Jun 5, 2019

Pharma goes all in on cancer treatments

Caitlin Owens, author of Vitals
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Reproduced from Evaluate; Table: Axios Visuals

A new EvaluatePharma report reiterates just how heavily the pharmaceutical industry is banking on oncology.

Why it matters: The report also adds more evidence that drugs are getting more costly, and these costs will increasingly be driven by medicines with little to no competition.

  • Global drug sales are expected to reach $1.18 trillion in 2024, compared to $843 billion in 2019, and $239 billion of the 2024 total is expected to be spent on orphan drugs that treat small populations.

Go deeper: The drug pricing debate is stuck in the past

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Unemployment rate falls to 13.3% in May

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.

Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.

The difficulty of calculating the real unemployment rate

Data: U.S. Department of Labor; Note: Initial traditional state claims from the weeks of May 23 and 30, continuing traditional claims from May 23. Initial PUA claims from May 16, 23, and 30, continuing PUA and other programs from May 16; Chart: Andrew Witherspoon/Axios

The shocking May jobs report — with a decline in the unemployment rate to 13.3% and more than 2 million jobs added — destroyed expectations of a much worse economic picture.

Why it matters: Traditional economic reports have failed to keep up with the devastation of the coronavirus pandemic and have made it nearly impossible for researchers to determine the state of the U.S. labor market or the economy.

2 hours ago - Sports

How coronavirus could reshuffle the sports calendar

Illustration: Eniola Odetunde/Axios

The NBA's Board of Governors approved Thursday the league's 22-team plan to resume play at Walt Disney World — a plan that also includes tentative dates for both this season and next.

Why it matters: The league's proposed trip to Disney World not only impacts this season but could have a domino effect that impacts seasons in the future — and could permanently change what time of year the NBA plays its games.