Illustration: Eniola Odetunde/Axios

Pharma didn't get what it wanted on trade, but it's still doing just fine.

The big picture: In this political climate, with this much scrutiny on drug prices, preserving the status quo is an enormous victory for this incredibly powerful industry. And though it failed to win a new victory on trade, the status quo is perfectly intact.

Driving the news: Democrats and the Trump administration have agreed to a new trade pact among the U.S., Mexico and Canada — without protections for brand-name biologic drugs.

  • At the same time, House Speaker Nancy Pelosi was able to ward off a rebellion from the left and strike a deal that will likely ensure the passage of her drug-pricing bill, Politico reports.

By the numbers: Enhanced Medicare price negotiation under Pelosi's bill would save the federal government about $456 billion over a decade, the Congressional Budget Office said yesterday.

  • The bill would plow most of that money back into new Medicare benefits.
  • CBO said the bill would likely result in about 8 fewer drugs being developed over the next decade, and roughly 30 drugs in the decade after that.

Yes, but: A House vote is probably as far as this bill is going. And its loss in the trade deal was a failure to win something new — not a loss of something that exists.

The bottom line: It's increasingly likely that pharma will be off the hook until 2021 — and that's an enormous victory for an industry that's been criticized from all sides.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 33,560,877 — Total deaths: 1,006,564 — Total recoveries: 23,297,593Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 7,190,036 — Total deaths: 205,974— Total recoveries: 2,809,674 — Total tests: 103,155,189Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. Politics: 7 former FDA commissioners say Trump is undermining agency's credibility
  5. States: NYC's coronavirus positivity rate spikes to highest since June.
  6. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  7. World: U.K. beats previous record for new coronavirus cases.
  8. Work: United States of burnout — Asian American unemployment spikes amid pandemic
Mike Allen, author of AM
Updated 2 hours ago - Politics & Policy

The first Trump v. Biden presidential debate was a hot mess

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

This debate was like the country: Everybody’s talking. Nobody’s listening. Nothing is learned. It’s a mess.

  • We were told President Trump would be savage. Turned out, that was a gross understatement. Even the moderator, Fox News' Chris Wallace, got bulldozed.

Why it matters: Honestly, who the hell knows?

Pundits react to a chaotic debate: “What a dark event we just witnessed”

The first presidential debate between President Trump and Joe Biden in Cleveland on Tuesday night was a shouting match, punctuated by interruptions and hallmarked by name-calling.

Why it matters: If Trump aimed to make the debate as chaotic as possible with a torrent of disruptions, he succeeded. Pundits struggled to make sense of what they saw, and it's tough to imagine that the American people were able to either.

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