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Data: CVS Health; Table: Axios Visuals

The gene therapy pipeline contains several drugs that are likely to cost the health care system billions of dollars in the near future, according to an a new CVS white paper.

The big picture: Drugmakers are already having to come up with creative ways to get paid for high-cost drugs, the Wall Street Journal reported yesterday, and that's before these new gene therapies hit the market.

Why it matters: These therapies will provide medical miracles to patients who have long gone without cures for debilitating diseases. Some may even save money in the long run, compared with the cost of lifelong treatment.

  • But our health care system isn't built to absorb these kinds of upfront costs.
  • The impact will be especially potent for small employers, which could be bankrupted by one sick employee who receives one of these therapies.

What's next: CVS is developing an additional insurance product that it says will help small employers guard against this, among other solutions it outlined in the white paper.

The bottom line: Policymakers are stuck on how to deal with existing prescription drug prices, but the private market is beginning to at least grapple with how it will handle the cost of future drugs.

Go deeper: Gene therapies' accessibility problem

Go deeper

Dion Rabouin, author of Markets
31 mins ago - Economy & Business

Americans' trust in the Fed keeps falling

Data: Axios/Ipsos poll; Note: ±3.3% margin of error; Chart: Axios Visuals

Americans' trust in the Federal Reserve fell again in October, with just 34% saying they have a fair amount or a great deal of trust in the central bank in the latest Axios/Ipsos poll.

What's happening: While trust in the Fed rises with age, income level and among those who say they know more about the institution, there was not a single group where even half of respondents said they trusted the Fed.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: California to independently review FDA-approved coronavirus vaccinesWisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b---ards" for continuing to cover pandemic.
  5. World: Ireland moving back into lockdown as cases surge — Argentina becomes 5th country to report 5 million infections

USA Today breaks tradition by endorsing Joe Biden

Photo illustration: Aïda Amer/Axios. Photo: Win McNamee/Getty Images

USA Today, one of the largest newspapers by circulation in America, gave Joe Biden its first-ever presidential endorsement on Tuesday.

The big picture: A slew of media companies are endorsing a candidate this year for the first time ever, citing the unprecedented nature of this election.