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Illustration: Lazaro Gamio/Axios

Drug companies don't have much financial incentive to invest research and development dollars into new vaccines and antibiotics, leaving the world vulnerable to future pandemics.

Between the lines: The best-case scenario for these kinds of drugs is that they're lightly or never used. That doesn't sound very good to companies when their R&D dollars could alternatively go to diseases like cancer, which are much more likely to turn a sizable profit.

  • "The possibility for blockbuster sales motivates large drugmakers; little else moves the needle. The revenue potential for many infectious disease drugs is likely to remain limited, so other serious incentives are required," Bloomberg Opinion's Max Nisen writes.

Driving the news: The coronavirus, obviously, and the fact that it's revealed once again how unprepared the world is for a global pandemic.

By the numbers: 20 drug companies spent more than $2 billion on R&D over the last year, but only four of them have major vaccine units, per Bloomberg Opinion. Some drug companies have also stepped away from antibiotic development.

Yes, but: Some drug companies are rushing to develop vaccines to protect against the new virus, WSJ reports.

  • They include Moderna, Inovio Pharmaceuticals and Novavax Inc., as well as researchers at the University of Queensland in Australia.
  • The vaccines could be ready for human testing in a few months, but approval would take longer.

Go deeper: Dwindling antibiotics undermine fight against drug-resistant infections, WHO warns

Go deeper

McCarthy jokes about hitting Pelosi with gavel if he becomes Speaker, in new audio

Kevin McCarthy. Photo: Win McNamee/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) can be heard saying "it would be hard not to hit" House Speaker Nancy Pelosi with the speaker's gavel if Republicans retake the House in 2022 and he becomes speaker, according to new audio posted to Twitter by a Main Street Nashville reporter.

Driving the news: McCarthy made the comments during a fundraising event in Tennessee, as he was handed an oversized gavel by members of the Tennessee congressional delegation, reports CNN.

Updated 4 hours ago - World

U.S. and U.K. blame Iran for drone strike on oil tanker

Britain's Foreign Secretary Dominic Raab. Photo: Sameer Al-DOUMY / AFP

Secretary of State Antony Blinken and British Foreign Secretary Dominic Raab said on Sunday that the United States and United Kingdom, respectively, now believe Iran was likely responsible for last week's drone strike on an oil tanker in the Arabian sea.

Why it matters: The United States and Britain now join Israel in accusing Tehran of being behind the July 29 attack off the coast of Oman. Iran has denied involvement.

10 hours ago - Sports

Suni Lee wins bronze medal in uneven bars

Photo: Laurence Griffiths/Getty Images

U.S. gymnast Sunisa "Suni" Lee won her 3rd Olympic medal on Sunday, taking home bronze in the individual uneven bars event.

Driving the news: Also on Sunday, U.S. gymnast MyKayla Skinner won the silver medal in the vault on Sunday after stepping in for Simone Biles, who withdrew from the event to prioritize her mental health and well-being.