Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
President Donald Trump said Friday he's preparing an executive order declaring a "favored nations clause" for drug prices, where the U.S. will pay no more than the country with the lowest prescription drug prices.
"As you know for years and years other nations pay less for drugs than we do," Trump told reporters on the South Lawn of the White House. "We're working on a favored nations clause, where we pay whatever the lowest nation's price is. Why should other nations — like Canada — why should other nations pay less than us? "
The SPDR S&P Pharmaceuticals ETF, which tracks the pharma industry's biggest companies, was down 1.4% after Trump's announcement.
The Trump administration and Democrats in Congress are both trying to bring more transparency to drug prices and, ultimately, lower costs for consumers.
The Trump administration is trying to shed more light on the health-care industry's opaque pricing practices by requiring Big Pharma to include drug prices in TV ads starting this month. It proposed new rules in January that would cut out the middlemen and force drugmakers to pass drug rebates directly to consumers. The president also issued an executive order last month requiring hospitals and insurers to disclose negotiated rates for services, as well as provide patients with out-of-pocket costs before their procedures.
House Democrats have proposed letting the federal government negotiate prices with drugmakers directly, like other countries. The Medicare program cannot negotiate drug prices under current law. House Speaker Nancy Pelosi's latest draft of legislation allowing Medicare to negotiate lower drug prices would also apply those discounts to private health plans across the U.S. However, opposition is strong among Republicans who say they want prices negotiated in a free market.
It's unclear how the administration could set and enforce drug prices. A similar idea Trump announced last year has already faced skepticism. Under the proposal, Medicare would be allowed to create an "international pricing index" to bring drug prices in line with what other nations pay.
"Favored nations" is a term often seen in health law contracts that requires providers to give one party equal or better rates for services it gives other parties.
Pharmaceutical companies have argued price hikes have been modest, and have cited concern's with the nation's rebate system. Those are the discounts drugmakers give to middlemen such as pharmacy benefit managers, often in exchange for more favorable insurance coverage for their drugs.