United Airlines CEO Scott Kirby believes that people will feel safe traveling again by this time next year, depending on the pace of vaccinations and the government's ongoing response to the pandemic, he said at an Axios virtual event.

Why it matters: Misery for global aviation is likely to continue and hold back a broader economic recovery if nothing changes, especially with new restrictions on international border crossings. U.S. airlines carried about 60% fewer passengers in 2020 compared with 2019.

Government regulations of the hospitals' rates is a much more effective way to reduce costs than relying on competition to do the job, according to a new report by the RAND Corp.

Why it matters: America's health care system is the most expensive in the world, and hospitals account for the largest portion of those costs.

The Congressional Budget Office doesn't expect much from House Democrats' plan to temporarily expand health care coverage through the Affordable Care Act.

The big picture: According to CBO's estimates, Democrats' proposals would cover fewer than 2 million uninsured Americans — at a cumulative cost of over $50 billion.

A growing body of research keeps undermining a key tenet of health economics — the belief that requiring patients to pay more out of their own pockets will make them smarter consumers, forcing the health care system to deliver value.

Driving the news: Even a seemingly modest increase in out-of-pocket costs will cause many patients to stop taking drugs they need, according to a new working paper from Harvard economist Amitabh Chandra.

Prescription drug prices in the U.S. are more than 256% higher than other 32 other countries, with the gap driven by brand-name drugs, a new report by nonpartisan RAND Corporation shows.

The big picture: Drug spending in the U.S. jumped by 76% between 2000 and 2017, and the costs are expected to only increase over the next decade, per the report.

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

More than 100 pharmaceutical companies raised prices on over 600 drugs at the beginning of the new year, according to a new report from the advocacy group Patients for Affordable Drugs.

The big picture: Millions of people have lost their health insurance because of the pandemic, and uninsured patients must often pay the full sticker price for prescription drugs.

U.K.-based health tech company Bioniq will announce on Wednesday a $7.8 million Series A investment led by venture capital firm OKS Group for a U.S. and Middle East expansion.

The big picture: Bioniq, a supplement subscriptions and at-home testing services company, is among the many health-tech companies that have seen a boom in demand during the pandemic.

New York's largest health system has continued to sue patients over unpaid medical bills amid the pandemic, even though most other hospitals in the state have suspended their claims, the New York Times reports.

Driving the news: Northwell Health, a nonprofit hospital system that is run by one of Cuomo's closest allies, sued more than 2,500 patients last year for an average of $1,700 in unpaid bills.

The U.S. spent $3.8 trillion on health care last year, accounting for about 18% of the entire American economy, according to new federal data.

Why it matters: The U.S. has by far the most expensive health care system in the world, and every year it eats up a little more — from the federal government, states, employers and individuals.