How to improve customer experience in the banking sector in 2023? Digital transformations have changed customer expectations in banking, prompting banks to improve their customer experience to retain and attract new customers. Here are tips for enhancing the customer experience while keeping up with the latest trends 1. Improve Products and services by introducing Mobile App Data. A mobile app is essential for banks in today’s era. Customers expect mobile banking services, and without a mobile app, banks risk losing existing customers to competitors. Self-service
through a mobile app is a growing trend, and banks should consider adding unique services to enhance customer experience. 2. Have a branch of the future. The new digitized trends showcase that in the near future customers would not be interested in going to the physical branches. This does not mean a bank should shut down the physical branch, instead, it should work on the branch of the future.
Now, what does the branch of the future mean? To establish a branch of the future, you must imagine what your customers want to see in a physical branch. You can make it look like a
showroom-style branch with mobile devices displaying your mobile app, offering face-to-face interactions while offering customer training and consultative services to use the technology. 3. Offer Advising Services. In order to enhance customer service, banks should pair consumers with in-house financial advisors. These advisors would guide consumers with tailored advice based on their needs.
Banks should introduce customer relationship management technology so that they are able to 70 / Banking
analyze and collect data to establish customer profiles. These profiles will be useful for your in-house advisors to have a complete view of the customer’s situation. 4. Artificial Intelligence. Customers are most frustrated when they call a service helpline and are put on hold. Banks cannot
be blamed as the number of incoming calls is sometimes impossible to handle for humans. That
is why banks should have Artificial Intelligence enabled chatbots that would process and pull information from different sources to attain incoming customer service requests.
5. Automated Onboarding. When new customers are onboarded in a bank, they have to sign and fill out stacks of paper. What if the onboarding is done through an electronic process rather than manually? A lot of
burdens from the administrative team will be reduced and customers will be happy to have a fast-paced process of opening an account.
Conclusion Customer service is crucial for every business, and digitalization has made it even more important. There are various ways for banks to improve their customer service, and many companies offer
software and hardware solutions to enhance the customer experience. Banks can choose these platforms to improve their services.
- Blog received on Mail from Scott Landel Banking / 71
Understanding Digital Advertising Trends During a Recession
In the current economic climate,
businesses
seek
ways to stay ahead of the
competition and maximize their
digital
advertising
efforts. It’s no secret that
recessions bring hard times, and many companies are wondering how they can
make the most of their marketing remain
budgets
competitive.
to
The
answer lies in understanding
the changes that have taken place in digital advertising
trends during this time of
crisis. In this blog post, we’ll
explore how businesses can
capitalize on these trends, why they need a growth
agency for e-commerce,
and how to make sure they stay one step ahead.
72 / Technology
What is Digital Advertising? Digital advertising refers to any marketing
reaching potential customers with targeted
radio, television, and the internet. This form of
that digital campaigns are more efficient than
or promotion via electronic media, such as advertising has become increasingly popular over the years due to its effectiveness in
messages. Recent studies have also shown traditional ones in engaging customers and improving conversion rates.
How Has Digital Advertising Changed During a Recession? The recession has had a profound effect
spots or billboards, businesses have begun
hand, many companies have been forced
and online video platforms to reach their
on digital marketing trends. On the one
to cut back on their spending due to budget constraints; however, this has also opened up
opportunities for more creative approaches to marketing. For example, instead of relying solely on traditional methods such as television
exploring new channels such as social media audiences more cost-effectively. Additionally, companies have been leveraging data-driven
insights to develop strategies to maximize their return on investment (ROI).
What Are Some Strategies For Maximizing ROI? In today’s competitive landscape, businesses must maximize their ROI from each launch
campaign. This means taking an analytical approach that considers factors such as customer
segmentation
and
targeting
strategies and optimizing messaging for different channels (e.g., email vs. display ads). Additionally, businesses need to use analytics tools like Google Analytics to track metrics such as website visits and conversions so they
can make informed decisions about which strategies are working best for them. Finally,
companies should focus on creating content
that resonates with customers by leveraging
customer feedback from surveys or reviews to develop campaigns that tap into what people genuinely care about.
Technology / 73
Increasing Mobile Advertising Spend With more people using mobile devices than
like India and China and improved technology
one of the fastest-growing segments in digital
mobile advertising means that businesses
ever, it’s no surprise that mobile advertising is
marketing. In 2020 alone, mobile advertising spend is expected to grow by 20%. This is partly due to the growth of emerging markets
such as 5G networks. This increased focus on should
adjust
their
marketing
strategies
accordingly by optimizing for mobile devices and targeting mobile users with relevant ads.
Using A Growth Agency For Ecommerce In addition to leveraging the latest digital
their
consider partnering with a growth agency for
for conversions, and implement targeted
advertising trends, businesses should also
ecommerce to maximize their ROI. A growth
agency specializes in analyzing customer data
and
developing
strategies
tailored
to the specific needs of each business. For
example, they can help companies improve
website
performance
and
UX/UI
design, optimize their ecommerce platform campaigns
across
multiple
channels.
In
addition, growth agencies can also provide
valuable insights into customer behavior and purchasing patterns to help businesses stay ahead of the competition.
Conclusion As the economy continues its recovery from
during times of economic adversity. Above
digital advertising trends to maximize their ROI
creativity is critical—by leveraging unique
the recession, businesses must stay ahead of from each campaign they launch. By visiting
up-to-date with changes in online marketing
tactics and taking an analytical approach
towards developing strategies explicitly tailored towards their target audience(s), companies can ensure they remain competitive even
74 / Technology
all else, companies should remember that
ideas and insights gleaned from customer
feedback (among other sources), businesses
can create campaigns that stand out from
the crowd and drive results even during a recession!
Technology / 75
March-ing on With Calculated Optimism
76 / Market
The Fed hiked rates by 25bps overnight,
necessitating a restrictive stance on policy. But
current substantial stress in financial markets,
for where rates should end the year with the
taking it to 5%. The hike comes despite the
translating that the Fed is still prioritizing its fight against inflation above other considerations. In
its statement about the hike, the Fed said that inflation remained elevated while employment indicators were running at a robust pace. It
there was no change to this year’s projection median projection of 5.125% holding, with 10 FOMC members pitching at that level while one member supported rates going up to as much as 6%, higher than the previous SEP.
also stressed that US banks were sound and
Overall, the March FOMC meeting will be put
would mean tighter credit conditions, although
is still an issue and hiking rates is the most
resilient but that the current stress in markets
J-Pow’s press conference later stated the precise level of tightening would be uncertain.
It seemed to downgrade the path of monetary
policy at the next meetings, saying some additional policy firming may be appropriate
rather than its previous language of ongoing increases in rates. J-Pow also noted that the Fed did consider a pause at this meeting and
that additional rate hikes might still be needed
if the inflation fails to get closer to target levels,
underscoring the level of uncertainty to the rate trajectory as it closed in the peak of the hiking cycle.
The FOMC also came with a new Summary of Economic Projections. Growth for this and next year was revised down marginally while the unemployment rate was also nudged
lower. Projections for inflation rose with the Fed estimating PCE inflation at the end of the year
at 3.3%, above the Fed’s 2% target and thus still
down as an attempt at a dovish hike. Inflation effective tool to cool aggregate demand and, eventually, bring prices lower. Similar to the
messaging from the ECB last week, Powell noted that the Fed has separate tools to manage liquidity stress in financial markets.
Market reaction to the Fed was somewhat
clouded by a simultaneous message from Treasury Secretary Janet Yellen who seemed to rule out a blanket increase in deposit
insurance, saying it was not something we are considering. Nevertheless, the 2yr UST
rallied sharply on the Fed announcement as
markets discounted any more tightening, with yields falling 23bps on the day to 3.9367%. The moves this month have been substantial: only
as recently as March 7, the 2yr UST was trading with a 5% yield. Market pricing for rates at
upcoming meetings has a 25bps tentatively
priced in for the May FOMC before cuts start in earnest from the July meeting. Almost 70bps
of cuts are priced in from the current effective Fed Funds rate by the end of the year.
Market / 77
Based on Fed’s own SEP, monetary policy
companies are included in tax revenue, along
will still be above target by the end of 2023.
VAT, and other taxes.
will need to tighten further as PCE inflation A median Fed Funds projection of 5.125%
implies one more 25bps hike, presumably at
the May FOMC meeting, though the current volatility in financial markets may prompt a
pause. Economic data in the coming weeks will be key for the May meeting though it is probably too early for it to reflect much of the
noise in markets. On that basis, we expect that the Fed will be able to move ahead with one more hike before holding rates unchanged
over the remainder of the year. But that stable policy view is caveated by an assumption
that financial strains are contained. Should
markets hit the rocks again, and credit conditions tighten significantly, then the Fed
with taxes on foreign banks, customs duties,
With inflation averaging 5% last year, this implies a real cut in consolidated government
spending in 2022, despite a surge in oil revenues.
2023 will see revenue estimates lower on the
back of a lower oil price and no increase in oil production. With the new corporate income
tax coming into effect in the second half of this year, it will boost revenues over the next two years. With overall tax revenues to be around 9% lower in 2023 and projected to be a 5% increase in current spending, slightly more
than expected average inflation, the budget surplus will be at AED 125.2bn this year or 6.2% of estimated GDP.
may need to do less on the hiking front to
Risk warning – As with all investing, your capital
May hike would then lengthen and we could
as well as up and you may get back less than
slow growth and curb inflation. The odds of a bring our expectation of rate cuts—currently
expected for 2024—forward to the second half of the year.
Closer at home, the latest provisional data
from the UAE MoF show the consolidated budget recorded a surplus of AED 195.7bn in
2022, or 10.5% of the estimated GDP, up from
is at risk. The value of your portfolio can go down you invest. Past performance and the contents
of this outlook is not reliable indicator of future performance. This article/print is protected through international copyright & print laws and may not be reproduced, distributed, or
copied without exclusive permission from the writer.
AED 61.5bn (4.0% of GDP) in 2021.
Geoffrey Muns is an Independent Financial
Total revenue grew 28.7% y/y in 2022, driven by
and UAE based out of Dubai for the past 20
sharply higher tax revenues which rose more than 60% y/y. The Ministry of Finance does not split out the revenue into oil and non-oil
income, but the methodology notes indicate
that taxes paid by Abu Dhabi’s oil and gas
Advisor and Planner certified from the UK, US, years. He also works in the PE/VC space and is
a seasoned investment banker having worked
with international banks and investment firms in the region.
- Blog By Geoffrey Muns 78 / Market
Market / 79
The New Money Language: ISO 20022 It is the grist for the gossip mill-but don’t be troubled, SWIFT’s ISO 20022 is simple. For instance, there comes a time when people become
acquainted, their communication can be misin-
terpreted. Similarly, it’s no different in the financial
world, except the threats are significant. If financial
organisations have trouble communicating, that will further lead to inconvenience. In this situation, ISO 20022 plays a role.
Introduction to ISO 20022: In simpler terms, it is a global standard that creates a common language for payments
worldwide which results in better transactions for all. It first commenced in 2004, which helped
in delivering electronic messages between financial establishments. ISO is the International Organization for Standardization, which provides
standards for financial messaging which are based on XML(a mark-up language).
80 / Business
Business / 81
Advantages of ISO 20022: Enforcing a particular language, IS0 20022
more precision. Tasks such as invoicing
firms
automated,
offers dynamic resilience to financial which
susceptible
helps
to
them
market
become
shocks,
more
economic
trends and technological alterations. It will
help with the transparency of payments as institutions can impart more payment-related information. Secondly, it is a future-oriented
business model as banks can assimilate themselves
with
their
customers
with
and
liquidity
m a na g e m e nt
c an
be
thus creating a competent
corporate banking ecosystem that is booming and malleable. Also, standardization always
brings cost efficiency which is an added benefit compared to the SWIFTs MT format. Lastly, it
opens the door to more business opportunities
as convergence to one standard is needed and 20022 bridges this interoperability gap.
FpML, FinXml,
Fpml
XBRL, and FIX are some other messaging languages used by different
XBRL
countries for communicating between financial organisations and ISO 20022 compensates for
COMMON STANDARD (ISO 20022)
FinXml
this by giving a common standard globally. 82 / Business
FIX
How does it perform? SWIFT leads ISO 20022 to a manual that comes with all the instructions you need to assemble.
The outcome is a standardised way of communicating across frontiers and establishments. By continuing the metaphor this manual has three different instructions namely:
1. Business Model: Payment
Debtor Creditor Credit Agent
Credit Transfer
Debtor Agent
Party
Address
Financial Institution
Account
For a particular payment to take place for
A distinct feature of IS0 20022 is its separation
into play like- Debtor, Creditor, Creditor Agent
in the syntax. It starts with shaping the process,
example a credit transfer various actors come and Debtor agent.
The debtor and creditor are considered to
be one party whose attributes include their postal address and account number whereas
the creditor agent and debtor agent are the
between the business and how it is portrayed the parts and the players involved as well
as the knowledge required for the action to take place. These details are then stored and
analysed into components having business elements.
financial institutions.
2. Logical Message Formation: Whether it is a credit card transfer or payment,
message is an explanation of the information
across all messages. As a result, an insightful
function, independent of pattern or syntax.
it has the potential to utilize components
which is required to perform an explicit
3. The Syntax: XML is named the elementary syntax which
syntax are some other patterns that can be
this logical message. SWIFT proprietary or FIX
which also contains the ISO 20022 Dictionary.
plays the role of visual representation for
opted for too. This is preserved in an archive
Business / 83
MT & MX MT and MX are two different messaging
elements that can be used for financial trans-
exchanging information between banks and
wide range of purposes, including payment
standards used in the financial sector for financial institutions.
MT stands for “Message Type” and is used to
actions. MX messages can be used for a
instructions, trade confirmations, and securities transactions.
refer to the SWIFT MT message format, which
The most significant difference between these
financial transactions. The SWIFT MT messages
better defined and more granular compared
is a standardized messaging format used for
are used for sending various types of financial
messages, such as payment instructions, trade confirmations, and securities transactions.
On the other hand, MX stands for “Message
two messaging formats is that MX is far richer, to its prototype. It improves the calibre and consistency of data across messages and
financial processes as well as the automation of its processing.
Exchange” and is a newer messaging stan-
In summary, both MT and MX messaging
flexible and extensible messaging format. The
but MX provides a more flexible and extensible
dard introduced by SWIFT to provide a more MX messages are based on the ISO 20022
standard and provide a richer set of data
84 / Business
standards are used for financial transactions, messaging format based on the ISO 20022 standard.
Challenges of implementation
The implementation of ISO 20022 can be challenging for organisations because of the – 1. Technical intricacy: Implementing ISO 20022 requires significant technical expertise, including
knowledge of the standard’s structure, message types, and syntax. Organizations need to ensure
that their systems and applications are compatible with ISO 20022, which can be a complex and time-consuming process.
2. Data Scaling: Converting existing data to ISO 20022 format can be a significant challenge.
Scaling data elements from existing systems to the ISO 20022 standard requires careful planning and attention to detail. This process can be particularly challenging for organizations with large amounts of data or complex data structures.
3. Coordination: Implementing ISO 20022 requires coordination between various stakeholders, including internal departments, external partners, and service providers. Organizations need to
ensure that everyone involved in the process understands the standard’s requirements and is working towards the same goals.
4. Migration: Migrating to ISO 20022 requires careful planning and execution. Organizations need to ensure that the migration process does not disrupt their business operations and that all stakeholders are aware of any changes.
5. Compliance: Compliance with ISO 20022 can be challenging, particularly for organizations operating in multiple jurisdictions with different regulatory requirements. Organizations need to ensure that they are compliant with all relevant regulations and standards.
Overall, implementing ISO 20022 can be a challenging process, requiring significant technical
expertise, coordination, and resources. However, the benefits of adopting the standard can be significant, including improved efficiency, increased interoperability, and reduced costs in the long term.
Business / 85
Conclusion ISO 20022 is a global standard for financial messaging that is rapidly gaining popularity
in the financial services industry. It is a comprehensive messaging standard that enables the exchange of structured data
between financial institutions, facilitating the
automation and streamlining of financial processes.
The adoption of ISO 20022 offers several benefits for financial firms, including improved efficiency,
increased
automation,
and
enhanced interoperability. It enables the
integration of financial processes across different systems and platforms, which can reduce the need for manual intervention and improve the accuracy of data.
Overall, ISO 20022 represents a significant step forward in the evolution of financial messaging standards, and its adoption is likely to continue
to grow in the coming years. Financial institutions that embrace this standard early on are likely to enjoy a competitive advantage over those that do not, as they will be better
equipped to meet the evolving needs of
their customers and adapt to the changing financial landscape.
- Blog by Tamanna Shaikh
86 / Business
Business / 87
How to Make Money with Reseller Hosting
•
Many entrepreneurs are attracted to the idea of reselling hosting in today’s uncertain
•
Businesses that make it work hard – it takes an effort to succeed.
•
economy. It can be quite lucrative, although it’s far from a get-rich-quick scheme.
What does it mean to resell hosting? It is a smart way to make money and involves selling hosting packages to clients. As a reseller, you can set your own pricing and earn a profit by
reselling hosting resources that you purchase from a web hosting provider. Here are some tips on making money with reseller hosting. 88 / Business
Choose a reliable hosting provider The first step to making money with reselling
technical support. Your clients will rely on your
Look for a provider with a high server uptime
running, so it’s important to choose a provider
hosting is to choose a reliable hosting provider. guarantee, fast server speeds, and excellent
hosting services to keep their websites up and that you can trust.
Create customized packages Once you have selected a hosting provider,
When creating your hosting packages, it’s
your clients. Your hosting packages should
Research other hosting providers to see what
you can create hosting packages to sell to
be tailored to meet the specific needs of your
clients, such as disk space, bandwidth, and email accounts. You can also offer add-ons such as website builders, SSL certificates, and domain registration services.
important to set your prices competitively.
they are charging for similar hosting packages. You don’t want to price your packages too high and turn away potential clients, but you
also don’t want to price them too low and lose money.
Market your hosting services Once you have created your hosting packages, it’s time to start marketing your hosting services. There are several ways to market your hosting services, including: Paid advertising: Consider using paid
Email marketing: You can use email to promote
or Google AdWords to promote your hosting
can create newsletters or promotional emails
advertising methods such as Facebook Ads services. You can create targeted ads that
appear to people who are searching for hosting services or who fit your ideal client
your hosting services to your subscribers. You
that showcase your hosting packages and encourage people to sign up.
profile.
Referral programs: Offer a referral program
Social media: Use social media platforms such
to refer new clients to your hosting services.
as Facebook, Twitter, and LinkedIn to promote your hosting services. You can create posts and ads that target your ideal clients and
encourage them to sign up for your hosting
to your existing clients to encourage them You can offer discounts, free hosting, or other
incentives to clients who refer new business to you.
packages.
Business / 89
Work on customer support Providing excellent customer support is key to retaining your clients and growing your business reselling hosting. Make sure to respond to your clients’ inquiries and support requests promptly
and professionally. If you can’t resolve a technical issue, escalate it to your hosting provider’s support team for assistance.
Offering value-added services such as free site
migrations, website backups, and security scans
can also help you differentiate your hosting services and provide excellent customer support.
Upsell and cross-sell Upselling and cross-selling can help you generate more revenue from your existing clients. You can upsell by offering higher-tier hosting packages
that offer more resources and features. Cross-
selling involves offering additional services such as website design, SEO, or PPC advertising to your existing clients.
When upselling and cross-selling, make sure to
offer relevant services that align with your clients’ needs and interests. Don’t try to sell them services that they don’t need or won’t benefit from.
Manage your finances As a provider of this service, it’s essential to
manage your finances carefully. Keep track of
your income, expenses, and bottom line to ensure that you are running a profitable business. Set up
a system that automatically bills your clients for their hosting packages each month, and make sure to collect payments on time.
90 / Business
How much can you make? It depends on your business plan. Depending
you can reinvest those funds into advertising
$20 to $200 per customer per month. If you sign
With time, your business will grow, and you’ll
on features and services, you can make from
up 20 businesses in the area and charge them $50 each, it’s an easy $1,000 per month. Then,
campaigns, improve your services, and more.
be able to support yourself and maybe even your loved ones from it.
- Blog from Yvette Warren
Business / 91
Dubai Real Estate Market: A Record-Breaking Boom in 2022
The Dubai real estate market has always
particularly in the luxury apartment segment,
growth. However, the year 2022 witnessed an
increase of 313%. This surge can be attributed to
been known for its dynamism and remarkable unprecedented surge, surpassing all previous records. This article aims to provide an
analytical study of the factors contributing to this remarkable boom.
The real estate market in Dubai continues to shine as it achieved a staggering $65 billion
in sales in 2022. The emirate’s real estate sector has experienced substantial growth,
92 / Real Estate
which witnessed an impressive year-on-year the rising demand for branded residences and
the launch of exciting new developments. Let’s delve into some key statistics that highlight
the robust performance of Dubai’s real estate market and gain insights from industry expert
Maria Mitrea, the founder of Arabian Sunrise
Properties, a brokerage company with offices in Dubai and Abu Dhabi.
Unprecedented Growth in Luxury Apartment Sales: Luxury apartments sales in Dubai have witnessed an astounding growth rate of 313% year-on-year. This surge can be attributed to various factors, including
an influx of high-net-worth individuals seeking premium living spaces and an increasing preference
for branded residences. These luxurious apartments offer an unparalleled lifestyle, combining opulent
amenities, iconic architecture, and breathtaking views, making them highly desirable among investors and homeowners alike.
Strong Demand for Branded Residences: The demand for branded residences has been a significant driving force behind the remarkable growth
in Dubai’s real estate market. These properties, often associated with renowned hospitality and lifestyle brands, offer an exceptional living experience,
combining the comfort of a private residence with
the services and facilities of a luxury hotel. The allure
of branded residences lies in their exclusivity, excep-
tional quality, and access to world-class amenities, attracting discerning buyers looking for both a prestigious address and a superior lifestyle.
Maria Mitrea believes that the unprecedented growth in Dubai’s real estate market is a testament to the emirate’s ability to consistently innovate and
adapt to the evolving needs of buyers. She states, “Dubai’s real estate market has always been dynam-
ic, and the recent surge in sales is a testament to the city’s unwavering appeal. The combination of luxuri-
ous branded residences, exceptional amenities, and the iconic skyline has captivated the interest of local
and international investors. Dubai’s commitment to
developing world-class infrastructure and creating vibrant communities ensures a sustainable growth trajectory for the real estate market.”
Real Estate / 93
Unveiling the Boom: Factors Behind Dubai’s Real Estate Surge Several key factors fueled the remarkable boom experienced by the Dubai real estate market
in 2022. These factors can be categorized into economic, regulatory, and infrastructural drivers, which together created a favorable environment for real estate investments. •
Economic Stability and Diversification: Dubai has made significant strides in diversifying
its economy beyond oil dependency. Investments in sectors such as tourism, finance, technology, and entertainment have attracted both domestic and international investors,
• •
driving economic growth and creating a high demand for real estate.
Expo 2020 Dubai: The highly anticipated Expo 2020 Dubai played a crucial role in attracting investors and visitors from all corners of the globe. The six-month-long event showcased the
city’s innovation, culture, and potential, further boosting confidence in the real estate market • •
and generating immense interest in residential and commercial properties.
Foreign Direct Investment (FDI) Incentives: The Dubai government implemented various measures to attract foreign investors. Initiatives such as 100% foreign ownership of companies, extended residency permits for investors, and tax exemptions contributed to a surge in FDI,
• •
directly impacting the real estate sector.
Regulatory Reforms: The government’s proactive approach in implementing investor-friendly regulations significantly enhanced market transparency and investor confidence. Stricter
oversight, the introduction of escrow accounts, and the establishment of the Dubai Land Department’s Real Estate Regulatory Agency (RERA) ensured a fair and regulated market, instilling trust among investors.
In this booming market, one name stands out for her exceptional expertise and contributions – Maria Mitrea. With over a decade of experience in the Dubai real estate sector, Maria has been instrumental in shaping the success story of numerous investors & developers. Her expertise and dedication have earned her a reputation as a trusted advisor and an invaluable resource in the industry
94 / Real Estate
•
In-depth Market Knowledge: Maria’s profound understanding of the Dubai real estate
market, combined with her meticulous research and analysis, allows her to identify lucrative investment opportunities and guide her clients toward the most favorable options. Her ability
to accurately predict market trends has consistently provided investors with remarkable • •
returns on their investments.
Vast Network: Over the years, Maria has built an extensive network of developers, investors, and
industry professionals. This network enables her to access off-market properties, negotiate favorable deals, and connect clients with reliable partners for legal, financial, and property
• •
management services.
Tailored Solutions: Understanding that each investor has unique requirements and objectives, she prides herself on providing personalized solutions. She takes the time to understand her
clients’ preferences, risk appetite, and financial goals, ensuring that their investments align • •
perfectly with their expectations.
Exceptional Customer Service: Maria’s dedication to her clients goes beyond transactional
relationships. She strives to provide exceptional customer service, building long-term
partnerships based on trust and mutual success. Her commitment to maintaining open lines of communication and providing ongoing support has garnered her a loyal client base.
Conclusion The Dubai real estate market’s extraordinary boom in 2022 can be attributed to a combination
of economic stability, regulatory reforms and infrastructural development. As Dubai continues to evolve and innovate, it is poised to remain a top choice for investors and homeowners seeking lucrative opportunities and an extraordinary living experience.
- Blog from Jesna Jamal
Real Estate / 95