Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
Self-management and self-discipline are the keys to controlling exorbitant drug-pricing practices, veteran pharmaceutical executive Fred Hassan told CNBC on Thursday.
That, along with leadership like Allergan CEO Brent Saunders starting his social contract with patients, is the way to ensure prices remain low while maintaining the free-price environment that fosters innovation, he said in an interview on "Power Lunch."
In the last year, most companies have stayed in the single-digit price increase range, he said, meaning things are more in control than they were a year ago.
"Unfortunately, these newer drugs are expensive because innovation is still very expensive. It still costs about $2 million to $3 million on average to bring a new drug to market, and that is still about a million too high," the former Schering-Plough CEO said.
Hassan said the best way to solve the problem is to increase the supply of new drugs, which allows competition in the market to bring the price down.
About one-third of products don't have generics, he said, and "problems occur where a drug stays exclusive for too long."
"When that happens, I think society has every right to push back. ... [T]hat kind of pushback has occurred quite a bit in the past year, and I'm glad to see that pushback occur," said Hassan, who is currently managing director at private equity firm Warburg Pincus.
Despite talk from President Donald Trump on the campaign trail about reducing pricing and several mentions of potential policies, such as allowing consumers to import drugs from other countries with lower prices, the administration has not yet taken concrete steps to address the industry practice.
Hassan prefers it that way.
"The worst solution to all this is to let politicians and bureaucrats get involved with pricing because they really don't know the subject very well and it is a very complex subject," he said.