China's plan to dominate the 21st century hangs in the balance as the deadly coronavirus outbreak spreads.
The big picture: Coronavirus is stress-testing Chinese President Xi Jinping's industrial and economic vision for the future as factories, supply chains and companies navigate the crisis.
A 60-year-old U.S. citizen died from the novel coronavirus in Wuhan, China on Thursday — making it the first known American death from the illness, according to a State Department spokesperson.
The state of play: The U.S. government has been proactively trying to evacuateU.S. citizens from China, as the coronavirus death toll has grown to more than 720. As of Friday evening, 34,546 cases of the respiratory illness have been confirmed in mainland China.
Vigils were held Friday in Hong Kong and Wuhan to mourn Li Wenliang, an ophthalmologist at Wuhan Central Hospital who sounded the alarm on the coronavirus, for which Chinese authorities attempted to silence him. Wenliang reportedly died this week after contracting the virus.
The big picture, per the New York Times' Li Yuan: "For many people in China, the doctor’s death shook loose pent-up anger and frustration at how the government mishandled the situation by not sharing information earlier and by silencing whistle-blowers."
The National Institutes of Health and biotech company Moderna, one of several companies working to develop treatment for the novel coronavirus, are on track for human clinical trials for a vaccine in two and half months, National Institute of Allergy and Infectious Diseases director Anthony Fauci, said in a press briefing Friday.
Why it matters: If the trials prove effective, the vaccine could help protect people from future outbreaks. The researchers were able to successfully take the virus's genetic code and express proteins for animal trials. “I’m happy to tell you there are no glitches so far," Fauci said.
The U.S. Patent and Appeal Board this week handed down mixed rulings in a pair of important cases involving drug patents.
Why it matters: The patent system is the foundation of drug companies' ability to keep their prices high, and these specific rulings will affect access and cost for two drugs that treat serious conditions — HIV and multiple sclerosis.
It's hard to get one's head around all the ways that coronavirus is affecting oil markets, energy-related industries and even carbon emissions.
Why it matters: The tragic outbreak underscores that when it comes to energy, China is the straw the stirs the drink as the world's largest oil-and-gas importer, largest auto market and largest carbon emitter.
Sens. Marco Rubio (R-Fla.) and Chris Murphy (D-Conn.) sent a letter Thursday to the Food and Drug Administration asking for assurance that the coronavirus won't affect the supply chain for American food, pharmaceuticals or medical supplies.
The big picture: The Centers for Disease Control and Prevention has already asked U.S. health care providers and the public to not stock up on medical masks and other supplies while the risk of coronavirus inside the U.S. remains low.
The Delaware court that oversaw the trial between Anthem and Cigna over their botched health insurance merger expects to making a ruling on the lawsuit by the end of this month, Cigna CEO David Cordani told investors Thursday.
Why it matters: Whatever the resolution is, shareholders and people who get health insurance through the losing company ultimately will be stomaching a very large payout.
