Jul 16, 2018

Tammy Baldwin wants "permanent" price cuts for Pfizer's drugs

Photo: Bill Clark/CQ Roll Call via Getty Images

Democratic Sen. Tammy Baldwin wrote a letter to Pfizer CEO Ian Read on Monday, urging the pharmaceutical company executive to stop "playing games" and "make permanent price reductions" for its drugs.

The bottom line: Pfizer is under no obligation to change its deal with President Trump, who tweeted threats toward Pfizer after the company instituted mid-year price hikes on 100 products. But Pfizer only delayed those price increases until 2019, and didn't make any changes to underlying pricing practices.

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Coronavirus spreads to more countries, and U.S. ups its case count

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.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 2 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.