The Sackler family made roughly $1 billion in wire transfers between themselves and various financial institutions, the New York Times reports.
The big picture: The family's business, Purdue Pharma — which is currently facing thousands of lawsuits for its role in fueling the opioid epidemic — reached a tentative "global" settlement in the nationwide opioids lawsuit this week. That settlement would result in the maker of OxyContin entering bankruptcy.
The back-to-back ads taking opposing sides of the surprise billing debate that ran before the 2020 Democratic candidates' closing debate statements in the D.C. market provided the perfect juxtaposition between the very real fight happening in Washington and the 30-second elevator pitches being given on the debate stage.
Yes, but: There wasn't any health care news made last night, despite its prominence as a 2020 campaign issue.
At the same time as Juul is facing a regulatory crackdown and damaging headlines in America, it's also entering the Chinese market — the world's largest market of smokers, Reuters reports.
The big picture: While China has more than 300 million smokers, it also already has several Juul competitors. The government has also launched anti-smoking campaigns and has said that China's e-cigarette laws will eventually resemble Europe's. It has also launched its products in South Korea, Indonesia and the Philippines.
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.
Although the surprise billing debate is often framed as a battle between insurers and doctors, hospitals also have a huge financial stake in the issue and are fighting tooth and nail to make sure they get their way.
Why it matters: Congress' effort to rein in surprise medical bills is on the rocks, thanks largely to industry opposition, and its failure would leave patients at risk.
President Trump proposed a ban on all flavored e-cigarettes on Wednesday, including those from market leader Juul. Dan digs in with Axios Vitals editor Caitlin Owens.
Yesterday's announcement of President Trump's intentions to ban all flavored e-cigarette products from U.S. markets, even if sold online or in smoke shops, creates massive complications for the proposed merger between tobacco giants Altria and Philip Morris.
Why it matters: Both companies have made major moves into e-cigarettes, which they view as the best way to remain viable in a U.S. market that has moved away from combustible products. The ban could shake the merger.
Purdue Pharma is very close to a settlement with states, cities, counties and Native American tribes over its role in fueling the opioid epidemic — but part of the settlement puts those governments in an awkward position.
Driving the news: A major part of the proposed settlement would involve Purdue declaring bankruptcy and the Sackler family members conceding ownership.
