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Illustration: Aïda Amer/Axios

The Trump administration is pushing ahead with its drug pricing agenda even as impeachment sucks up all the political oxygen, with plans to advance some of its most ambitious regulations and to work with Congress on legislation.

Why it matters: Drug pricing remains a huge issue that both parties want to run on in 2020. For Trump, there's a lot of pressure: His most ambitious proposals have either been tabled, are tied up in the courts or have yet to be implemented.

Driving the news: The administration is planing to have the next regulatory phase of the international pricing index — a notice of proposed rulemaking — ready to issue within a month, a senior administration official said.

  • That leaves plenty of time for the industry to kill the proposal, but it's a signal that the administration isn't yet backing down from the proposal in the face of intense opposition from the drug industry.
  • The administration has also been working with states on potential rules to allow drugs to be imported from other countries.

The administration is also working with Congress on drug pricing legislation, and thinks that it's still possible that the Senate passes a bill by the end of the year.

  • The official said that the administration is working with Sens. Chuck Grassley and Ron Wyden to add a monthly cap on what seniors pay out-of-pocket for drugs through Medicare.
  • The administration also wants change the way that bill would take money from drugmakers, to address industry concerns that it would hit some drugs and therapeutic areas harder than others.

The bottom line: Trump certainly has a political incentive to get something done on drug prices, but some of these policies could go a long way toward helping Americans — especially seniors — afford their drugs.

Yes, but: These administrative actions haven't yet been formally proposed, and could take years to finalize — meaning there's no guarantee they'll actually happen before the 2020 election.

Go deeper: Scoop: Trump administration pushing new drug spending cap

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.