The Trump administration may agree to China's demand that biologics receive only 8 years of market exclusivity as part of a trade deal, a blow to the drug industry, Bloomberg scooped.

What's new: Top U.S. negotiators have told drug companies that China isn't budging from its position, and are pushing the industry to accept the deal.

Background: Biologics get 12 years of market exclusivity in the U.S., and the administration secured a 10-year agreement as part of the trade deal it reached with Mexico and Canada last year (which hasn't yet been approved by Congress).

Between the lines: Obviously, drug companies don't like this. The longer an exclusivity period a drugmaker has, the longer it can enjoy monopoly pricing before a competitor can come to market.

  • Some are frustrated by the administration's approach, Bloomberg reports.
  • Democrats have already criticized the 10-year protections included in the Mexico-Canada deal, saying they ensure higher drug prices in all three countries. If a trade deal with China includes only 8 years of protection, it could weaken the administration's position as it pushes Congress for approval.

Bonus: Bloomberg also had a great story yesterday on nonprofits that receive drug industry funding, and then push for pharma-friendly policies.

Go deeper: China wants its own pharma industry, but has a long way to go

Go deeper

Biden to Senate GOP after RBG passing: "Please follow your conscience"

Joe Biden made a direct appeal to Senate Republicans in a speech addressing the passing of Supreme Court Justice Ruth Bader Ginsburg, urging them to "cool the flames that have been engulfing our country" by waiting to confirm her replacement until after the election.

The state of play: Senate Majority Leader Mitch McConnell said soon after the news of Ginsburg's death that President Trump's nominee would get a vote on the Senate floor.

Leaked Treasury documents reveal massive money laundering in global banking system

Photo: Eduardo Parra/Europa Press via Getty Images

Thousands of leaked government documents covering at least $2 trillion worth of transactions reveal how some of the world's biggest banks knowingly moved around the money of oligarchs, terrorists and criminals, with few consequences, according to a massive investigation by BuzzFeed News, the International Consortium of Investigative Journalists (ICIJ) and hundreds of other news organizations.

The big picture: The investigation, published on Sunday, examines more than 2,100 suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network, known as FinCEN.

Updated 1 hour ago - World

Scoop: Decisive meeting could lead to Israeli-Sudanese normalization

Lt. Gen. Abdel Fattah al-Burhan, Sudan's head of the Sovereign Council, meets with Bahraini aid officials in Khartoum, Sept. 15. Photo: Mazen Mahdi/AFP via Getty Images

U.S., Emirati and Sudanese officials will hold a decisive meeting in Abu Dhabi on Monday on a possible normalization agreement between Sudan and Israel, Sudanese sources told me.

Why it matters: If the U.S. and the United Arab Emirates accommodate Sudan’s requests for economic aid, an announcement on a normalization agreement with Israel similar to the ones struck with the UAE and Bahrain could be made within days, sources briefed on the process tell me.