Covid-19 Pandemic
 The latest news and our take on the coronavirus. World will be facing the coronavirus well into 2021Students face $10 trillion in earnings lost from pandemicTrump shrugs off contagion fears ahead of rally Pharma’s Covid-19 halo effect The U.S. spends more on medicines than any other country in the world, and has weathered decades of furor over the rising cost of drugs. That’s led Democrats and Republicans alike to tout proposals to lower prices from the campaign trail, the debate stage, and the echoing halls of Congress. Finally, at the outset of 2020, the prospect of bipartisan reform appeared to be peeking over the horizon. That is, until a pandemic swept the country. Now, as drugmakers invest billions of dollars and dedicate their top scientists to delivering therapies and vaccines to stop the spread of Covid-19, a “halo effect” has come over the industry. Washington is banking that these experimental medicines will return global markets and the U.S. economy to a state of normalcy. And as the industry seizes the moment to transform its image from price-gougers to virus-conquering scientists, Congress appears to have lost leverage to rein in prices.  Senator Chuck Grassley, a Republican from Iowa, at a hearing in June. Photographer: Carolyn Kaster/AP Photo That’s a problem for Sen. Chuck Grassley, the Republican co-sponsor of a bipartisan bill that would penalize drugmakers for raising the prices of medicines past the rate of inflation. Two powerful trade organizations, PhRMA and BIO, say the Senate Finance Committee legislation needs to be reconsidered in light of the pandemic, as it would hamper much-needed innovation at a critical time. It’s not a new argument for the industry, but its tenor lands differently amid a health crisis. Grassley, however, vehemently disputes the idea of putting the proposals on pause. He says affordability is even more important as Americans grapple with the unanswered question of how much Covid-19 drugs and vaccines will actually cost. Though the clock is ticking on his long-delayed bill, the Iowan says he’s aiming to work it into the next phase of coronavirus relief legislation. With Trump’s backing, he’s optimistic. But will that be enough to slip past a powerful lobby operating in its prime?—Riley Griffin and Emma Court Latest Podcast The New Superbug Threat Long before the pandemic, another global health disaster was brewing. Superbugs – germs our most potent antibiotics can’t defeat – pose a challenge to human health. The coronavirus isn’t stopped by antibiotics, which target bacteria. Even so, antibiotics have been used liberally for Covid-19. Jason Gale reports that could worsen the superbug crisis.  What you should read Australians End Lockdown With Spending Spree Stimulus cash flowing into bank accounts spurred record monthly gains. Flying in the Age of a Pandemic The record shows the risks aren’t negligible. Trump’s Tulsa Rally as a Public Experiment Thousands will pack into an arena. Will it be a superspreader event? Italy’s Sewage Held Virus in December: Study Presence seen two months before the first Covid-19 cases were detected. Pandemic Spurs Online Sales to Record At-home working and lengthy queues should keep clicks coming. 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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