Vets earn a median annual salary of $119,100, less than half of what doctors make despite spending more time in school, graduating with two-thirds more student debt , and experience higher turnover. The result: 0.8 vets per 1,000 cats and dogs. The shortage of veterinary technicians is even worse. My nephew studied to be a vet tech but switched out of the program when he learned that three years of training would land him a job with a limited career path and low pay.
One leader who thinks deeply about this is Kristin Peck, CEO of Zoetis, an $8.5 billion-a-year global leader in the development of vaccines, drugs, diagnostics and other technologies for pets and livestock. His clients are veterinarians, so he is on the frontline, trying to address issues through regulation and innovation. “We believe you need to create more vet tech licenses, so they can do more things like give injections,” Peck said. With more robust certification and on-the-job training, he argues, technicians can help relieve pressure on vets—and build more rewarding careers.
AI also promises to unlock productivity in pet care. Indeed, some of the most creative use cases for AI and health technology are likely to emerge first in the animal field, where patients are unencumbered by privacy laws and other well-intentioned concerns. regulation. Zoetis, for one, has an AI-powered device that can quickly diagnose disease from blood, urine and other samples. Meanwhile, Nestlé Purina Petcare North America CEO Nina Leigh Krueger recently told me about her company’s innovations in tech-enabled pet health monitoring. “They want to know, ‘Is my pet getting enough exercise? Is it eating right?'” she says. My personal favorite: a smart litter box that alerts cat owners to changes in habits that may indicate health issues. “We know from years of research how important pets are to our mental health,” she added.
And if you doubt it, consider that Chewy CEO Sumit Singh lets everyone bring their pets to work, pig intestines and all. As he told Michal Lev-Ram and Alan Murray on a recent Leadership Next podcast, the pet business “used to be a sleepy category” that has become the next frontier for innovation as technology allows more personalize and joy—for animals, their owners, and the professionals who care for them.
Meanwhile, as Alan prepares to move on to his next venture, we received many comments from CEOs as to why Fortune is important to them. Here’s one that really resonated with me.
FortuneThe thought-provoking content and insightful articles have been an incredible resource for me and my fellow leaders as we all navigate an increasingly complex landscape. In an age where we are bombarded with so much information, Fortune helps me stay current with market trends, business strategies and leadership advice.
–Thasunda Brown Duckett, CEO, TIAA
More news below.
Diane Brady
@dianebrady
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TOP NEWS
The FTC is targeting another merger
The Federal Trade Commission is suing to block the $8.5 billion acquisition of Tapestry by Capri Holdings, saying the deal could affect wages and employee benefits. The merger will put brands like Coach, Michael Kors, and Versace under one roof. The FTC is more aggressively trying to block mega-mergers, including a $25 billion deal between grocery stores Kroger and Albertsons. The Wall Street Journal
Europe’s TikTok probe
The European Commission may order TikTok to shut down its rewards program in the EU over child addiction concerns. TikTok Lite allows users to earn points through activities such as watching videos or following creators. This is the second European investigation into TikTok following an investigation in February into whether the app violated transparent advertising rules. Reuters
Bubble tea bust
Shares in Chinese bubble tea brand Chabaidao plunged as much as 37% in Hong Kong on Tuesday, the first day of trading for the shares after the city’s biggest IPO for 2024 so far. Hong Kong IPO proceeds fell to their lowest level in two decades last year, as companies worried about geopolitical tensions and Chinese regulatory scrutiny. On Friday, China’s market regulator said it would make it easier for Chinese companies hoping to list in Hong Kong. Bloomberg
AROUND THE WATERCOOLER
Commentary: How to fix Boeing, according to a former Airbus technology chief by Paul Eremenko
Baby boomer-filled housing markets aren’t worried about higher mortgage rates—the rest don’t have enough homes or sellers by Alena Botros
Musk killed Democrats on Teslas at a critical time. Here’s what they bought instead by Alicia Adamczyk
Google CEO’s new memo on employee activism hints at progressive villain Coinbase by Jeff John Roberts
Gen Z women are flocking to Uniqlo as return-to-office orders force them to combine work and evening wear by Ryan Hogg
This edition of CEO Daily is curated by Nicholas Gordon.
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