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Management personnel checks the production of medicine in a workshop of Youcare Pharmaceutical Group Co. in Beijing. Photo: Zhang Yuwei/Xinhua via Getty Images

The spotlight that the coronavirus has shone on our reliance on China for American drugs and medical devices has already prompted lawmakers to act.

Driving the news: Sens. Marco Rubio (R-Fla.) and Josh Hawley (R-Mo.) both plan to introduce bills aimed at safeguarding the supply chain.

Details: Rubio's bill would require drugmakers to report to the Food and Drug Administration the volume of their drug's ingredients derived from each source, which would give the FDA a clearer picture of how reliant drugs are on Chinese products.

  • The bill also would create federal financing guarantees to American businesses producing critical medical supplies, pharmaceuticals and equipment in the U.S.
  • And it would temporarily increase the tax deduction for business capital expenditures on medical equipment and facilities related to the coronavirus.

Hawley's legislation would require medical device manufacturers to report predicted shortages to the FDA, and would give the FDA additional authorities in the event of an expected shortage.

  • It also would give the FDA more authority to request information from drug and device makers about their manufacturing capacity.

The bottom line: Old fears about our medical supplies' dependence on China have been given new urgency.

Go deeper: The coronavirus is infecting everything in the energy sector

Go deeper

2 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.

The week markets went wild

Illustration: Lazaro Gamio

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.