Covid-19 Pandemic
 Here’s the latest news from the global pandemic. AstraZeneca vaccine trials face delay after patient gets ill U.K. bans gatherings of more than six amid rising virus cases Stimulus vote to test Republican unity under election pressures Pharma’s most valuable asset More than any piece of research, cutting-edge lab or business secret, the U.S. drug industry benefits from one thing above all: its reputation. To be clear, it’s not that the drug industry is beloved. In fact, it ranked last in a 2019 Gallup poll of public sentiment toward major industries. But every day, doctors and patients turn to the industry’s therapies to save lives. (It’s like the saying about lawyers: Nobody likes lawyers, until you need one.) That public trust is due, in large part, to the Food and Drug Administration. For decades, the FDA has been the world’s gold standard in drug regulation. When the agency approves a drug, vaccine or medical product, it’s a seal of approval worth more than any drugmaker’s ad campaign.  The U.S. Food and Drug Administration headquarters in White Oak, Maryland. Photographer: Stefani Reynolds/Bloomberg That halo of reputation is also the reason the industry agrees to pay the FDA millions of dollars in fees for high-quality, expeditious reviews. The modern drug industry can’t be disentangled from the FDA. And it would suffer gravely without it. Protecting the FDA, and by extension the industry, is the reason nine major drugmakers made a pledge this week not to send a vaccine to the agency for review until the evidence is solid. More than failing to deliver a Covid-19 shot, the industry knows that the reputational damage that would come from handing over a substandard application, and then seeing it pushed through by political forces, would be damaging far past the pandemic. It would destroy the industry’s most valuable asset: trust. For a counterexample, look at China. For decades, Western drugmakers made billions of dollars selling their old brand-name pills in the country, well past their profitable lives at home. Why? Because Chinese patients didn’t trust drugs made by Chinese drugmakers and overseen by the Chinese government. They were willing to pay a premium for pills made by Western companies, subject to the FDA’s high standards. Let’s also be clear about something else: The drug industry isn’t joining the anti-Trump #resistance. It’s doing what it always does—looking out for its long-term interests. More important than what political party is in power, what the corporate tax rate is, drug pricing legislation or just about anything else pharma worries about, it needs doctors to prescribe its products and patients to take them. The FDA, likewise, is taking steps to preserve its own reputation by putting in safeguards against political interference. All of this means that if it takes a few weeks or months longer to accumulate the data needed to have solid, trustworthy proof that a vaccine works and is safe, drugmakers will wait. And if the FDA needs more time to review a shot, it may slip past election day. But it also means that if the data are convincing and ready sooner, they won’t. Almost a thousand Americans a day are dying of Covid-19. If you think it would be scandal if a vaccine were rushed to market without solid evidence, imagine the scandal if drugmakers or the agency delayed while people got sick and perished.—Drew Armstrong Track the virus Covid-19 Infections Flare in Germany Germany’s virus reproduction number held above a key threshold, more evidence of a resurgence in Europe. Get the latest data here.  What you should read Singapore’s Poorest Remain in Virus Lockdown Pre-pandemic life returns to Singapore, except for 300,000 migrant workers. Thailand to Finalize Entry Plan for Foreign Visitors Reopening to help revive an ailing tourism sector and save millions of jobs. One of the World’s Best Restaurants to Reopen Eleven Madison Park back as early as November after deal with landlord. Prisoners Sought for Palm Oil in Labor Crunch Covid crisis has Malaysia’s palm oil industry looking for local workers. Scientists Cast Doubt on Russian Vaccine Results Group of international scientists said some findings appeared improbable. Know someone else who would like this newsletter? Have them sign up here. Have any questions, concerns, or news tips on Covid-19 news? Get in touch or help us cover the story. Like this newsletter? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Get the newsletter You received this message because you are subscribed to Bloomberg’s Coronavirus Daily newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022 |
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