Photo: Tim Boyle/Getty Images

The Trump administration is moving ahead with a proposal that would require drug companies to include the sticker prices of their products in direct-to-consumer advertising — a controversial part of President Trump's blueprint for lower drug prices.

Between the lines: As simple and straightforward as price disclosures might sound, this information may not end up being very useful. Few patients pay the sticker price for a drug. Their insurance plans negotiate discounts, and then often pay only a fraction of that amount.

Driving the news: The White House budget office is reviewing a proposed rule on "drug price transparency."

  • Two sources familiar with the proposal said it would implement Trump's call to require pricing information in consumer-focused advertising. One of those sources said it would be drugs' list prices.

What to watch: This will be controversial. Drugs' list prices are much higher than the prices most consumers actually pay. But because every insurance plan is different, it's hard to find a single alternative that would give patients a more accurate picture of their own price tag.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 13,258,016 — Total deaths: 576,752 — Total recoveries — 7,366,845Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 3,416,222 — Total deaths: 136,319 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

3 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."