Normally, when the Fed starts loosening policy it does so amid clear-cut signs of economic weakness.Economyread more
Wall Street economists are anxiously awaiting Wednesday's FOMC meeting.Marketsread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
American Airlines is ordering Airbus' new A321XLR, according to a source familiar with details of the agreement.Paris Air Showread more
Tesla shares are nearing Morgan Stanley's price target but the firm isn't sure how to tell investors to value Elon Musk's company.Investingread more
Companies are increasingly willing to pay for employees to go to the doctor. Uber is partnering with Grand Rounds, a start-up that sells into the employer channel, to make it...Technologyread more
But it's still unclear when the currently stalled trade negotiations between the two economic superpowers will restart, Lighthizer said.Politicsread more
Apple's iOS 13 update, which will be available in the fall for iPhones, will let Siri read your text messages to you through your AirPods. Here's how to set it up.Technologyread more
Target CEO Brian Cornell apologized to customers for a disappointing weekend after the company experienced outages that shut down its cash registers and credit-card processors...Retailread more
Facebook is leading the FANG stocks this year, and Miller Tabak's Matt Maley foresees more upside.Trading Nationread more
Ford says its 2020 Mustang Shelby GT500 has 760 horsepower and 625 foot-pounds of torque, making it the most powerful street-legal Ford.Autosread more
Democratic leaders sent letters Wednesday to three major pharmaceutical companies asking for the "root causes" of rising insulin costs, the latest attempt by Democrats to tackle high health-care costs in the U.S.
Energy and Commerce Committee Chairman Frank Pallone, Jr, D-Nj, and Oversight and Investigations Subcommittee Chair Diana DeGette, D-Co, sent letters to Eli Lilly, Novo Nordisk and Sanofi on Wednesday requesting information on insulin prices and the obstacles to providing more affordable medication. The Democrats are requesting answers from each of the companies by Feb 13.
"When patients go without insulin — or ration their doses — there can be tragic consequences," Pallone and DeGette wrote in their letters. "As one of the few manufacturers of insulin in the United States, your company is well-suited to shed light on these issues and offer potential solutions."
CNBC reached out to Eli Lilly, Novo Nordisk and Sanofi for comment.
A spokesperson for Sanofi confirmed the company received a letter and said it will work with the committee on their request for information.
Earlier this month, House Oversight Committee Chairman Elijah Cummings, D-Md., said he sent letters to 12 drugmakers seeking detailed information and documents about the companies' pricing practices. Eli Lilly, Novo Nordisk and Sanofi were among the 12 which received letters.
Democrats, who regained control of the House this month, listed lowering prescription drug costs as one of their top priorities. Spending on prescription drugs in the U.S. increased to $333.4 billion in 2017, according to the latest data from the Centers for Medicare and Medicaid Services. Additionally, the annual cost of insulin for people with type 1 diabetes in the U.S. nearly doubled from 2012 to 2016 to $5,700 from $2,900.
Democrats have placed their focus on the pharmaceutical industry, which sells drugs at higher prices in the U.S. than abroad.
The Trump administration has also vowed to lower drug costs, and President Donald Trump has indicated he's willing to work with Democrats to do so.
In a brief exchange between Rep. Mark Meadows and Cummings at a hearing Tuesday, the North Carolina Republican said Trump wanted Cummings to know Trump's "serious about working in a bipartisan way to lower prescription drug prices."