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First things first: Whenever possible, science says don’t have so many meetings. Here’s why: A meta-analysis of more than a decade of research shows employee productivity increases by more than 70% when the number of meetings is reduced by 40%. A study published in Journal of Organizational Behavior found that meetings that start late don’t just waste time: Meetings that start 10 minutes late are one-third less effective in terms of both actual and perceived outcomes than meetings that start on time. A study published in Transcripts of the Royal Society of London found that people placed in small groups asked to solve problems experience an individual IQ drop of approximately 15%. Walk into a meeting, instantly get dumber. So yeah: Stop having so many meetings. (Besides: A full calendarespecially a calendar full of meetingsis never a proxy for productivity.) But what if you really need to have a meeting? How can you make that meeting as focused and productive as possible? Borrow a move from Oprah Winfrey’s leadership tool kit. Start with intention Brendon Burchard, the author of High Performance Habits: How Extraordinary People Become That Way, says Oprah starts every meeting by asking three questions: What is our intention for this meeting? Whats important? What matters? The premise behind that approach is simple. High performers constantly seek clarity. (And employees who aren’t high performersyetneed clarity.) They work hard to sift out distractions so they can focus and continually refocus on what is important. Clarity? It isn’t something you get. Clarity is something you have to seek: You gain clarity, and focus, only when you actively search for them. Keep in mind the same holds true on a personal level. Successful people dont wait for an external trigger to start making changes. Successful people dont wait until New Years, or until Monday, or until the first of the month; they decide what changes they want to make and they get started. Now. Thats why no meeting agenda should include words like recap, information, review, or discussion. Bringing everyone up to speed, whether formally stated as an intention or not, is a terrible reason to have a meeting. And if information is required to make a decision during a meeting, share it ahead of time. Send documents, reports, etc., to participants in advance. Good meetings result in decisions. What. Who. When. Clear direction. Clear actions. Clear accountability. And stick to that intention That’s why the most productive meetings typically have one-sentence agendas: “Set product launch date.” “Select supplier.” “Determine roll-out responsibilities.” Those agendas are much easier to accomplish when you start a meeting the right way: by clearly stating intentions, and then sticking to those intentions. Try it. The next time you hold a meeting, kick it offon timeby answering the three questions for the group. State the intention. Explain why it’s important. Explain why it matters. If you find yourself in a meeting that’s drifting, help everyone focus by asking the three questions. Ask what you’re really trying to accomplish. Determine why it’s important, and why it matters. While it might feel awkward, everyone in the meeting will thank you for it. Because no one likes an unproductive meeting. And nor should you. By Jeff Haden This article originally appeared in Fast Companys sister publication, Inc. Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
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E-Commerce
The Trump administration has been talking to drugmakers about ways to raise prices of medicines in Europe and elsewhere in order to cut drug costs in the United States, according to a White House official and three pharmaceutical industry sources. U.S. officials told drug companies it would support their international negotiations with governments if they adopt “most favored nation” pricing under which U.S. drug costs match the lower rates offered to other wealthy countries, the White House official said. The U.S. is currently negotiating bilateral trade deals and setting tariff rates on the sector. The Trump administration has asked some companies for ideas on raising prices abroad, two of the sources said, describing multiple meetings over several months aimed at lowering U.S. prices without triggering cuts to research and development spending drugmakers insist would result. The White House official called the effort collaborative, saying both sides were seeking advice from each other. The U.S. pays more for prescription drugs than any other country, often nearly three times as much as other developed nations. President Donald Trump has repeatedly said he wants to narrow this gap to stop Americans from being “ripped off.” The previously unreported discussions reflect the challenges Trump faces to achieve that goal, and are the backdrop to the letters he sent last week to CEOs of 17 major drugmakers, urging them to cut U.S. prices to match those paid overseas. Unlike in the U.S., where market forces determine drug prices, European governments typically negotiate directly with companies to set prices for their national healthcare systems. Anna Kaltenboeck, a health economist at Verdant Research, said European nations have leverage to drive pricing and are sometimes willing to walk away from purchasing medicines they deem too expensive. Drugmakers generate most of their sales in the U.S. The Pharmaceutical Research and Manufacturers of America the industry’s main lobby group has always argued that cutting U.S. prices would stifle innovation by lowering R&D spending. PhRMA declined to comment on the private meetings. Kaltenboeck said past studies had shown that drugmakers made enough money in the U.S. to more than fund their entire global R&D spends. “Prices can come down in the United States without being increased in other countries, and we can still get innovation,” she said. TOP PRIORITY Despite the Trump administration’s tariff threats and pressure to move more manufacturing to the U.S., the push to raise European drug prices is its top priority in discussions with industry, according to a senior executive at a European drugmaker, who spoke on condition of anonymity about the confidential meetings. “This is the key conversation right now with PhRMA and every company getting that message from Pennsylvania Avenue to a point that we are already executing on it,” the executive said, referring to the White House address. The company had already met with European governments on the issue, the executive added. An E.U. Commission spokesperson said it is in regular contact with the pharma industry and pointed to an agreement with the U.S. that should it impose tariffs on pharmaceuticals, they would be capped at 15%. When asked how the administration would support international drug price negotiations, the White House official referred Reuters to Trump’s most favored nation executive order from May. That order directed trade officials to pursue trade and legal action against countries keeping drug prices below fair market value. In last week’s letters, Trump complained that since the May executive order, most industry proposals had simply shifted blame for high prices or requested policy changes that would result in billions in industry handouts. A second source, a pharmaceutical executive who was not authorized to speak on the matter, said the Trump administration has been continually meeting with representatives of his company and had discussed strategies for raising drug prices internationally. “There’s a big push from the administration to drive up prices outside the U.S.,” the executive said. The executive said the Trump administration had been looking at using trade talks with the UK and EU as leverage, and considered pressuring countries to spend a higher percentage of GDP on new medicines or offering tariff breaks in exchange for higher drug spending. It was understood that the UK deal specifically aims to get the country to ramp up investment in branded medicines over time, the executive said. A spokesperson for the UK government said it would continue to work closely with the U.S. and its own pharmaceutical industry to understand the possible impact of any changes to drug pricing, without commenting on the trade talks. In April, over 30 industry CEOs including those from AstraZeneca, Bayer and Novo Nordisk signed a letter to European Union President Ursula von der Leyen saying Europe needed to rethink its pricing policies. “It’s going to be very difficult for a country that already has the ability to control what it spends to go in the other direction,” Kaltenboeck said, “and it doesn’t make much sense for them politically.” Patrick Wingrove and Maggie Fick, Reuters
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E-Commerce
Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence. Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and OpenAI, rose 7% to 1.8 trillion yen ($12 billion), the company said Thursday. SoftBank’s loss in April-June 2024 was 174 billion yen. The company’s fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks. The groups founder, Masayoshi Son, has emphasized that he sees a vibrant future in AI. SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing Co. Both companies, which produce computer chips, have benefitted from the growth of AI. The era is definitely AI, and we are focused on AI, SoftBank senior executive Yoshimitsu Goto told reporters. An investment company goes through its ups and downs, but we are recently seeing steady growth. Some of SoftBank’s other investments also have paid off big. An example is Coupang, an e-commerce company known as the Amazon of South Korea, because it started out in Seoul. Coupang now operates in the U.S. and other Asian nations. Goto said preparations for an IPO for PayPay, a kind of cashless payment system, were going well. The company has already held IPOs for Chime, a U.S. neobank that provides banking services for low-credit consumers, and for Etoro, a personal investment platform. SoftBank Group stock, which has risen from a year ago, finished 1.3% higher on the Tokyo Stock Exchange after its earnings results were announced. Yuri Kageyama, AP business writer
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E-Commerce
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