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Giphy

(Corrects first sentence to say bill will be considered next week and second sentence to say Schrader is a Democrat.)

The Energy and Commerce committee will take up a bipartisan bill next week to encourage generic drug development and increase market competition, Chairman Greg Walden announced at a hearing Thursday morning.

The bill by Reps. Gus Bilirakis, a Republican, and Kurt Schrader, a Democrat, would require the Food and Drug Administration to priortize and expedite the review of generic applications for drugs that are in short supply or don't have much market competition. The goal is to get at "bad actors" raising the price of old, off-patent drugs. The bill also "increases transparency" around the generic backlog at the FDA, Walden said, although he didn't give any details.

Walden, in prepared remarks, also fired a warning shot at companies like Mylan and Turing, which have bought old drugs and hiked prices: "For those in industry who think it's OK to corner a market, drive up prices and rip off consumers, know that your days are numbered."

Go deeper

Caitlin Owens, author of Vitals
3 hours ago - Health

Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan

Photo: Alex Wong/Getty Images

President-elect Joe Biden has picked former FDA chief David Kessler to lead Operation Warp Speed, a day after unveiling a nearly $2 trillion pandemic relief plan that includes $400 billion for directly combatting the virus.

Why it matters: Biden's transition team said Kessler has been advising the president-elect since the beginning of the pandemic, and hopes his involvement will help accelerate vaccination, the New York Times reports. Operation Warp Speed's current director, Moncef Slaoui, will stay on as a consultant.

The case of the missing relief money

Illustration: Sarah Grillo/Axios

A chunk of stimulus payments is missing in action, thanks to a mix up that put as many as 13 million checks into invalid bank accounts.

Why it matters: The IRS (by law) was supposed to get all payments out by Friday. Now the onus could shift to Americans to claim the money on their tax refund — further delaying relief to struggling, lower-income Americans.

The post-Trump GOP, gutted

McConnell (L), McCarthy (R) and Trump. Photo: Erin Schaff-Pool/Getty Images

Republicans will emerge from the Trump era gutted financially, institutionally and structurally.

The big picture: The losses are stark and substantial.