FDA names drug companies targeted for preventing competition
May 17, 2018
The FDA begins naming companies that have stifled competition, while the Senate voted to reinstate the FCC’s net neutrality rules; Fed manufacturing gauges show increased activity, while 30-year fixed mortgages increased last week.
- The Food and Drug Administration has started naming drug companies that have been targeted with complaints that they have prevented competitors from entering the market. Dr. Gottlieb, FDA Commissioner of the FDA hopes that by naming the companies will get them to “end the shenanigans.” Access to drug samples are necessary to ensure that generic copies are equally effective as the brand name version. Companies have prevented competitors from purchasing large enough quantities of a drug to do the testing necessary on the grounds of safety concerns, but the FDA’s stance is that this practice is sometimes a manner to delay competition. [NY Times]
- The Senate voted on Wednesday to reinstate the Federal Communications Commission’s net neutrality rule. Using the Congressional Review Act, the Senate was able to vote to overturn the recently instated rule by the FCC that ended net neutrality regulations. Three Republican Senators, Collins, Murkowski and Kennedy joined the Democratic caucus to pass the bill. The chances of passage in the House are unclear, there, Democrats would need 25 Congressional Republicans to join them to overturn the change and then President Trump would need to sign it. [The Hill]
- Fed manufacturing gauges show more pricing power. A Federal Reserve manufacturing measure shows an increase in manufacturing activity, with a gauge of prices received by Philadelphia-area factories raising to 36.4, the highest level in more than 29 years, and a similar New York measure from two days ago was at the highest level since 2012. [Bloomberg]
- The average 30-year fixed mortgage rate increased to 4.61% from 4.55% last week. This is the highest recorded number since 2011, according to Freddie Mac. Additionally, according to Redfin, the average home was on the market for 36 days, the fastest to sale since 2010. [Bloomberg]