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Photo: Win McNamee/Getty Images

House Democrats will release a bill on drug pricing in September, Speaker Nancy Pelosi's top health care aide, Wendell Primus, said yesterday at a Brookings event.

Details: Primus said the bill will focus on the most expensive drugs — primarily, those that have been on the market a long time and still don't have any competition.

  • Once drugs have recouped their research and development costs, he said, "you should be able to push the price down ... well below international prices."
  • The bill would force HHS to negotiate prices directly, and it would include a tax or fee, based on sales, to try to bring drugmakers to the table.
  • Primus said the goal is for HHS' negotiated price to also apply to private insurance plans, so that drugmakers couldn't raise their prices on private plans to compensate for lower prices in Medicare and Medicaid.

What's next: The bill is close to finished, but leadership opted not to introduce it before the August recess, when pharma would have a month to attack it while lawmakers are back in their districts, Primus said.

What we're watching: This proposal could face criticism both from the left and right. Progressives have already said they're worried it won't go far enough, and Republicans have traditionally been loath to let the government set drug prices.

  • If there's a political way forward here, it may depend on a Pelosi-Trump partnership. What a time to be alive.

Go deeper

2 hours ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.