Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
Boeing met with aircraft leasing firms and financiers in New York as the grounding of its popular 737 Max planes drags on with no clear timeline for getting the planes back in...Aerospace & Defenseread more
A financial disclosure made by lawyers for Jeffrey Epstein, a former friend of presidents Donald Trump and Bill Clinton, reveals he has nearly $560 million in assets.Politicsread more
Both companies report earnings on Aug. 8, so the CBS and Viacom boards have set that as a natural deadline to agree to a merger. Price won't be discussed by the companies...Technologyread more
The Food and Drug Administration "stands ready" to start reviewing e-cigarettes amid a teen vaping "epidemic," acting Commissioner Ned Sharpless said Monday in a statement.Health and Scienceread more
US oil companies on Monday began restoring some of the more than nearly 74% production shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry, the US offshore drilling...Energyread more
The Trump administration wants to shame pharmaceutical companies into lowering prescription drug prices, Health and Human Services Secretary Alex Azar told CNBC in an interview Thursday.
Pharmaceutical companies will be required to disclose the list price of their prescription medicines in television commercials under a new Trump administration policy. The Pharmaceutical Research and Manufacturers of America, an industry group, argues list prices could be confusing and may discourage people from seeking medical care.
"If the drug companies are embarrassed or if they're afraid that patients will be scared off by their drug prices, reduce your prices. It's that simple," Azar said in an interview with CNBC's "Squawk Box."
For more on investing in health-care innovation, click here to join CNBC at our Healthy Returns Summit in New York City on May 21.
Prescription drugs are typically more expensive in the U.S. than in other countries and account for a greater share of spending, for both individuals and the broader economy.
Prescription medications accounted for roughly 12% of total health-care spending in the U.S. in 2016, eating up about 2.1% of the national GDP — placing the U.S. fourth behind Hungary, Japan and Greece, according to the most recent data from the Organization for Economic Co-operation and Development. The U.S., however, ranks No. 1 in the amount of money individuals spend on drugs each year — an estimated $1,208 per person, according to the data.
The Trump administration has called for drug companies to lower costs and to simplify the way medications are priced and paid for. The new requirement is set to take effect as soon as this summer and will apply to drugs that cost more than $35 for a month's supply, the administration said. Until now, drug companies were required to disclose the major side effects a drug can have in TV ads but not the price.
Azar compares the move to regulators for decades requiring cars display sticker prices and does not necessarily want to dissuade pharma companies from advertising their drugs.
"What I'm trying to do right now is get more transparency into these advertisements," he said. "These ads can provoke important discussions, people can recognize conditions they may have, but the important thing is there's got to be a fair, balanced and informed discussion with the doctor. Without the pricing information, that's not an informed discussion."
— CNBC's Berkeley Lovelace Jr. contributed to this story.