Jul 18, 2018

Novartis halts drug price increases for 2018

Novartis CEO Vas Narasimhan. Photo: Ruben Sprich/AFP via Getty Images

Multinational drug conglomerate Novartis won't raise prices on its drugs for the rest of this year, CEO Vas Narasimhan said on an investor call Wednesday.

Why it matters: Novartis' decision comes roughly a week after a Senate report found the company and Michael Cohen, President Trump's former personal attorney, had closer ties than Novartis originally explained. Novartis' pause on drug price hikes also follows Pfizer's decision to delay prices increases on its drugs after Trump sent out critical tweets. But the underlying practices of the drug industry have not changed.

Go deeper

Dion Rabouin

The growing coronavirus recession threat

Illustration: Aïda Amer/Axios

In just a matter of weeks, top economists and investment bank analysts have gone from expecting the coronavirus outbreak to have minimal impact on the U.S. economy to warning that an outright recession may be on the horizon.

What's happening: The spread of confirmed coronavirus cases in Europe, the Middle East and the U.S., and the speed at which they are being discovered has set the table for the outbreak to have a larger and much costlier impact.

Go deeper17 mins ago - Economy & Business

Orion Rummler

Mass shooting in Milwaukee: What we know

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Molson Coors Brewing Company in Milwaukee on Wednesday, including the gunman, Mayor Tom Barrett told reporters at a Wednesday evening press conference with local police.

Details: All of the victims worked at the brewery complex, as did the shooter who died of "an apparent self-inflicted gunshot wound," police confirmed in a statement late Wednesday.

Go deeperUpdated 8 hours ago - Politics & Policy

Axios

Coronavirus updates: South Korea case count tops 2,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperUpdated 8 hours ago - Health