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Data: IQVIA Institute; Chart: Axios Visuals

The U.S. spent $344 billion on prescription drugs in 2018 — 4.5% more than the year before, according to pharmaceutical data firm IQVIA.

The big picture: Society collectively paid more for drugs last year, at a rate well above economic growth, because drugmakers launched new drugs with lofty price tags, sold more of their existing drugs, and raised prices on their blockbuster products.

Between the lines: Gross spending on drugs was $479 billion in 2018, but rebates and discounts collected by health insurance companies, pharmacy benefit managers and others in the supply chain lowered that amount by 28%, thus getting to the net figure of $344 billion.

The bottom line: Pharmaceutical companies and industry middlemen benefited from higher spending in 2018, even amid the furor from patients and lawmakers over unaffordable prescriptions.

  • And early federal data shows there's a chance net drug spending in 2019 may be rising at a similar rate.

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Updated 20 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8:30 a.m. ET: 12,740,971 — Total deaths: 565,716 — Total recoveries — 7,022,846Map.
  2. U.S.: Total confirmed cases as of 8:30 a.m. ET: 3,247,782 — Total deaths: 134,815 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. Public health: Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  5. States: Louisiana governor issues face mask mandate.
  6. World: India reimposes lockdowns as coronavirus cases soar.
1 hour ago - World

Hundreds of thousands vote in Hong Kong's opposition primaries

Photo: Isaac Lawrence/AFP via Getty Images

Organizers say more than 500,000 Hong Kong residents have voted in primary elections held by pro-democracy opposition groups on Saturday and Sunday, despite fears of a government crackdown under Beijing's draconian new national security law, Reuters reports.

Why it matters: The primaries, which aren't part of the city's official political process, are intended to whittle down the field of pro-democracy candidates in order to avoid splitting the vote against pro-China ruling politicians in September's legislative elections.

Biden's doctrine: Erase Trump, re-embrace the world

Photo illustration: Sarah Grillo/Axios. Photo: Bastiaan Slabbers/NurPhoto, and Bastiaan Slabbers/NurPhoto via Getty Images

Foreign policy will look drastically different if Joe Biden defeats President Trump in November, advisers tell Axios — starting with a Day One announcement that the U.S. is re-entering the Paris Climate Agreement and new global coordination of the coronavirus response.

The big picture: If Trump's presidency started the "America First" era of withdrawal from global alliances, Biden's team says his presidency would be the opposite: a re-engagement with the world and an effort to rebuild those alliances — fast.