President Trump shakes hands with CEO of Pfizer, Ian Read. Photo: Saul Loeb/AFP/Getty Images

The bully pulpit is not, in fact, putting much of a dent in drug prices. But it's at least providing an illusion of lower prices.

The intrigue: Pfizer said yesterday that after "an extensive conversation with President Trump," it would "defer" the price increases it imposed on July 1, "to give the president an opportunity to work on his blueprint."

  • Flashback: Trump criticized Pfizer after it announced midyear price hikes on about 40 drugs, including several generics. He praised the company yesterday.
  • Reality check: Pfizer is only deferring those price hikes, not canceling them. And it’s taking its products back to what they cost in June — a time when Trump was very much of the belief that the prices were too high.

California is getting some results from a new law that requires drugmakers to tell the government and insurance companies before it raises prices beyond a certain threshold.

  • Gilead, Novartis, Novo Nordisk and Roche have each canceled or scaled back some of their planned price hikes, apparently in response to the new law, Bloomberg reports.
  • California’s law is only a disclosure requirement, not a hard limit on price hikes. But it's among the most aggressive disclosure requirements — which helps explain why the industry is suing to have it overturned, even while complying with it in the meantime.
  • Yes, but: "This is not going to change mainstream list price behavior at all," industry analyst Richard Evans told Bloomberg.

The bottom line: There’s a big difference between structural reforms and temporary rollbacks for one set of price increases.

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Mayor of Seoul found dead

Park at a conference in 2017. Photo: Aurelien Morissard/IP3/Getty Images

Seoul Mayor Park Won-soon has been found dead hours after his daughter reported him missing, prompting a massive manhunt, Yonhap news agency reports.

What we know: Park's disappearance came a day after allegations of sexual harassment against him were published in local media, according to the FT, which also reports that his daughter had found a "will-like message."

Scoop: Chinese biotech giant's U.S. subsidiary received PPP loan

Chinese biotech company BGI Genomics provided mobile labs for conducting COVID-19 tests at a sports center in Beijing. Photo credit: Xinhua/Chen Zhonghao via Getty Images.

A U.S. subsidiary of Chinese genomics company BGI Group received a loan through the Paycheck Protection Program (PPP), according to data on the program released by the U.S. Treasury Department this week.

Why it matters: BGI's close ties to the Chinese government, which is constructing a massive genetics database of its population, have raised concerns among U.S. officials.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 12,081,232 — Total deaths: 550,440 — Total recoveries — 6,639,503Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 3,057,431 — Total deaths: 132,360 — Total recoveries: 953,420 — Total tested: 37,431,666Map.
  3. Public health: Cases rise in 33 states — Fauci says states with severe outbreaks "should seriously look at shutting down"
  4. Education: How Trump's push to reopen schools could backfire — College sports stare down a disaster in the fall.
  5. Jobs: 1.3 million Americans filed for unemployment last week.
  6. Travel: Over 1,000 TSA agents have tested positive.