TIME

This Is How Long It Will Be Before You Can Retire

Stop working at 55? Fat chance

First, the good news: After creeping up incrementally since the 1980s, the average retirement age seems to have leveled off — at least, for men. The bad news: It’s probably later than you want to hear, and women’s average retirement age will probably continue to rise.

New research from the Center for Retirement Research at Boston College says that, as of 2013, the average retirement age for men was 64, and roughly 62 for women.

Alicia Munnell, director of the Center for Retirement Research and author of the new study, says financial incentives to delay drawing Social Security, the shift from pensions to 401(k)s and the unavailability of Medicare until the age of 65 all are part of the reason behind the increase.

The recession and its aftermath yielded two more counterbalancing trends: Many older Americans delayed retirement after their 401(k)s shrunk, but others who were laid off had a hard time reentering the workforce.

This isn’t the situation any longer, Munnell says. “By 2015, the cyclical effects have worn off,” she says. “The impact of the various factors that contributed towards working longer… largely have played themselves out,” she says.

At least, this is the case for men. “Male labor force participation has leveled off and, consequently, so has the average retirement age,” Munnell says.

Things are a little different for working women, whose historical retirement trends vary from men’s because women didn’t start entering the workforce in large numbers until the second half of the 20th century.

“Women’s [labor force] participation seems to have increased,” Munnell says. “This upward shift in the curves is reflected in the recent upward trend in the average retirement age.”

And this trajectory towards a later retirement is likely to continue, at least for a while, she says. “I think that it will continue to increase until it becomes very close to the average for men.”

But aside from the chance to earn a bigger Social Security benefit and shore up your nest egg, Munnell says there are advantages to the economy if more people keep working longer, calling this an “unambiguously positive” trend.

“The more people who are working, the bigger the GDP pie and the more output available for both workers and retirees,” she says.

TIME Small Business

These Are the Best (and Worst) States for Business

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All of the 10 best states had unemployment rates below the national unemployment rate in 2013

While the United States was founded on the principle of equality for all people, the 50 states are decidedly unequal in providing opportunities for business. For companies choosing to locate in the United States, deciding the state in which to base their operations can be very difficult.

To determine America’s best states for business, 24/7 Wall St. identified nearly 50 measures that contribute to the business climate and reviewed them in each of the 50 states. The measures were classified into eight larger categories that independently measured various risks and benefits of doing business in each state. (Click here for a complete methodology.)

The health of a state’s economy, the result of a confluence of factors, is perhaps the most important consideration for businesses choosing a location. The growth of economic output in 2013 in seven of the 10 best states for business was greater than the national GDP growth rate of 1.8%.

Another indication of a healthy economy, the job market, was also strong in the 10 best states for business. All of the 10 states had unemployment rates below the national unemployment rate of 7.4% in 2013. Four of the worst states for business had unemployment rates that exceeded the national rate.

Click here for the best states for business

Click here for the worst states for business

However, while a state’s economy is tied to a host of factors, not all factors benefit businesses in the same way. The business climate in some states was more favorable to companies primarily concerned with minimizing the costs and risks of operating a business. These states, which include North Dakota, Wyoming, and Texas, tended to enjoy ample natural resources, low cost of living, and low regulation.

Some states benefit from a well-educated and highly skilled labor force. They are able to attract businesses that require these skills, such as professional and business services, health and education services, and information. In return, these businesses drive economic growth in these states through technology and innovation. These states include Massachusetts, Virginia, and Minnesota.

While it is emphasized more in some industries than in others, a low cost of doing business is a major reason to choose to operate in a particular state. The average cost of goods and services in six of the best states for business was lower than the national average. This was generally driven by beneficial tax climates, lower expenses from utilities and real estate, and lower average employee compensations.

Although the type and size of operating costs vary considerably between industries, wages are a major expense for many businesses. The average wage and salary in three of the 10 best states for business was roughly inline with the national average of $50,012 in 2013, while in five other states, average wages were below the national figure.

While lower wages lower the cost of doing business, they are also frequently tied to jobs with lower educational attainment. Among the five best states for business with lower than average wages, three had lower educational attainment rates than the national figure. In these states, including North Dakota and Wyoming, the prevalence of industries that require high-skilled labor was also relatively low.

Nevertheless, the percent of STEM jobs in a majority of the best states for business — jobs related to science, technology, engineering, or mathematics — was generally high. At least one in five of all jobs in eight of the 10 best states for business were STEM jobs. On the other hand, the percent of jobs in STEM fields was relatively low in the worst states for business.

In addition to a highly-educated labor force, access to capital can also drive innovation in a state. In 2013, 13.26 venture capital deals were made per 1 million Americans. In seven of the worst states for business, there were fewer than three such deals per 1 million residents. In the best states, on the other hand, investments were far more likely. In Massachusetts, there were 57 venture capital deals made per 1 million state residents, by far the highest nationwide.

These are the best (and worst) states for business.

The Best States for Business

10. Minnesota
> Real GDP growth, 2012-2013: 2.8% (13th highest)
> Average wages and salaries, 2013: $49,222 (14th highest)
> Pct. of adults with bachelor’s degree, 2013: 33.5% (10th highest)
> Patents issued to residents, 2013: 4,292 (9th highest)
> Projected working-age population growth, 2010-2020: 1.7% (9th highest)

Based on eight categories, including 47 measures, Minnesota is the 10th best state for business in the country. Informing the state’s high quality of life rank, just 8.2% of Minnesotans did not have health insurance in 2013, the fifth lowest rate nationwide. Also, the state was one of the safest, with a violent crime rate of 223.2 reported incidents per 100,000 people, among the lowest rates in the nation.

The state also received one of the highest scores for Infrastructure. Compared with other states, Minnesota businesses can also expect relatively well functioning transportation system. For example, just 11.5% of the state’s bridges were deemed structurally deficient or functionally obsolete, the lowest rate nationwide and less than half the national percentage of 24.3%. Businesses in the state also have the benefit of a relatively well-educated workforce. More than one-third of adults had at least a bachelor’s degree versus less than 30% of Americans. And 92.4% of state adults had completed at least high school as of 2013, the fourth highest rate in the country.

ALSO READ: America’s Happiest and Most Miserable States

9. North Dakota
> Real GDP growth, 2012-2013: 9.7% (the highest)
> Average wages and salaries, 2013: $46,775 (20th highest)
> Pct. of adults with bachelor’s degree, 2013: 27.1% (20th lowest)
> Patents issued to residents, 2013: 111 (2nd lowest)
> Projected working-age population growth, 2010-2020: 0.4% (2nd lowest)

North Dakota’s oil boom has spurred strong growth throughout the state’s industries, in residents’ personal incomes, and in employment. Less than 3% of the workforce was unemployed in 2013, the lowest in the country. As a consequence of the high levels of investment and spending in the state, North Dakota’s GDP grew nearly 10% in 2013. While this was by far the highest growth rate nationwide and more than five times the national growth rate of 1.8%, growth may slow considerably if oil prices continue to fall.

In addition to high wages and job opportunities, residents benefit from a relatively low cost of living. In 2013, the cost of housing required 26% of a typical household income, the second-lowest median annual affordability ratio nationwide. As in other states with a low cost of living, North Dakota also had a healthy infrastructure. Partly as a result, workers in the state benefited from an average commute time of less than 18 minutes, versus the national figure of nearly 26 minutes. It was the third lowest commute time in the country.

8. Virginia
> Real GDP growth, 2012-2013: 0.1% (3rd lowest)
> Average wages and salaries, 2013: $53,267 (10th highest)
> Pct. of adults with bachelor’s degree, 2013: 36.1% (6th highest)
> Patents issued to residents, 2013: 1,886 (21st highest)
> Projected working-age population growth, 2010-2020: 7.5% (21st highest)

Virginia’s large capacity for innovation, and high quality labor force helped make it the eighth best state for business. The Old Dominion State scored in the top 10 of states for the percentage of STEM jobs — jobs related to science, technology, engineering, or mathematics. More than 36% of adults in the state had completed at least a bachelor’s degree, which helped strengthen the labor force. The state also fared very well for its business-friendly regulatory environment, its relatively low poverty rate, and its comparatively low energy costs.

What held Virginia back from an even higher overall ranking was its weak infrastructure, which was ranked lowest among the states. Residents had one of the longest average commuting times of 27.7 minutes, and the state spent among the least per mile on road repair. Virginia also struggled with weak real GDP growth, 0.1% in 2013, third lowest in the country.

ALSO READ: The Worst Paying Jobs for Women

7. Colorado
> Real GDP growth, 2012-2013: 3.8% (6th highest)
> Average wages and salaries, 2013: $51,537 (11th highest)
> Pct. of adults with bachelor’s degree, 2013: 37.8% (2nd highest)
> Patents issued to residents, 2013: 2,793 (14th highest)
> Projected working-age population growth, 2010-2020: 8.6% (14th highest)

Colorado’s business climate is among the best in the country largely due to a strong labor market and an especially strong and innovative technology sector. These features are interwoven as a highly educated workforce is essential for innovation. Nearly 38% of adults in Colorado had at least a bachelor’s degree as of 2013, the second highest rate nationwide. As of that year, 14% of adults had completed a graduate or professional degree, a higher percentage than in all but a handful of states. The state’s population is projected to grow by 13.4% from 2010 through 2020 versus an estimated national growth rate of 7.1%, which also contributes to a strong labor market. Nearly 22% of all jobs in Colorado were STEM positions, the seventh highest proportion in the country.

6. Texas
> Real GDP growth, 2012-2013: 3.7% (8th highest)
> Average wages and salaries, 2013: $50,643 (13th highest)
> Pct. of adults with bachelor’s degree, 2013: 27.5% (23rd lowest)
> Patents issued to residents, 2013: 9,222 (2nd highest)
> Projected working-age population growth, 2010-2020: 16.1% (2nd highest)

Like a majority of the best states for business, Moody’s and Standard & Poor’s rated Texas’ credit among the best in the nation. The Lone Star State also led the states in the value of exported goods, which totalled nearly $1.9 trillion in 2012. There were also 386 public use airports, the most in the nation. Curiously, while Texas had the third most post-secondary schools in the nation at 420 in 2013, it actually had the second lowest percentage of adults who had completed at least high school, at 81.9%. Texas benefits considerably from its abundant natural resources. For example, the mining industry accounted for 11.1% of the state’s GDP in 2013, the sixth highest such contribution in the country. Other kinds of businesses do not do particularly well in Texas. The information, finance-insurance-real-estate, professional and business service industries contributed relatively little to the state’s GDP.

5. Delaware
> Real GDP growth, 2012-2013: 1.6% (20th lowest)
> Average wages and salaries, 2013: $51,093 (12th highest)
> Pct. of adults with bachelor’s degree, 2013: 29.8% (19th highest)
> Patents issued to residents, 2013: 453 (15th lowest)
> Projected working-age population growth, 2010-2020: 8.9% (15th lowest)
Based on several factors, Delaware’s regulatory climate was the most favorable nationwide for business. With high percentages of tech workers and strong independent investments, Delaware is also among the best states for innovation. More than 21% of all jobs in the state were STEM jobs, the eighth highest proportion in the country. The average venture capital investment of nearly $14.2 million per deal in 2013 — the second highest such figure nationwide — also reflects the high level of innovation and easy access to capital in the state.

Not so strong was Delaware’s infrastructure, which rated worse than most states. However, the consequence for businesses may be relatively small as businesses are concentrated in industries not especially dependent on transportation. For example, the financial industry, in which goods and services are relatively intangible, accounted for 42.1% of state GDP in 2013, the highest such contribution nationwide.

For the rest of the list, please go to 24/7WallStreet.com.

MONEY Autos

For Electric Cars, High Gas Prices Can’t Come Back Quickly Enough

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Nissan—Wieck 2015 NIssan LEAF

Gas prices have rebounded a bit, but they remain low enough to kill the cost-saving argument for buying a plug-in electric car like the Nissan Leaf or Chevy Volt.

Thanks to the dramatic decline in prices at the pump, the average American household is expected to spend $750 less on gas in 2015 than it did last year. We’ve already seen how some of this “saved” money is being spent, what with restaurants, casinos, hotels, and recreational activities all seeing a bump in business lately. Cheap gas seems to have affected big-ticket purchase decisions as well, exhibited most obviously by the spike in SUV and luxury car sales.

It’s an entirely different story, however, when it comes to the impact of cheap gas on electric cars such as the Nissan Leaf. Nissan just released its February numbers, and sales for the brand were up 1.1% compared with last year. Sales of the all-electric Leaf, however, were down 16%. That follows on the heels of a 15% decrease in January, the first such sales decline for the Leaf in two years. Overall Leaf sales dropped from 2,677 for the first two months of 2014 to 2,268 this year.

The recent sales performance of the Chevrolet Volt, the gas-electric pioneer that has been vying with the Leaf for the title of most popular plug-in among buyers, has been even worse. January was the worst month for the Volt since August 2011, with only 592 units sold, a decrease of 41% compared with January 2014. According to General Motors data, 693 Volts sold in February 2015, a drop of 43% compared with 1,210 the year before.

Surely, the prospect of new Chevy plug-in models has hurt Volt sales lately. The all-electric Chevy Bolt, expected to cost $30,000 and get 200 miles on a single charge, is planned to hit the market in 2017, while the 2016 Volt should be available for purchase during the second half of 2015. Many would-be Volt buyers are simply waiting for the newer model, which can be driven 50 miles on electric power, up from 38 miles for the current one.

That explains some—but not all—of the decline in Volt sales. Certainly, cheap gas prices have done damage to sales of the Volt as well as the Leaf, other plug-in vehicles, and even hybrids like the Toyota Prius to boot. After all, one of the big reasons to buy an electrified vehicle is that powering it is cheaper than filling up at the pump. Consequently, when the price of gas plummets, like it did month after month for nearly half a year recently, a prime argument for going the plug-in route is weakened.

It isn’t just new plug-in models that have taken a beating thanks to a combination of cheaper gas prices and emerging new tech that makes older models seem outdated in a hurry. According to the Wall Street Journal, the resale value of used electric cars has absolutely tanked:

In December and January, for instance, the average selling price of a 2012 Nissan Leaf at auction was about $10,000, nearly a quarter of the car’s original list price and down $4,700 from a year earlier, according to NADA’s guide. Three-year-old Volts, a plug-in car with a backup gasoline motor, were selling for an average $13,000 at auction in January, down from about $40,000 excluding the federal tax credit.

Nissan is coming off of the best-ever year for any plug-in, with Leaf sales in the U.S. topping 30,000 in 2014. The way things have started in 2015, it will be difficult for the automaker to beat last year, though Nissan has blamed bad weather for the Leaf’s recent struggles, and it expects a strong rebound in the spring. Meanwhile, at the start of 2014, Nissan CEO Carlos Ghosn said he anticipated selling an average of 3,000 Leafs monthly that year, and 4,000 Leaf purchases monthly sometime in the near future.

Recent sales notwithstanding, Nissan isn’t giving up on electric cars anytime soon. Neither are many other automakers. At the auto show in Geneva this week, BMW, Volkswagen, and Fiat Chrysler were among the car companies showing off high-tech battery-powered vehicles that demonstrate their commitment to electrified cars.

At some point, rising gas prices will likely steer more interest back to alternative-fuel cars too. But that hasn’t happened yet. “Gas prices inched back up this month, but it didn’t appear to have much impact on shoppers’ choices,” Edmunds.com senior analyst Jessica Caldwell said in a report focused on February sales. “We’re still seeing a strong market for trucks and SUVs—especially compact crossover SUVs, which continue to ride an impressive wave of popularity.”

At least if the Leaf and Volt are struggling, Nissan and GM can take solace in the fact that some of their larger, less fuel-efficient and less environmentally friendly siblings are faring quite well during this winter of cheap gas, cold temperatures, and lots of snow. Two Nissan SUVs, the Pathfinder and Rogue, had record sales months in February, while GM pickup sales were up 37% for the month.

 

TIME Companies

Keurig Coffee Machine Inventor Says He ‘Feels Bad’ For Making Them

A tray of Keurig Green Mountain Inc. K-Cup coffee packs is arranged for a photograph at a salon in Princeton, Ill., Feb. 3, 2015.
Daniel Acker—Bloomberg/Getty Images A tray of Keurig Green Mountain Inc. K-Cup coffee packs is arranged for a photograph at a salon in Princeton, Ill., Feb. 3, 2015.

And not because you're over-caffeinated at work

Sleepy office employees may view Keurig’s single-serve coffee machine as a gift, but the sheer quantity of waste it produces has stirred regrets in the product’s inventor.

“I feel bad sometimes that I ever did it,” John Sylvan, who sold his share of Keurig in 1997 for $50,000, told The Atlantic.. “It’s like a cigarette for coffee, a single-serve delivery mechanism for an addictive substance.”

The waste production of the K-Cup, the non-recyclable, single-serve coffee pods that Keurig machines use, has long been noted. Keurig Green Mountain pledged to create a full recyclable version of its main product by 2020, but estimates say that the Keurig pods buried in 2014 would already circle the Earth 12 times.

Meanwhile, the Keurig’s popularity has made it ever more ubiquitous, bringing it to offices and homes across the country. The company sold a total of 9.8 billion Keurig-brewed portion packs last year, which include the new multiple-cup pods.

Plus, they aren’t cheap, another downside Sylvan notes.

“I don’t have one. They’re kind of expensive to use,” Sylvan said of Keurig K-Cups. “Plus it’s not like drip coffee is tough to make.”

Read more at The Atlantic

TIME History

How One Woman Built an Empire on Lipstick and Lotion

Helena Rubinstein, or Madame, as she was called, blurred the line between art and make-up, amassing a fortune along the way

You might say Helena Rubinstein’s story began at 16, when her father renounced her for refusing an arranged marriage in the Jewish district of Krakow where she grew up. You might say it began when she ventured to Australia and, bombarded with questions from sunburned ladies about how she maintained her fair complexion, smelled a profit.

Whichever origin story you favor, it’s safe to say that where the story ends—multimillionaire magnate of a four-continent cosmetics empire that redefined beauty for generations of women—may surprise those whose memory goes only as far back as Sheryl Sandberg and Marissa Mayer.

Today there are more female CEOs than ever, but the number of offices they fill in the C-suite remains few. In Rubinstein’s time—she established her business in 1903, opened her first New York salon in 1915 and amassed $25 million by the time LIFE profiled her in 1941—they were as rare as a sunburn on Madame’s face.

An exhibit at the Jewish Museum in New York City, “Helena Rubinstein: Beauty Is Power,” is the first to explore the influence and artifacts of Rubinstein’s life. (The exhibit, which ends on March 22, will travel to the Boca Raton Museum of Art, where it will be on view beginning on April 21). Rubinstein’s legacy is less about the fact that her brand existed than it is about the message it conveyed, says Jewish Museum curator Mason Klein. Her flavor of beauty for the masses “served not only to level the snobbish aesthetic taste that was upheld by others”—like her longtime rival Elizabeth Arden—“but, more importantly, to expand the notion of who and what could be considered beautiful.”

It might raise some eyebrows to suggest that the mass marketing of skin creams and mascara would positively influence women’s feelings of self-worth. But Rubinstein’s mission was not just to change how women look. It was to give women the ability to define their interior lives too. “She didn’t really want her clientele to think of going to a salon and being made over like you paper a room or reupholster a piece of furniture,” Klein says.

During a day at the Rubinstein salon (which could be found in more than a dozen cities worldwide), a woman could expect to be “stretched, exercised, rubbed, scrubbed, wrapped in hot blankets, bathed in infra-red rays, massaged dry and massaged under water, and bathed in milk—all before lunch.”

But when the milk baths were over, the salon Rubinstein conceived of shared more than a name with the literary salons she frequented in Paris. With the fortune she amassed, Rubinstein had become both a patron of the arts and a discerning collector, boasting one of the first extensive collections of Latin American art and one of the most important early collections of African and Oceanic art. For her, there was no line between commercial beauty and modern art—and if there was, she was trying to blur it.

A patron of Helena Rubinstein’s salons—which operated at a loss but helped evangelize her line of 629 products—learned about art, design and color, developed her own personal taste and incorporated it into the way she presented herself to the world. According to Klein, with “her encouragement of women to trust their own instincts and her advocacy of exceptionality at a time when non-conformism was taboo, she offered women this ideal of self-invention, and that’s a fundamental principle of modernity.”

Getting to international magnate status requires an ingredient many women are told is unbecoming: self-promotion. LIFE wrote that despite Rubinstein’s genius for marketing—she was, among other things, an early adopter of the white lab coat uniform—“Rubinstein’s greatest promotion … is undoubtedly herself.” She commissioned portraits by artists from Warhol to Picasso, and featured prominently in her own ads. A couple of inches shy of five feet tall, before an important meeting she often placed a cushion under her seat to increase her stature, letting her legs dangle behind her desk.

Success on this level also requires a shrewd business savvy, and Rubenstein was nothing if not conservative with the company coffers. “If somebody offered Rubinstein a package of gum for a nickel she would say ‘too much,’” one associate told LIFE, “in the hope that it was the only package of gum in the world that could be bought for four cents.” And she sniffed out new markets with the same discerning nose she used to nix or approve perfume scents. “Ever on the lookout for new sales openings,” LIFE wrote in 1941, “she has lately been turning over in her mind the idea that perhaps the beauty business has exploited only half its potential market.” As she put it herself: “Men could be a lot more beautiful.”

Rubinstein made a bold decision, too, in keeping her name at a time when anti-Semitism kept her flagship storefront relegated to 5th Avenue side streets for two decades. (Money, of course, was a powerful tool in the face of discrimination. When she tried to upgrade from one posh Park Avenue apartment to another with a bigger balcony, she was told that the owner didn’t rent to Jews. She promptly told her accountant to buy the whole building.) Emblazoning her name on products and advertisements not only affirmed her identity (even as a non-practicing Jew), but appealed to the masses of immigrant women pouring into the country, going to work and seeking to define their identities in America.

When Helena Rubinstein equated beauty with power, her aim was not only profit, but empowerment. Reflecting on her life in 1964 at an age she called “older than you think,” she told LIFE she squeezed 300 years of work into a single lifetime. “Shrugging like a Jewish grandmother she claims, ‘I did it not for money but because I love work. I will never retire.’”

Liz Ronk, who edited this gallery, is the Photo Editor for LIFE.com. Follow her on Twitter at @LizabethRonk.

TIME medecine

The Unintended Side Effect of Lower Drug Prices

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Trends in the pharmaceutical sector could bring down drug prices but harm the development of new medicines

As public pressure mounts on drug makers to lower prices, both the private sector and the FDA are looking for solutions. At the same time, expiring patents are forcing big drug makers to explore new avenues of growth. While these factors could benefit patients, they could also inadvertently compromise the development of miracle drugs that save millions of lives.

In a recent survey of pharmaceutical industry executives, 43% support the idea of the FDA taking the economic value of drugs into account in the approval process. Insurance companies already require drug makers to demonstrate such value and European regulators factor in economic benefits into their analysis. But scrutiny by the FDA could make a big difference to which medicines make their way to the market and impact how R&D is conducted at drug companies.

First, a drug that cures a type of cancer might cost billions of dollars to develop whereas a drug that cures a minor affliction could be much cheaper to create. Complex medicines that treat the most serious diseases naturally require more clinical trials, longer testing periods, greater expense, and opportunity cost (the returns that investors could get by putting the money to work elsewhere).

In this scenario, if the FDA were to focus on cost-effectiveness, the life-saving cancer drug might not get approved whereas the cheaper, but minor, drug would. Since the cost of failure is high, this could discourage pharmaceutical companies from devoting resources to medicines that are expensive to produce, even if they are crucially important to society.

The unreliability of cost estimates exacerbates this. While a new study by the Tufts Center pegs the average cost of developing and getting a new drug approved at $2.6 billion, estimates from the Federal Trade Commission and the private sector range from $521 million to $5 billion, according to the Washington Post. This could be due to different interpretations of the opportunity cost as well as the allocation of research tax credits across a drug maker’s portfolio of products.

What this implies is that the process of assessing the economic value of a new drug could be extremely complicated, subjective, and possibly lead to the wrong results; in turn, such uncertainty could have a chilling effect on innovation.

Another issue is the direction that drug makers seem to be going in.

Pfizer (PFE), the world’s largest pharmaceutical company, recently announced the $17 billion purchase of Hospira, a company that makes generic medicines for hospitals and copycats of biotech proteins such as Amgen’s Enbrel. This comes on the heels of patent expirations of major drugs like Lipitor that have made Pfizer a very rich company and a household name. Analysts speculate that the new acquisition is a move by the company towards the generics business in order to make up for the loss of valuable patents on branded medicines.

This “patent cliff”, as it is called, is not unique to Pfizer. Other major drug makers like Eli Lilly (LLY) and Bristol-Myers Squibb (BMY) are all dealing with patent expirations, which reportedly can dent the sale of brand name medicines by 90% and move people towards cheaper generics. In addition, pharmacists and doctors are 80% more likely to prescribe generics in today’s cost-conscious environment.

This means that Pfizer will probably continue to widen its portfolio of generics to bolster profits and that other pharmaceutical giants will follow. This may be good news for their stockholders but it’s bad news for the development of new medicines, which require original R&D by the drug companies.

There is no doubt that drug prices are way too high. Cancer drugs, for example, can cost up to $100,000 a patient per year. At the same time, less than 3% of patients use specialized drugs while 50% of drug payments go to that segment. Drug makers must find ways to reduce these costs without lowering the standards of testing required to ensure the safety of patients. The solution may be new technologies and process improvements that make R&D more cost-efficient, according to a report by Deloitte, or perhaps the development of powerful biologic drugs to replace traditional medicines.

But whatever the ultimate answer, it’s important to recognize that miracle drugs, which have revolutionized medicine in the past, are critical to our future well-being. Even medicines that are expensive to produce and too costly for current patients eventually fall in price and give birth to generics, which can benefit future generations. Without that original R&D, those drugs (and cures) might never exist.

Sanjay Sanghoee is a business commentator. He has worked at investment banks Lazard Freres and Dresdner Kleinwort Wasserstein, at hedge fund Ramius Capital, and has an MBA from Columbia Business School. Sanjay does not hold any investments in pharmaceutical companies, including Pfizer, Eli Lilly, and Bristol-Myers Squibb.

TIME Careers & Workplace

39 Commonly Misused Words and How to Use Them Correctly

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Easy to get wrong. Fortunately, not that hard to get right

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This post is in partnership with Inc., which offers useful advice, resources and insights to entrepreneurs and business owners. The article below was originally published at Inc.com.

Where the mechanics of writing are concerned, I’m far from perfect. One example: I always struggle with who and whom. (Sometimes I’ll even rewrite a sentence just so I won’t have to worry about which is correct.)

And that’s a real problem. The same way one misspelled word can get your résumé tossed onto the reject pile, one misused word can negatively impact your entire message.

Fair or unfair, it happens all the time–so let’s make sure it doesn’t happen to you.

My post 30 Incorrectly Used Words That Can Make You Look Bad resulted in readers providing a number of other examples of misused words, and here are some of them. Once again I’ve picked words that are typically used in business settings, with special emphasis on words that spell checker won’t correct.

Here we go:

Advise and advice

Aside from the two words being pronounced differently (the s in advise sounds like az), advise is a verb while advice is a noun. Advice is what you give (whether or not the recipient is interested in that gift is a different issue altogether) when you advise someone.

So, “Thank you for the advise” is incorrect, while “I advise you not to bore me with your advice in the future” is correct if pretentious.

If you run into trouble, just say each word out loud and you’ll instantly know which makes sense; there’s no way you’d ever say, “I advice you to…”

Ultimate and penultimate

Recently I received a pitch from a PR professional that read, “(Acme Industries) provides the penultimate value-added services for discerning professionals.”

As Inigo would say, “I do not think it means what you think it means.”

Ultimate means the best, or final, or last. Penultimate means the last but one, or second to last. (Or, as a Monty Python-inspired Michelangelo would say, “the Penultimate Supper!”)

But penultimate doesn’t mean second-best. Plus, I don’t think my PR friend meant to say her client offered second-class services. (I think she just thought the word sounded cool.)

Also, keep in mind that using ultimate is fraught with hyperbolic peril. Are you–or is what you provide–really the absolute best imaginable? That’s a tough standard to meet.

Well and good

Anyone who has children uses good more often than he or she should. Since kids pretty quickly learn what good means, “You did good, honey” is much more convenient and meaningful than “You did well, honey.”

But that doesn’t mean good is the correct word choice.

Good is an adjective that describes something; if you did a good job, then you do good work. Well is an adverb that describes how something was done; you can do your job well.

Where it gets tricky is when you describe, say, your health or emotional state. “I don’t feel well” is grammatically correct, even though many people (including me) often say, “I don’t feel too good.” On the other hand, “I don’t feel good about how he treated me” is correct; no one says, “I don’t feel well about how I’m treated.”

Confused? If you’re praising an employee and referring to the outcome say, “You did a good job.” If you’re referring to how the employee performed say, “You did incredibly well.”

And while you’re at it, stop saying good to your kids and use great instead, because no one–especially a kid–ever receives too much praise.

If and whether

If and whether are often interchangeable. If a yes/no condition is involved, then feel free to use either: “I wonder whether Jim will finish the project on time” or “I wonder if Jim will finish the project on time.” (Whether sounds a little more formal in this case, so consider your audience and how you wish to be perceived.)

What’s trickier is when a condition is not involved. “Let me know whether Marcia needs a projector for the meeting” isn’t conditional, because you want to be informed either way. “Let me know if Marcia needs a projector for the meeting” is conditional, because you only want to be told if she needs one.

And always use if when you introduce a condition. “If you hit your monthly target, I’ll increase your bonus” is correct; the condition is hitting the target and the bonus is the result. “Whether you are able to hit your monthly target is totally up to you” does not introduce a condition (unless you want the employee to infer that your thinly veiled threat is a condition of ongoing employment).

Stationary and stationery

You write on stationery. You get business stationery, such as letterhead and envelopes, printed.

But that box of envelopes is not stationary unless it’s not moving–and even then it’s still stationery.

Award and reward

An award is a prize. Musicians win Grammy Awards. Car companies win J.D. Power awards. Employees win Employee of the Month awards. Think of an award as the result of a contest or competition.

A reward is something given in return for effort, achievement, hard work, merit, etc. A sales commission is a reward. A bonus is a reward. A free trip for landing the most new customers is a reward.

Be happy when your employees win industry or civic awards, and reward them for the hard work and sacrifices they make to help your business grow.

Sympathy and empathy

Sympathy is acknowledging another person’s feelings. “I am sorry for your loss” means you understand the other person is grieving and want to recognize that fact.

Empathy is having the ability to put yourself in the other person’s shoes and relate to how the person feels, at least in part because you’ve experienced those feelings yourself.

The difference is huge. Sympathy is passive; empathy is active. (Here’s a short video by Brené Brown that does a great job of describing the difference–and how empathy fuels connection while sympathy drives disconnection.)

Know the difference between sympathy and empathy, live the difference, and you’ll make a bigger difference in other people’s lives.

Criterion and criteria

A criterion is a principle or standard. If you have more than one criterion, those are referred to as criteria.

But if you want to be safe and you only have one issue to consider, just say standardor rule or benchmark. Then use criteria for all the times there are multiple specifications or multiple criterion (OK, standards) involved.

Mute and moot

Think of mute like the button on your remote; it means unspoken or unable to speak. In the U.S., moot refers to something that is of no practical importance; a moot point is one that could be hypothetical or even (gasp!) academic. In British English, mootcan also mean debatable or open to debate.

So if you were planning an IPO, but your sales have plummeted, the idea of going public could be moot. And if you decide not to talk about it anymore, you will have gone mute on the subject.

Peak and peek

A peak is the highest point; climbers try to reach the peak of Mount Everest. Peekmeans quick glance, as in giving major customers a sneak peek at a new product before it’s officially unveiled, which hopefully helps sales peak at an unimaginable height.

Occasionally a marketer will try to “peak your interest” or “peek your interest,” but in that case the right word is pique, which means “to excite.” (Pique can also mean “to upset,” but hopefully that’s not what marketers intend.)

Aggressive and enthusiastic

Aggressive is a very popular business adjective: aggressive sales force, aggressive revenue projections, aggressive product rollout. But unfortunately, aggressive means ready to attack, or pursuing aims forcefully, possibly unduly so.

So do you really want an “aggressive” sales force?

Of course, most people have seen aggressive used that way for so long they don’t think of it negatively; to them it just means hard-charging, results-oriented, driven, etc., none of which are bad things.

But some people may not see it that way. So consider using words like enthusiastic,eager, committed, dedicated, or even (although it pains me to say it) passionate.

Then and than

Then refers in some way to time. “Let’s close this deal, and then we’ll celebrate!” Since the celebration comes after the sale, then is correct.

Then is also often used with if. Think in terms of if-then statements: “If we don’t get to the office on time, then we won’t be able to close the deal today.”

Than involves a comparison. “Landing Customer A will result in higher revenue than landing Customer B,” or “Our sales team is more committed to building customer relationships than the competition is.”

Evoke and invoke

To evoke is to call to mind; an unusual smell might evoke a long-lost memory. To invoke is to call upon some thing: help, aid, or maybe a higher power.

So hopefully all your branding and messaging efforts evoke specific emotions in potential customers. But if they don’t, you might consider invoking the gods of commerce to aid you in your quest for profitability.

Or something like that.

Continuously and continually

Both words come from the root continue, but they mean very different things.Continuously means never ending. Hopefully your efforts to develop your employees are continuous, because you never want to stop improving their skills and their future.

Continual means whatever you’re referring to stops and starts. You might have frequent disagreements with your co-founder, but unless those discussions never end (which is unlikely, even though it might feel otherwise), then those disagreements are continual.

That’s why you should focus on continuous improvement but only plan to have continual meetings with your accountant: The former should never, ever stop, and the other (mercifully) should.

Systemic and systematic

If you’re in doubt, systematic is almost always the right word to use. Systematic means arranged or carried out according to a plan, method, or system. That’s why you can take a systematic approach to continuous improvement, or do a systematic evaluation of customer revenue or a systematic assessment of market conditions.

Systemic means belonging to or affecting the system as a whole. Poor morale could be systemic to your organization. Or bias against employee diversity could be systemic.

So if your organization is facing a pervasive problem, take a systematic approach to dealing with it—that’s probably the only way you’ll overcome it.

Impact and affect (and effect)

Many people (including until recently me) use impact when they should use affect. Impact doesn’t mean to influence; impact means to strike, collide, or pack firmly.

Affect means to influence: “Impatient investors affected our rollout date.”

And to make it more confusing, effect means to accomplish something: “The board effected a sweeping policy change.”

How you correctly use effect or affect can be tricky. For example, a board can affect changes by influencing them and can effect changes by directly implementing them. Bottom line, use effect if you’re making it happen, and affect if you’re having an impact on something that someone else is trying to make happen.

As for nouns, effect is almost always correct: “Employee morale has had a negative effect on productivity.” Affect refers to an emotional state, so unless you’re a psychologist, you probably have little reason to use it.

So stop saying you’ll “impact sales” or “impact the bottom line.” Use affect.

(And feel free to remind me when I screw that up, because I feel sure I’ll backslide.)

Between and among

Use between when you name separate and individual items. “The team will decide between Mary, Marcia, and Steve when we fill the open customer service position.” Mary, Marcia, and Steve are separate and distinct, so between is correct.

Use among when there are three or more items but they are not named separately. “The team will decide among a number of candidates when we fill the open customer service position.” Who are the candidates? You haven’t named them separately, s oamong is correct.

And we’re assuming there are more than two candidates; otherwise you’d say between. If there are two candidates you could say, “I just can’t decide between them.”

Everyday and every day

Every day means, yep, every day—each and every day. If you ate a bagel for breakfast each day this week, you had a bagel every day.

Everyday means commonplace or normal. Decide to wear your “everyday shoes” and that means you’ve chosen to wear the shoes you normally wear. That doesn’t mean you have to wear them every single day; it just means wearing them is a usual occurrence.

Another example is along and a long: Along means moving in a constant direction or a line, or in the company of others, while a long means of great distance or duration. You wouldn’t stand in “along line,” but you might stand in a long line for a long time, along with a number of other people.

A couple more examples: a while and awhile, and any way and anyway.

If you’re in doubt, read what you write out loud. It’s unlikely you’ll think “Is there anyway you can help me?” sounds right.

Read next: These Are the 2 Most Important Words in a Job Interview

Listen to the most important stories of the day.

TIME Retail

Target to Cut ‘Several Thousand’ Jobs Over the Next 2 Years

A sign for a Target store is seen in the Chicago suburb of Evanston, Illinois on Feb. 10, 2015.
Jim Young—Reuters A sign for a Target store is seen in the Chicago suburb of Evanston, Illinois on Feb. 10, 2015.

The company is restructuring to save $2 billion

Target announced on Tuesday that it plans to cut “several thousand” jobs over the next two years as part of the retail giant’s restructuring and $2 billion savings plan.

The Minneapolis-based company, which employs 350,000 people globally and has roughly 1,800 box stores, said in a statement it will eliminate the positions while creating “centralized teams based on specialized expertise.”

“The restructuring will be concentrated at Target’s headquarters locations and focus on driving leaner, more efficient capabilities, removing the complexity and allowing the organization to move with greater speed and agility,” the statement continued.

The savings are intended to drive sales and earnings growth as the company recovers from the 2007-08 financial crisis and a major data breach in late 2013, while investing heavily in technology to improve its e-commerce offerings.

TIME technology

New Report Says Apple Is Now the World’s Biggest Smartphone Maker

Apple Samsung Sales
Chris McGrath—Getty Images The Apple iPhone 6 and 6 Plus at their launch at the Apple Omotesando Store on Sept. 19, 2014 in Tokyo, Japan.

According to data from research firm Gartner

Apple is now the world’s biggest smartphone maker in terms of worldwide sales at the end of last year, according to a new estimate that puts its fourth quarter figures ahead of rival Samsung’s numbers.

While Apple reported worldwide sales of 74.8 million smartphones during the fourth quarter of 2014, a report by research firm Gartner published Tuesday estimates Samsung sold 73 million units during the same period. If accurate — Samsung doesn’t report out its smartphone sales — that would mean Apple overtook Samsung as the world’s top smartphone maker by global sales for the first time since late 2011.

The new figures come on the heels of a recent report by Strategy Analytics that said Apple tied Samsung in worldwide shipments during the fourth quarter, which includes sold and unsold smartphones.

Apple’s strongest sales tend to occur during Q4 due to its fall iPhone releases. Last year’s iPhone 6 and 6 Plus offered the sales push Apple needed to beat out Samsung, per Gartner’s data:

But Apple still has a ways to go if it wants to beat Samsung in annual global smartphone sales — a goal that seems possible given how Apple’s annual sales are rising faster than Samsung’s:

Here’s a look at the history of Apple’s iPhone:

TIME Consumers

Why Annoyed Americans Are Signing This Online Petition

Vintage Cell Phone Collection
Jim Golden

People hate robocalls and want them to stop

More than 200,000 Americans have signed a petition asking telecom companies to provide tools for people to block commercial robocalls. Which is about as surprising as 200,000 people signing a petition against legalized murder.

The Consumers Union launched the petition at endrobocalls.com, just a week or so ago. The Federal Trade Commission says that if phone companies want to provide robo-blocking tools, they can. “Americans are fed up with being harassed by robocalls and they are demanding relief,” said Christina Tetreault, staff attorney for Consumers Union, in a statement. “The phone companies need to start listening and provide their customers with effective tools to block unwanted robocalls.”

The Consumers Union is the advocacy arm of Consumer Reports.

In 2014, the FTC received more than 3 million complaints about robocalls. Many of them (you might have heard from “Rachel from account services”) ran afoul of existing laws and regulations, such as the federal Do Not Call list. And many such calls originate overseas, out of the jurisdiction of U.S. authorities. About the only recourse consumers have is blocking numbers, when that’s possible.

In November, attorneys general from 39 states complained to the Federal Communications Commission, asking why phone companies don’t just block the calls. The phone companies responded that regulations forbade them from doing so. So the FTC sought input from the FTC, which in January said

Last month, though the FTC weighed in with an opinion: call–blocking by telcos is just fine since it would “make a significant dent in the problem of unwanted telephone calls.”

Hence the petition. The telcos have argued that blocking calls would run afoul of “common carrier” rules, which in general require them to accept all traffic, regardless of origin (similar to the concept of net neutrality). The FTC says that as long as customers opt-in and request the feature, telcos “can offer call-blocking services to their consumers without violating their common carriage obligations would be in the best interest of American consumers.”

The FCC is considering whether to issue an order forcing the telcos to make blocking technology available The FTC opinion will surely weigh heavily on that decision. It’s not clear when the decision will be made.

For now, other than making use of the call-clocking features offered by some handsets, consumers can file a complaint with the FCC, which has recently improved its help center.

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