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A lab technician prepares to thawing blood bag before genetically modifying a patients immune cells. Photo: Gerard Julien/AFP/Getty Images

China's aggressive focus on prescription drugs includes developing its own version of CAR-T, one of the most ambitious therapies on the market, Bloomberg reports.

Why it matters: Chinese scientists are attempting to develop CAR-T therapies — which genetically engineer a patient's own immune cells to destroy cancer cells — much faster and with a much cheaper price tag than those in the U.S.

But there are concerns that the country is moving too fast and considering loosening oversight too much.

  • While American and European companies take two to three weeks to engineer each patient's CAR-T therapy, Chinese startup Gracell Biotechnology makes theirs overnight.
  • Gracell plans to price its treatment — which is still experimental — at around $71,000. The two CAR-Ts approved in the U.S. have price tags of $475,000 and $373,000.

What they're saying: "We all want these therapies to move fast and some are very good, but we need to be aware that some could be moving too fast for their expertise, even if they have very good intentions," Bruce Levine, a professor specializing in cancer gene therapy at the University of Pennsylvania, told Bloomberg.

The big picture: The Chinese market for drugs is enormous, particularly for cancer drugs.

  • China is home to the largest cancer population in the world, per Bloomberg.

Go deeper: China offers drug companies market access in exchange for lower prices

Go deeper

Top general: Calls to China were "perfectly within the duties" of job

Gen. Mark Milley. Photo: Andrew Harrer/Bloomberg via Getty Images

Joint Chiefs Chairman Mark Milley told the Associated Press on Friday that calls with his Chinese counterpart during the final months of Donald Trump's presidency were "perfectly within the duties and responsibilities" of his job.

Why it matters: In his first public comments on the calls that have prompted critics to question whether the general went too far, Milley maintained that such conversations are "routine," per AP.

The consumer's massive "war chest"

Illustration: Megan Robinson/Axios

Economists expect the pace of economic growth to cool off now that government transfer payments like stimulus checks and emergency unemployment benefits are in the rearview mirror. But evidence suggests that the U.S. consumer is sitting on a lot of financial firepower that could be a key driver of growth in the quarters to come.

Why it matters: U.S. consumer spending is massive, representing about 70% of GDP.

The Fed takes on its own rules amid stock trading controversy

Photo: Al Drago/Bloomberg via Getty Images

New disclosures that showed Fed officials were active in financial markets set off a firestorm of criticism. Now the Fed may overhaul the long-standing rules that allow those transactions.

Why it matters: What officials actively traded was sensitive to the Fed decisions they helped shape, including the unprecedented support that underpinned a massive financial market boom.

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