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(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."

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Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 5,246,760 — Total deaths: 167,052 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.