Illustration: Aïda Amer/Axios

The FDA is inspecting fewer overseas drugmakers as it simultaneously increases the number of generic drug approvals, contributing to concerns about the safety of our generic drug supply, Bloomberg Businessweek reports.

Why it matters: 90% of drugs sold in the U.S. are generics, and 80% of the active ingredients are produced abroad. The FDA inspects less than 1% of drugs before letting them come into the country.

  • This weak quality-control system led to last year's announcement that a carcinogen had been found in a popular blood-pressure medicine, prompting a massive FDA recall.

The big picture: "Where the FDA's drug approval process is founded on testing and more testing, the regulatory system for generics is built on trust, specifically trust in manufacturers," Bloomberg writes.

  • "[The global system is] designed to, above all, make and distribute drugs in a cost-efficient manner. It usually functions beyond view. Until there’s trouble."

Go deeper: Some seniors pay more for generic drugs than brands

Go deeper

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

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

Kendall Baker, author of Sports
16 mins ago - Sports

A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.