Axios

There's a state of emergency in New York City, where Mayor Bill de Blasio is practically begging residents to get their vaccinations after 285 confirmed cases of measles since the fall.

Why it matters: The world's financial capital has declared a public health emergency in the face of a virus that has a safe and effective vaccine.

Four pharmaceutical companies — Johnson & Johnson, Pfizer, Merck and Abbott Laboratories — collectively kept $7 billion in tax savings in 2018 due to Republicans' 2017 corporate tax overhaul, according to a new Oxfam report.

The bottom line: Oxfam's results mirror our reporting, which shows pharmaceutical companies in particular have benefited from bringing back billions of dollars in overseas profits that have sat untaxed. However, this report says the tax savings have not led to other social goods, like more research investment in new drugs or lower drug prices.

New York City declared a public health emergency on Tuesday over the current measles outbreak and ordered mandatory vaccinations for everyone exposed to the virus, adding that the city will issue violations and possibly fines for those who do not comply, the New York Times reports.

The big picture: This year's measles outbreak is the 2nd largest since 2000. The Centers for Disease Control and Prevention have reported outbreaks in New York City, Washington state, Texas, Illinois and California. Rockland County in New York declared a local state of emergency at the end of March, while Tuesday's public health emergency follows an ongoing measles outbreak in the Williamsburg Orthodox Jewish community in Brooklyn.

Administrative costs make up a much larger share of health care spending in the U.S. than in other high-income countries, according to a new analysis by the Center for American Progress.

The big picture: In 2016, we spent 8.3% of our health care dollars on administration, while the next-highest spender — France — spent only 5.7%.

Freshman GOP Sens. Rick Scott and Josh Hawley introduced a new drug pricing bill last week that could have been written by Bernie Sanders, and it's not being attacked by GOP leadership.

The bottom line: The bill would, among other things, ban drug companies from charging Americans a higher list price than they charge consumers in Canada, France, the U.K., Japan or Germany.

The number of measles cases this calendar year has jumped to 465, the Centers for Disease Control and Prevention announced yesterday.

By the numbers: This the second-highest number of cases reported since the disease was eliminated in 2000. Cases have been confirmed in 19 states, but the spread is mostly accelerating due to an outbreak in New York City, according to WSJ.

Go deeper: U.S. measles cases mount as anti-vaccine influence goes unchecked

Pharmacy benefit managers usually operate behind the scenes, quietly influencing the 5.8 billion drug prescriptions Americans fill every year. But they'll take a step into the spotlight today.

Driving the news: The Senate Finance Committee is set to grill the industry over its role in rising drug prices, and at the same time, the Trump administration is weighing a seismic shift in how these companies get paid.

Employers are keeping quiet in the political debate over health care costs, but the cost crisis looming in front of them is bigger than many people may realize.

Why it matters: Washington isn’t known for being proactive, but in some ways it’s better prepared than the private sector to grapple with the ever-climbing cost of care. And some experts warn that these costs will eventually have a chilling effect on the economy.