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IOI | Fortune

IOI Company Profile, Stock Price, News, Rankings | Fortune

 Larry, it's been a couple of weeks now since you announced that CBS would limit opioid prescriptions to a seven-day supply compared to something 18. You got everybody's attention on this. What's been the reaction? What have you been hearing from everyone? Susie, the reaction has been extremely positive from the community at large. People talking about their personal experiences. And the fact that what may have started something very innocent for some acute injury ultimately led to addiction. And the belief that if they had gotten off of those opioids sooner, that never would have happened. Doctors don't like to be told what to do. You didn't get any pushback from physicians? I would say that the physician community has been largely supportive. Everyone recognizes that this opioid epidemic that we're all dealing with, it's crying for a solution. And all of us as health care stakeholders. We need to do our part to begin to reverse this trend that we've seen emerging now for many years. What about the pharmacies? What have you heard from your competitors? Yeah, there's a lot of discussion taking place in the industry. And I do believe that there's reason for optimism that many of our competitors will join us in this effort to be an important part of the solution. So you really do think they're going to join you. Because when CBS cut out tobacco and cigarette sales and all of its stores, there weren't many fast followers. Cigarettes are a very serious health care issue, so is the opioid crisis. Do you think that this time it'll be a little different? Susie, I certainly can't speak for the decision that they'll make. But there is a lot of good discussion taking place. And I do believe that there's optimism that we can create an industry solution out of this. Did you pick up the phone and call your counterpart over at Walgreens or Walmart and say hey, guys, come on board? Well, we've had members of my team talking with their counterparts in these respective competitors. So there has been a very collaborative conversation taking place. You have said all along that you're open to having more competition coming in to the pharmacy business, and into the drug selling business. I want to talk to you a little bit about Amazon because as you know the word is out that they could get into the drug selling business online. What are your thoughts about that? We shouldn't think of pharmacy as if we're buying a book OK or a television. There is a product component of pharmacy. There's a service component of pharmacy. And the role that our pharmacist play across the country, we have almost 10,000 pharmacies about 80% of the US population lives within a few miles of a CBS. And I do believe that you know the service component recognizes some that you know would be to some degree barriers to entry. And certainly, if Amazon or any other competitor decided to enter that space, I'm confident that you know as our business continues to evolve will continue to be an effective competitor. The people who are familiar with what Amazon might be doing are saying that one of their strategies might be to eliminate the middleman. And that would involve companies like CBS. And then pass along those savings right to the consumer. And also come up with ways that consumers could do comparison shopping when it comes to drugs. How could CBS compete against something like that? Yeah, Susie, I think CBS health has created a very unique model. And that we operate retail pharmacies. We have a PBM with specialty pharmacy. We have many different assets that together they form know what we like to refer to as the front door to health care. I think the opportunity for us and it's what we've been working on what we continue to work on is, how do we connect the dots across all of those different assets to bring innovation and create some type of differentiated experience? So I think that's a little bit what exists within our secret sauce and what we'll continue to work on. We talk so much these days about being a disruptor or being disrupted. How do you think Amazon could disrupt the drug selling marketplace? Certainly, one of Amazon's core capabilities as their delivery and customer experience, they do a very good job with that. Mail order pharmacy, it already exists in the US from CBS, as well as others. So I think that there are opportunities to you know effectively compete. And I'm confident that we'll be able to do that if there are any other new entries enter the marketplace. 

Watch CVS Health CEO Larry Merlo Discuss The Company's Powerful Response to Opioid Epidemic

Health

Pharmacy chain has the tools to begin formulating solutions to America’s crisis.

Larry. It's been a couple of weeks now since you announced that CVS would limit opioid prescriptions toe a seven day supply compared to something like 18. You got everybody's attention on this. What's been the reaction? What have you been hearing from everyone? Yes, since the the reaction has been extremely positive from the community at large. People talking about, you know, their personal experiences and the fact that what may have started something very innocent for some acute injury, you know, ultimately lead to addiction and the belief that you know, if they had gotten off of those opioids sooner, you know, that never would have happened. Doctors don't like to be told what to do. You didn't get any pushback from physicians. I would say that the physician community has been largely supported. Everyone recognizes that this opioid epidemic that we're all dealing with, you know, it's crank for solution. And you know, all of us as health care stakeholders, we need to do our part to begin to reverse this trend that we've seen emerging now for many years. What about the pharmacy? What have you heard from your competitors? Yeah, there's a lot of discussion taking place in the industry. And I and I do believe that there's reason for optimism that many of our competitors will will join us in this effort to be an important part of the solution. You really do think they're gonna join you because, you know, when you, uh when CBS cut out tobacco and cigarette sales in all of its stores, there weren't many fast followers. Cigarettes are very serious health care issue. So is the opioid crisis. Do you think that this time it'll be a little different? You know, Susie, I certainly can't speak for the decision that will make that there is a lot of good discussion taking place in, and I do believe that, you know, there's optimism that we can create an industry solution out of this. Did you pick up the phone and call your counterpart over at Walgreens or Walmart and say, Hey, guys, come on board What? We've had members of my team talking with their counterparts in these respective competitors, so there has been a very collaborative conversation taking place. You have said all along that you're open to having more competition coming in to the pharmacy business and into the drug selling business. I want to talk to you a little bit about Amazon because, as you know, the word is out that they could get into the, um, drug selling business online. What do you know about that? We shouldn't think of, you know, pharmacy as if we're buying a book, okay. Or, you know, a television that, you know, there is a product component of pharmacy. There's a service component of pharmacy and, you know, and the role that you know, our farms display, you know, across, You know, the country. We have almost 10,000 pharmacies. About 80% of the U. S. Population lives within a few miles of a CVS. And I do believe that you know, that service component recognizes some elements that would be to some degree barriers to entry. And certainly if the Amazon or any other competitors okay, decided to enter that space. You know, I'm confident that, you know, as our business continues to evolve, will continue to be an effective competitors. The people who are familiar with what Amazon might be doing or saying that one of their strategy might be to eliminate the middleman and that would involve companies like a CVS and pass along the savings right to the consumer and also come up with ways that consumers could do comparison shopping when it comes to drugs. How How could CVS compete against something like that? Yeah, I think you CVS Health has created a very unique model in that way operate retail pharmacies. We have a PBM specialty pharmacy. We have many different assets that together they form. You know what we like to refer to as the front door to healthcare. I think the opportunity for us, and it's what we've been working on, what we continue to work on it. How do we connect the dots across all of those different assets to bring innovation and create some type of differentiated experience? So I think that's a little bit what exists within our secret sauce and what will continue to work We talked so much these days about being a disrupter are being disrupted. How do you think Amazon could disrupt the drug selling marketplace? Certainly one of Amazon's core capabilities says their delivery and and and customer experience okay. And, you know, they do a very good job with that, Uh, mail order pharmacy. It already exists in, you know, in the U. S. From CVS as well as you know as well as others. So, you know, I think that, you know, there are opportunities to, you know, effectively compete, and I'm confident that you will be able to do that if they are any other new entries that are the marketplace.

Opioids Aren't Only a Health Issue, They're an Economic Issue

And taxpayers are footing most of the bill.

Welcome to balancing the ledger where tech and finance intersect. I'm Jen Wietczner. And I'm Jeff Roberts. And today were joined by Jonathan Levin whose the Co founder and COO of Chainalysis. Thanks so much for being here Jonathan. Thanks for having me on the show. So tell me a little bit about what Chainalsysis does. Chainalysis provides And seen money laundering software to prevent criminals from abusing cryptocurrencies. We provide investigation software for law enforcement to go after bad actors. And we provide compliant solutions for cryptocurrency businesses and financial institutions to identify high risk activity and report it to regulators What's sort of a state of illicit activity in the industry right now? I mean, is it as bad as people often say it is? We've seen the darknet markets continue to serve customers like the [ UNKNOWN ]. We've seen some beginnings of terrorist financing. But, we've seen much more sophisticated approaches by law enforcement and by the private sector to Got rid of the activity from the ecosystem, some of the best examples are some of the dark net market take downs and a lot of the arrests recently actually of a lot of the opioid dealers within the United States that has been happening in actually the last couple of months. And they say a lot of that opioid crisis was fueld by crypto transactions? So a lot of fentanyl that gets delivered into the United States comes by way of China, sometimes through Mexico and ultimately ends up in the United States. And what we've seen is that there is the ability to tie some of those cryptocurrency transactions either to the pharmacies in China and Well, actually, to the services that the people are using to distribute Fentanyl. And that has been something that Homeland Security and the DEA have actually become really good at apprehending those people. And you'll see many arrests that have come out of Take downs of , net markets and going after particular vendors. And they were able to do that because they kept track of the transactions on the block chain? Yeah, and this is where actually having the transparency of crypto currencies helps law enforcement actually build these cases a lot faster in a lot of instances. Than traditional finance where you might be waiting on a payment record from a Chinese payment processor or a corresponding bank in some different part of the world that takes a long time. With cryptocurrencies using Chainalysis, you can track that transaction instantly. And then ask the exchanges which customers are doing those activities. Chainalysis is expanding its products suite. Right now, you have Bitcoin and a couple others, but you're getting a lot bigger. Yeah, so most of our customers still just use Bitcoin for compliance and investigations. We've spent the last year rearchitecting our platform to make adding additional currencies really cheap and easy for us. So today we are launching ten cryptocurrencies. So that will be Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and then we've got a basket of stablecoins. So the Gemini dollar packs true USD to have USDC as well. I'm also launching with a binance coin. So that's an exchange coin that the binance issues and we're going to be supporting that for both our compliance solutions and our investigation ( inaudible ). Was this in response to demand from law enforcement or why are you doing this? So, this has been in demand for both, this has been in high demand for the last year For both customer sites. We have exchanges that want to be able to offer any token that they want to be able to run. And law enforcement are now trying to track down, for example, hacks, where hackers are getting into exchanges and stealing not just Bitcoin, but they steal all the different tokens that that Exchange has. Do you find that criminals have a favorite cryptocurrency these days? And what is it? Bitcoin is by far the favorite. With our law enforcement customers we see that is over 95 % of cases involved bitcoin. Wow. What about the privacy coins [ INAUDIBLE ] and stuff? That's still a little bit out of your reach right? Those coins we're not supporting from a compliance stand point today. And the reason is that When you receive a lot of money from somewhere where you can't tell where you got the money from, you need to then use paperwork to understand where that money came from, and ask a lot of questions to those customers. What Chainalysis is about is automating compliance, making sure that you can Understand there's also funds progamatically and ( inaudible ) costs for actually doing the compliance. The one big scandal that I can think of this year is Quadriga where the funds weren't necessarily stolen, but the founder died very suddenly and then so they couldn't find any of the cryptocurrencies, or at least his wife couldn't access it. Do you have any insight into what was going on there? I know a lot of people Have been following it? Yeah, so we don't track living people. We track transactions. So I have [ UNKNOWN ] the transactions that were on the crypto currency ledgers. And we were looking at the bitcoin holdings and also tether holdings of Quadriga And what we found very quickly was that Quadriga as an exchange actually didn't have those customer funds that were reported in the media to be now lost. Those funds actually never existed, and so some of the industry has been raising a flag about it. For a while that this is an exchange that was operating on fractional reserve and maybe in deep trouble But they never even had the money or at least they never actually deposited it in the exchange Yeah And does any of the sort of forensic blockchain trail point to criminal syndicates roller? I think the You could follow sort of the method of laundering the funds and tie that to- you could tie some of that to other types of groups that are involved in money laundering and cryptocurrency. You have done a study of some of the syndicates that are very active in these facets. Tells us a little bit about what you learned there. There has been over a billion dollars hacked from Cryptocurrency Exchanges in the last year. And when we analyzed those hacks just from the transactions themselves, you can see how those funds are then being launded. And what we can see is that there are two groups, we call them alpha and beta And one a them takes that time before laundering the funds, lets it sit in a address for a long period of time before then moving large sums of it. And then the other group is much faster, probably more hungry for immediate cash, and Is moving those funds a lot quicker. Reading between the lines, are alpha and beta perhaps North Korea and another nation- state? Perhaps. But you can't definitively tell? So there has been a lot of evidence, actually, in the public domain that ties some of these hacks to Lazarus, which is the North Korean hacking group, and That evidence can be twinned with some of our evidence to suggest which one is North Korea. How would you kind of sum up the trends you're seeing. A lot of people in the crypto space are kind of afraid of mroe regulation, more afraid of sharing data or gathering data on their customers... What kind of effect is this going to have? So I think the regulatory clarity can only be good for this phase. Ultimately, the financial institutions that are offering services to cryptocurrency exchanges are the lifeline for this industry. And the regular tricality that is coming out is really helping build this relationship between close country business and financial institutions may play core role in that. What we see is that the processes that those businesses have to do for the compliance tampering are falling in line with financial institutions. I think you see a convergence where Financial institutions now look at cryptic currency exchanges, not as cryptic currency exchanges, but as financial institutions. And, when that starts to happen, I think you'll see the proliferation of products and potential also some [ UNKNOWN ] activity. But, do you think the overall crypto market's growing, or shrinking, or what's gonna happen in the next year or two? I think that there is Still a tendency to look a price and say, is that a good sentiment feeling on the market? My indicators are how many businesses in Japan are applying for licenses, either Japan financial services authority, how many new businesses are starting in Singapore? What sort of corporates are actually entering the space and offering products. Those are the types of indicators that we look at, and ultimately we create that bridge for those businesses to get involved in the sector. We've seen no slow down in the level of interest, and actually have seen an increase in the level of sophistication. I was talking to a minister yesterday from a country in APAC, and he asked me what's the difference between the move from Proof of Work to Proof of Stake. And I said, well, if a minister can ask that sort of question, The level of sophistication in the market has increased. Yeah, it sounds like the industry is growing up a bit. Well, on that note, thank you so much for being here, Jonathan. Thanks for having me. I'm Jen Wieczner. And I'm Jeff Roberts. For more Balancing the Ledger, please go to Fortune. com. We'll see you next time.

Balancing the Ledger: Chainalysis Now Providing Monitoring for 10 Cryptocurrencies

Finance

Cofounder and COO Jonathan Levin stops by to announce new product features, and talk in-depth about current trends in crypto crime.

[ MUSIC ] Steve, it's amazing how much change is coming to the healthcare industry, and now here comes Amazon. As you know, it recently bought PillPack, that online prescription pharmacy company. So How do you feel about Amazon getting into your business? I read an interview with Jeff Bezos once and he said, while everyone's worrying about what I'm doing next, you should be worrying about the unmet needs of your customers. And I hope that if someone looked at AmerisourceBergen they would say weare meeting the needs of our customers, and we are innovating. We are thinking about how to collaborate further with them and help them. It's interesting that PillPack actually gets its drugs from your company AmerisourceBergen. So, how do you think that that relationship is gonna change now that it's owned by Amazon? Well, we actually just, we had just saw on the new contract with them And so, it's an example of a new customer. We talk to all of our customers. Obviously, this is a customer that has a lot more intrigue and interest [ UNKNOWN ] We'll have the respect of conversations with them. Well, what do you think is gonna happen with your relationship? I would imagine that we would have a good relationship them. We've always said that they could be a potential customer. I suspect that it's going to be a very, very long term. Long term before this could be a really significant force. Would you ever consider working more seriously or partnering with Amazon? Absolutely. Absolutely, we would, we'd work with any new emerging player. We talk to new customers all the time. We all know how dramatically Amazon has transformed the way Americans shop. How do you expect they could change The consumer buying habits, when it comes to prescription drugs. It's a very regulatory, complex, and set industry. So it'll be interesting to see, but again, for [ UNKNOWN ], we are a behind the scenes company, helping our customers. With access helping our customers where supply chain. So, we don't see ethnos as a threat, and if it does grow, we'll be there to support them. And what about drug prices? There's a lot of speculation that once Amazon gets into this business full force, they're going to disrupt, there's going to be a lot of disruption, Which that means cheaper prices. How real is that? In the drug industry, over 80 % of prescriptions are now generics. So we have very dynamic, very affordable generics, which. Compared to the world. What the US is uniquely good at is its generic efficiency ratio. So we convert patients from brand to generics quicker than any other country on Earth. Particularly any other western country. We've seen that President Trump is very unhappy about high drug prices. And as you know, he had some very harsh criticism for For Pfizer and other drug makers for increasing their prices recently and ultimately Pfizer backed off from all of that. What impact do you think President Trump will have on price increases going forward? I think there's tremendous sensitivity to higher price increases. Definitely I think you see brand price inflation level off. Certainly we used to see over 10 % we don't see that anymore at all. It's very unusual for a over 10 % price increase. And there's definetly a dynamic political environment where pricing is being challenged. And I think manufactures are having to think. ABout the price strategies very differently. >. DO you think any drug manker will dare to raise drug prices after this whole incident between [ UNKNOWN ] and Trump. I think that prices increasing are gonna come down. Let's talk about little bit about the opioid crisis, which I know you've had a lot of concern about it. I understand that you are working through hundreds of lawsuits that are coming from cities and states alleging that drug companies like Amerisource helped spark an addiction crisis by misrepresenting the risk of using these opioid drugs. What do you say to those allegations? Well, [ UNKNOWN ] business is supply chain company. We take orders from customers and we have inventory in the warehouse from manufacturers. We don't make clinical decisions. We don't dispense. We don't take cash from patients. We don't see which patients pay cash. We don't have the ability to collate all the patient data. You know we aggregate orders from customers and send it. We have a responsibility to monitor suspensions orders, which we have done traditionally for many years. Well, the law suits claim that drug companies, including Ameri Source didn't do enough to stop the flow of these drugs into communities and into the wrong hands. So, what more. Could your company do to monitor where the drugs are going? We have a very strong database of who we think any potential pharmacies that we should not ship to all, so we keep that up to date. Second of all, we are very strong at monitoring both on a statistical or on a data level. And, and on a human- level what constitutes a suspicious order and we work closely with the DA. How do you monitor suspisiuos orders? How do you know? Well we look at past order patterns. We look at the sort of, we have a national average of how pharmacy's order controlled substances. So, we look at the markets that they serve. Are there pain management What's the history being with us? If those were to spike, that's a clear indication that this is a suspicious order. You have said that you are committed to solving this crisis, what is the solution? I think part of the solution is that we've started to talk about it. So I think physicians are much more aware. Perhaps, we need authoritative, national medical boards to say what should the correct dosing be? And then also should people be even getting opioids for certain procedures? Dental procedures, surgery procedures, should they even be getting opioids? I think that would be a big start right off the bat. [ BLANK_AUDIO ]

Amerisource CEO Doubts Amazon will be a "Significant Force" in Drug Industry

Steve Collis says it will take a long time for Amazon to be a "significant force" in the drug business.

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