A Hong Kong commuter wears a face mask. Photo: Miguel Candela/SOPA Images/LightRocket via Getty Images

It's unclear whether the rapid spread of the novel coronavirus will actually result in prescription drug shortages, but it has undoubtedly highlighted the potential vulnerabilities of having the supply chain for American drugs so dependent on China.

Driving the news: About 150 prescription drugs — including antibiotics, generics and some branded drugs without alternatives — are at risk of shortage if the coronavirus outbreak in China worsens, per two sources familiar with a list of at-risk drugs compiled by the Food and Drug Administration.

  • China is a huge supplier of the ingredients used to make drugs that are sold in the U.S.
  • The FDA declined to comment on the list, but said in a statement that it's "keenly aware that the outbreak could impact the medical product supply chain" and has devoted additional resources toward identifying vulnerabilities to U.S. medical products.

What they're saying: In response to Axios' reporting, Sen. Josh Hawley will today send a letter to the FDA calling the degree of U.S. reliance on China for drugs "inexcusable."

  • "It is becoming clear to me that both oversight hearings and additional legislation are necessary to determine the extent of our reliance on Chinese production and protect our medical product supply chain," Hawley writes.

Flashback: Lawmakers have voiced concern before. Democratic Reps. Anna Eshoo and Adam Schiff — who chair the Energy and Commerce health subcommittee and the Intelligence Committee, respectively — wrote an op-ed in the Washington Post last year.

  • "Depending on any single supplier for such lifesaving goods would be troubling, but when that supplier is China at a time of rising tensions and conflict, it's a national security issue that demands the attention of the administration and Congress," they wrote.

Go deeper: CDC will have flu surveillance labs test for coronavirus

Go deeper

Pandemic and protests can't stop the stock market

Traders work on the floor of the NYSE. Photo: Spencer Platt/Getty Images.

United States equities opened higher Monday following big gains in Asia and Europe and a risk-on bid in currency markets.

Why it matters: Stock markets could continue to rise despite an unprecedented global pandemic, violent protests over police violence in the U.S. not seen since the 1960s, and spiking tensions between the world's two largest economies.

The Fed's balance sheet expansion may be slowing inflation

Data: Federal Reserve Bank of St. Louis; Chart: Axios Visuals

Coins and bills in circulation make up only 10% of the money supply today, Deutsche Bank Securities chief economist Torsten Sløk points out in a note to clients.

What it means: The majority of the money supply is now used by the Fed for its balance sheet and in the banking sector to purchase financial assets.

Senators plan bipartisan privacy bill for contact-tracing apps

Sen. Maria Cantwell. Photo: Alex Wong/Getty Images

Senators are preparing today to introduce bipartisan legislation that would require commercial contact-tracing and exposure notification apps to only be deployed in collaboration with public health authorities.

Why it matters: Lawmakers are trying to put privacy safeguards in place as health officials look to use tech — including a Bluetooth-based system from Apple and Google — to help Americans learn if they've come into contact with someone infected with the coronavirus.