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<keyword id="19910149" type="General" weightage="100" keywordseo="AstraZeneca" source="keywords" meta.keywordsubtype="org" meta.entityname="AstraZeneca" meta.hostid="261" meta.entityid="AstraZeneca">AstraZeneca</keyword> made headlines on Tuesday as it initiated the global withdrawal of its COVID-19 vaccine. This decision comes weeks after the pharmaceutical giant acknowledged the vaccine's potential to trigger a rare side effect known as <keyword id="21475609" type="General" weightage="20" keywordseo="Thrombosis-with-Thrombocytopenia-Syndrome" source="keywords">Thrombosis with Thrombocytopenia Syndrome</keyword> (TTS). Previously, AstraZeneca had admitted in court filings that its vaccine could lead to side effects like <keyword id="21303970" type="General" weightage="20" keywordseo="blood-clots" source="keywords">blood clots</keyword> and low blood platelet counts. However, the company has now attributed its <keyword id="21572759" type="General" weightage="20" keywordseo="vaccine-withdrawal" source="Orion">vaccine withdrawal</keyword> not to the aforementioned side effects, but to an "oversupply of updated vaccines" since the pandemic. The company also announced its decision to revoke the vaccine Vaxzevria's marketing authorisations within Europe, noting that the oversupply has reduced the demand for Vaxzevria, which is no longer being produced or distributed. According to The Telegraph, AstraZeneca had submitted its application to withdraw the vaccine on March 5, and the withdrawal became effective on May 7. AstraZeneca collaborated with the University of Oxford to develop the Vaxzevria vaccine, while also partnering with the <keyword id="19897707" type="General" weightage="20" keywordseo="Serum-Institute-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Serum Institute of India" meta.hostid="261" meta.entityid="Serum Institute of India">Serum Institute of India</keyword> (SII), the world's largest vaccine manufacturer, to supply the Covishield vaccine to the Indian government. The UK-based pharma company is currently facing <keyword id="19982808" type="General" weightage="20" keywordseo="legal-action" source="keywords">legal action</keyword> alleging that its vaccine has caused deaths and severe harm to a few of those who received it. <cmsannotation type="cmsannotation" annotationid="The lawsuits against AstraZeneca" comment="subhead" text="The lawsuits against AstraZeneca">The lawsuits against AstraZeneca</cmsannotation> Families of individuals affected by adverse vaccine reactions continue to pursue legal recourse against AstraZeneca and the Serum Institute of India. <keyword id="21513237" type="General" weightage="20" keywordseo="venugopalan-govindan" source="keywords">Venugopalan Govindan</keyword>, whose daughter Karunya passed away after receiving the Covishield vaccine, expressed his grief and criticised various parties for his daughter's death. He highlighted alleged negligence in responding to early warning signs and cited missed opportunities to prevent tragedies like his daughter's passing. Eight families across India have joined forces to seek justice, emphasising their collective determination to hold accountable those they deem responsible for the tragic loss of their loved ones. Their shared resolve underscores their commitment to achieving justice and preventing similar tragedies from occurring again, he added. In the UK, <keyword id="21472612" type="General" weightage="20" keywordseo="jamie-scott" source="keywords">Jamie Scott</keyword> took legal action last year after suffering from a blood clot and brain bleed following his vaccination in April 2021. AstraZeneca initially denied a causal link between the vaccine and this particular side-effect, but later admitted in court documents that the vaccine could cause TTS in very rare cases. As many as 51 cases have reportedly been filed against AstraZeneca in the British High Court, with affected individuals and families seeking compensation totaling an estimated £100 million. (With inputs from multiple agencies)

AstraZeneca continues to face legal action even after withdrawing its COVID vaccine! Know all about it here

The pharmaceutical giant <keyword id="19910149" type="General" weightage="20" keywordseo="AstraZeneca" source="keywords" meta.keywordsubtype="org" meta.entityname="AstraZeneca" meta.hostid="261" meta.entityid="AstraZeneca">AstraZeneca</keyword>'s <keyword id="20040659" type="General" weightage="20" keywordseo="COVID-19-vaccine" source="keywords">COVID-19 vaccine</keyword> is being withdrawn worldwide after the company acknowledged for the first time in court documents that it can cause a rare and dangerous side effect, according to a report in the British Newspaper 'The Telegraph'. AstraZeneca has announced that the <keyword id="19959412" type="General" weightage="20" keywordseo="vaccine" source="keywords">vaccine</keyword> was being removed from markets for commercial reasons. It further said that the vaccine was no longer being made or supplied, having been superseded by updated vaccines that fight new variants. The application to withdraw the vaccine was made on March 5 and came into effect on May 7. The vaccine can be no longer used in the European Union following the company's decision to withdraw its "marketing authorisation." Similar applications will be submitted in the UK and other nations in the coming months that have given a go-ahead to the vaccine, known as Vaxzevria. In recent months, Vaxzevria has come under scrutiny over a very rare side effect, which causes blood clots and low blood platelet counts. In court documents, AstraZeneca in the High Court in February admitted that the vaccine "can, in very rare cases, cause <keyword id="20218859" type="General" weightage="20" keywordseo="TTS" source="keywords">TTS</keyword>". TTS which stands for <keyword id="21475609" type="General" weightage="20" keywordseo="Thrombosis-with-Thrombocytopenia-Syndrome" source="keywords">Thrombosis with Thrombocytopenia Syndrome</keyword> has been associated with at least 81 deaths in the UK and hundreds of serious injuries. More than 50 alleged victims and grieving relatives have filed a lawsuit against AstraZeneca in a High Court case. AstraZeneca has insisted that the decision to withdraw the vaccine is not related to the case or admission that it can cause TTS and termed the timing a pure coincidence, according to The Telegraph report. "We are incredibly proud of the role Vaxzevria played in ending the global pandemic. According to independent estimates, over 6.5 million lives were saved in the first year of use alone and over three billion doses were supplied globally. Our efforts have been recognised by governments around the world and are widely regarded as being a critical component of ending the global pandemic," The Telegraph quoted AstraZeneca as saying. In a statement, the pharmaceutical giant said, "As multiple, variant Covid-19 vaccines have since been developed, there is a surplus of available updated vaccines", adding that it has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied, The Telegraph reported. It further announced its decision to initiate the withdrawal of the marketing authorisations for Vaxzevria within Europe. The company said, "We will now work with regulators and our partners to align on a clear path forward to conclude this chapter and significant contribution to the Covid-19 pandemic." Last week, AstraZeneca reiterated its commitment to patient safety while emphasising the vaccine's overall safety profile. An AstraZeneca spokesperson had stated, "Our sympathy goes out to anyone who has lost loved ones or reported health problems. Patient safety is our highest priority, and regulatory authorities have clear and stringent standards to ensure the safe use of all medicines, including vaccines." This comes in the wake of a recent admission by AstraZeneca, the pharmaceutical company, that its <keyword id="19896627" type="General" weightage="20" keywordseo="covid" source="keywords">Covid</keyword> vaccine Covishield and Vaxzevria "can, in very rare cases, cause Thrombosis Thrombocytopenia Syndrome (TTS)." Despite these rare occurrences, the pharmaceutical company maintained that extensive clinical trial data and real-world evidence consistently support the vaccine's safety and efficacy. Regulatory agencies worldwide continue to assert that the benefits of vaccination outweigh the risks of such extremely rare side effects. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

AstraZeneca withdraws COVID-19 vaccine worldwide, cites commercial reasons

<ul class="summary-list"><li>The European Commission has launched legal proceedings against AstraZeneca.</li><li>AstraZeneca has delivered far fewer doses to the EU than initially promised.</li><li>It said in January that it needed to cut Q1 deliveries by 60%, citing supply-chain issues.</li></ul>The European Commission is suing AstraZeneca, saying the drugmaker <a href="https://www.businessinsider.com/how-europe-failed-covid-vaccine-rollout-lockdown-france-germany-eu-2021-3" target="_blank" rel="noopener">delayed deliveries of its COVID-19 vaccines</a> to the bloc.Stella Kyriakides, the European commissioner for health and food safety, <a href="https://twitter.com/SKyriakidesEU/status/1386646730876366850" target="_blank" rel="noopener">tweeted Monday</a>: "@EU_Commission has decided jointly with all Member States to bring legal proceedings against AstraZeneca. Every vaccine dose counts. Every vaccine dose saves lives."AstraZeneca denied any breaches of its contract with the EU.The contract obliged the company to use its "best reasonable efforts" to meet its targets, a standard which the EU is arguing AstraZeneca did not meet.In a statement, <a href="https://www.bloomberg.com/news/articles/2021-04-26/eu-takes-astrazeneca-to-court-over-delays-in-vaccine-deliveries?sref=lAVQtUwz" target="_blank" rel="noopener">reported by Bloomberg</a>, the company said: "AstraZeneca has fully complied with the advance purchase agreement with the European Commission and will strongly defend itself in court. We believe any litigation is without merit and we welcome this opportunity to resolve this dispute as soon as possible."A European Commission spokesperson told a news conference Monday that the Commission started legal action Friday and all 27 member states backed the move.The spokesperson said: "Some terms of the contract have not been respected and the company has not been in a position to come up with a reliable strategy to ensure timely delivery of doses."<a href="https://www.politico.eu/article/eu-preparing-legal-case-against-astrazeneca-over-vaccine-shortfalls/" target="_blank" rel="noopener">Politico first reported</a> that the EU was preparing legal proceedings against AstraZeneca on the grounds that it under-delivered COVID-19 vaccines to the bloc on Thursday.But states like Germany and France raised concerns, including that a lawsuit might not result in any more doses for the EU, and arguing that it risked undermining trust in the vaccine.<a href="https://www.politico.eu/article/eu-preparing-legal-case-against-astrazeneca-over-vaccine-shortfalls/" target="_blank" rel="noopener"></a>AstraZeneca has delivered far fewer doses to the EU than promised in its contract - AstraZeneca had committed to "best reasonable efforts" to deliver 180 million vaccine doses in the second quarter of this year, for a total of 300 million from December 2020 to June 2021, per <a href="https://www.reuters.com/article/us-health-coronavirus-eu-astrazeneca-idUSKBN2CD1EL" target="_blank" rel="noopener">Reuters.</a>In January, the drugmaker told the EU that supply-chain issues meant that it had to <a href="https://www.businessinsider.com/how-europe-failed-covid-vaccine-rollout-lockdown-france-germany-eu-2021-3" target="_blank" rel="noopener">cut its first-quarter deliveries by 60%.</a> On March 12 AstraZeneca said in a statement that the EU would get a third of doses initially promised, per <a href="https://www.reuters.com/article/us-health-coronavirus-eu-astrazeneca-idUSKBN2CD1EL" target="_blank" rel="noopener">Reuters</a>.

The EU is suing AstraZeneca over delayed delivery of its vaccine

Hello,Happy Thursday! Today in <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> news: <a href="https://www.businessinsider.com/astrazeneca-vaccine-trial-hold-timeline-to-an-effective-coronavirus-vaccine-2020-9">What the AstraZeneca trial pause means for the vaccine timeline</a>, <a href="https://www.businessinsider.com/ex-zocdoc-ceo-says-he-was-ousted-in-a-2015-coup-2020-9">Zocdoc's cofounder is suing the company,</a> and <a href="https://www.businessinsider.com/coronavirus-vaccine-fauci-says-unlikely-before-election-2020-9">why Dr. Anthony Fauci thinks a vaccine isn't likely by Election Day</a>. <a href="https://www.businessinsider.com/astrazeneca-vaccine-trial-hold-timeline-to-an-effective-coronavirus-vaccine-2020-9"><div type="image" title="FILE PHOTO: Small bottles labeled with a &quot;Vaccine COVID-19&quot; sticker and a medical syringe are seen in this illustration taken taken April 10, 2020. REUTERS/Dado Ruvic/Illustration/File Photo" height="3020" width="4026" msid="78040479" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/astrazeneca-vaccine-trial-hold-timeline-to-an-effective-coronavirus-vaccine-2020-9">Wall Street analysts lay out how the unexpected pause in AstraZeneca's coronavirus vaccine trial could slow the race to halt the pandemic</a></h3><ul><li>AstraZeneca has put its <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> trial on hold after a participant appeared to have an adverse event.</li><li>The voluntary hold could set back the late-stage vaccine trial by weeks at best, Wall Street analysts wrote Wednesday.</li><li><a href="https://www.businessinsider.com/astrazeneca-vaccine-trial-hold-timeline-to-an-effective-coronavirus-vaccine-2020-9">Should AstraZeneca confirm that the event was caused by the vaccine, it could put the trial on hold for longer, if not permanently.</a></li></ul><a href="https://www.businessinsider.com/astrazeneca-vaccine-trial-hold-timeline-to-an-effective-coronavirus-vaccine-2020-9">Read the full story here&gt;&gt;</a><a href="https://www.businessinsider.com/ex-zocdoc-ceo-says-he-was-ousted-in-a-2015-coup-2020-9"><div type="image" title="Cyrus Massoumi " height="701" width="935" msid="78040483" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/ex-zocdoc-ceo-says-he-was-ousted-in-a-2015-coup-2020-9">Zocdoc's former CEO claims he was pushed out in an illegal 'coup' and wants to retake control of the company</a></h3><ul><li>Cyrus Massoumi claims in a new lawsuit that he was fraudulently forced out of his role as CEO of medical referrals startup <keyword id="1658743" type="COMPANY" weightage="60" keywordseo="Zocdoc">Zocdoc</keyword> in 2015.</li><li>The startup's co-founder said he was kept in the dark about the purpose of a November 2015 board meeting and said he was removed from the office by security guards after he tried to stop the meeting.</li><li><a href="https://www.businessinsider.com/ex-zocdoc-ceo-says-he-was-ousted-in-a-2015-coup-2020-9">Massoumi said Zocdoc has been poorly run since his departure, and wants a court to nullify every action undertaken by the board over nearly the past five years.</a></li></ul><a href="https://www.businessinsider.com/ex-zocdoc-ceo-says-he-was-ousted-in-a-2015-coup-2020-9">Read the full story from Jack Newsham here&gt;&gt;</a><a href="https://www.businessinsider.com/experts-predict-coronavirus-vaccine-timeline-2021-after-election-2020-9"><div type="image" title="fauci" height="643" width="857" msid="78040484" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/experts-predict-coronavirus-vaccine-timeline-2021-after-election-2020-9">Don't expect a coronavirus vaccine before the election — here's the likely timeline according to doctors, government officials, and analysts</a></h3><ul><li>President Donald Trump has suggested that a coronavirus vaccine may become available "right around" the US election on November 3.</li><li>But public-health experts, financial analysts, and US government officials have said that timeline is unrealistic.</li><li><a href="https://www.businessinsider.com/experts-predict-coronavirus-vaccine-timeline-2021-after-election-2020-9">Most experts think there's little hope of a vaccine being ready before the end of the year.</a></li></ul><a href="https://www.businessinsider.com/experts-predict-coronavirus-vaccine-timeline-2021-after-election-2020-9">Read the full story from Aria Bendix here&gt;&gt;</a>More stories we're reading:<ul><li><a href="https://www.statnews.com/2020/09/09/astrazeneca-covid19-vaccine-trial-hold-patient-report/">AstraZeneca's trial participant had neurologic symptoms after getting the experimental vaccine</a> (Stat News) </li><li><a href="https://medcitynews.com/2020/09/truepill-turns-to-in-home-lab-testing-with-75m-in-new-funding/">Truepill just raised another $75 million</a> (MedCity News) </li><li><a href="https://www.fiercehealthcare.com/tech/grand-rounds-lands-175m-cash-infusion-backed-by-carlyle-group">Grand Rounds just raised $175 million from The Carlyle Group</a> (FierceHealthcare)</li><li><a href="https://www.businessinsider.com/leading-coronavirus-treatments-antibodies-remdesivir-clinical-results-2020-8">Here are the 9 most promising coronavirus treatments that could help curb the pandemic, even without a vaccine </a>(Business Insider)</li></ul>See you tomorrow for our weekly wrap-up! <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Be sure to subscribe to this newsletter here.</a>- Lydia

What AstraZeneca's setback means for the vaccine race

Welcome to <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Dispensed Daily</a>, your daily dose of <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> news from Business Insider's healthcare editor Lydia Ramsey Pflanzer. <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Subscribe here to get this newsletter in your inbox every weekday.</a>Hello,Today, we're tuning in to see <a href="https://energycommerce.house.gov/committee-activity/hearings/hearing-on-pathway-to-a-vaccine-efforts-to-develop-a-safe-effective-and">drugmakers testify before Congress</a>. But in the meantime, here's what's happening in healthcare. <a href="https://www.businessinsider.com/astrazeneca-oxford-coronavirus-vaccine-led-to-human-immune-responses-2020-7"><div type="image" title="oxford vaccine group trial" height="771" width="1028" msid="77088043" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/astrazeneca-oxford-coronavirus-vaccine-led-to-human-immune-responses-2020-7">The first human data from AstraZeneca and Oxford's coronavirus vaccine shows an immune response, a positive sign the shot might work</a></h3><ul><li>Another leading coronavirus <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> candidate was able to generate immune responses in healthy volunteers, according to results published Monday.</li><li>It's the first look at human data for <keyword id="6409874" type="COMPANY" weightage="60" keywordseo="astrazeneca">AstraZeneca</keyword>'s vaccine candidate, which was originally developed by University of <keyword id="46985" type="COMPANY" weightage="60" keywordseo="Oxford">Oxford</keyword> scientists. </li><li><a href="https://www.businessinsider.com/astrazeneca-oxford-coronavirus-vaccine-led-to-human-immune-responses-2020-7">Larger trials are now underway to determine if the experimental shot prevents infection or disease.</a></li></ul><a href="https://www.businessinsider.com/astrazeneca-oxford-coronavirus-vaccine-led-to-human-immune-responses-2020-7">Read the story by Andrew Dunn here&gt;&gt;</a><a href="https://www.businessinsider.com/google-trump-coronavirus-testing-verily-employees-stress-exhausting-conditions-2020-7"><div type="image" title="verily life science coronavirus pandemic response 4x3" height="1800" width="2400" msid="77088046" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/google-trump-coronavirus-testing-verily-employees-stress-exhausting-conditions-2020-7">In March, Trump announced Google would build a coronavirus testing tool. Some employees working on it describe exhausting conditions, stress and tears as they work around the clock to pull it off.</a></h3><ul><li>In early March, <keyword id="123148" type="PERSON" weightage="60" keywordseo="verily">Verily</keyword> Life Sciences, one of Alphabet's biotech arms, announced it would turn its attention to fighting the pandemic.</li><li>Internally, it was called 'Code Red'.</li><li>Many employees were already unhappy with the way the company was being run.</li><li><a href="https://www.businessinsider.com/google-trump-coronavirus-testing-verily-employees-stress-exhausting-conditions-2020-7">When 'Code Red' kicked in, some employees say things only got worse.</a></li></ul><a href="https://www.businessinsider.com/google-trump-coronavirus-testing-verily-employees-stress-exhausting-conditions-2020-7">Read the story from Hugh Langley here&gt;&gt;</a><a href="https://www.businessinsider.com/top-coronavirus-treatments-in-development-timeline-2020-7"><div type="image" title="park picnic activity bike biking workout exercise outdoor medical coronavirus flu virus nyc street face mask gloves covid19 stores shut down closed restaurants social distancing delivery cox 193" height="1667" width="2223" msid="77088052" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/top-coronavirus-treatments-in-development-timeline-2020-7">Drugs that prevent and treat the coronavirus are critical to stemming the pandemic. Here are the most promising treatments that could be ready by the fall.</a></h3><ul><li>Drugmakers are racing to find effective <keyword id="395015" type="PERSON" weightage="60" keywordseo="Treatments">treatments</keyword> and vaccines to mitigate the effects of the coronavirus pandemic.</li><li>While early vaccine research has been promising, in the absence of a highly effective vaccine, additional medications are needed to prevent and treat the virus.</li><li><a href="https://www.businessinsider.com/top-coronavirus-treatments-in-development-timeline-2020-7">Among those in the works are antivirals, as well as treatments that harness the body's immune system to go after the virus. </a></li></ul><a href="https://www.businessinsider.com/top-coronavirus-treatments-in-development-timeline-2020-7">Read the full story here&gt;&gt;</a>More stories we're reading:<ul><li><a href="https://www.statnews.com/2020/07/20/three-lawmakers-own-large-sums-of-stock-in-vaccine-makers-set-to-testify-before-their-committee/">Two lawmakers own stock in the drugmakers set to testify in their congressional committee today</a> (Stat News)</li><li><a href="https://www.businessinsider.com/woman-almost-died-from-coronavirus-regrets-not-wearing-a-mask-2020-7">A 24-year-old woman who almost died from the coronavirus during 3 months in the hospital says she regrets not wearing a mask</a> (Business Insider)</li><li><a href="https://www.nytimes.com/2020/07/18/at-home/coronavirus-pandemic-dating.html">A primer on how to date during a pandemic</a> (The New York Times)</li><li><a href="https://www.businessinsider.com/nearly-50-florida-hospitals-run-out-of-icu-beds-2020-7">More than 50 Florida hospitals have run out of ICU beds as coronavirus cases soar</a> (Business Insider)</li><li><a href="https://www.businessinsider.com/businesses-facing-coronavirus-lawsuits-could-be-shielded-by-congress-2020-7">Republicans are finalizing a plan to protect businesses from coronavirus litigation as lawsuits mount against Walmart, cruise lines, meatpacking plants, and nursing homes</a> (Business Insider)</li></ul>Thoughts, tips? Reach me at <a href="mailto:lramsey@businessinsider.com">lramsey@businessinsider.com</a>.<a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Subscribe to this daily email here.</a>- Lydia

Early data from AstraZeneca and Oxford's coronavirus vaccine shows an immune response

<ul><li>The latest study, which was conducted in Brazil and Scotland, reportedly showed that the effectiveness of the vaccine reduced 18-19 weeks after the second shot of the Astrazeneca vaccine.</li><li>The study went on to conclude that those who took the Covishied vaccine may need to consider booster shots.</li><li>Business Insider has reached out to Serum Institute of India for comments and will update the story if and when we receive a response.</li></ul>Amid heated debates on whether people should be told to get booster shots of vaccine, in the face of a fresh outbreak of Omicron variant of the COVID-19 virus, a new article published in the Lancet weighs in favour of additional jabs. This was based on a study of those who got Covishied, developed by Astrazeneca and sold by the Serum Institute in India. The latest study, which was conducted in Brazil and Scotland, reportedly showed that the effectiveness of the vaccine reduced 18-19 weeks after the second shot of the Astrazeneca vaccine. Reduced effectiveness can be read as higher chances of need for hospitalisation and even deaths. The study went on to conclude that those who took the Covishied vaccine may need to consider booster shots. This may be significant for India as the biggest chunk of those vaccinated in the country have been given Covishield jabs. As of December 21, 2021, more than 89% of the vaccine doses administered in India were Covishield. Business Insider has reached out to Serum Institute of India for comments and will update the story if and when we receive a response. In Brazil, the vaccine effectiveness was found to be generally lower as compared to Scotland. The randomised trials revealed that the vaccine’s effectiveness improved up to 4-5 weeks after the second dose and started decreasing at 18-19 weeks. The report further highlighted that the patterns for COVID hospitalisation and deaths were broadly similar in both the countries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/meta-files-lawsuit-against-over-39000-websites-to-disrupt-phishing-attacks-designed-to-steal-login-credentials-of-its-users/articleshow/88405129.cms">Meta files lawsuit against over 39,000 websites to disrupt phishing attacks designed to steal login credentials of its users</a>

Lancet article makes a case that those who took Covishield vaccine need booster shots

Good morning! Welcome back to <keyword id="10669910" type="UNKNOWN" weightage="60" keywordseo="10-things-in-politics">10 Things in Politics</keyword>. <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">Sign up here to get this newsletter in your inbox each day.</a> Send your tips and suggestions to <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a> or tweet me <a href="https://twitter.com/BrentGriffiths">@BrentGriffiths</a>. Here's what you need to know:<ul><li><a href="https://www.insider.com/boulder-colorado-police-department-shooting-reported-grocery-store-2021-3">10 people were killed in a mass shooting at a grocery store in Boulder, Colorado.</a></li><li><a href="https://www.businessinsider.com/sources-trump-eyeing-parscale-platform-for-social-media-launch-2021-3">Trump is plotting out his own social network amid his continued Twitter ban.</a></li><li><a href="https://www.businessinsider.com/60-minues-interview-justice-department-doj-capitol-riots-michael-sherwin-2021-3">The Justice Department was blindsided by an interview about the Capitol riot.</a></li></ul>1. LESS THAN A WEEK: <a href="https://www.businessinsider.com/there-been-two-mass-shootings-in-less-than-week-2021-3">Large, public mass shootings are becoming commonplace again</a> after they subsided during pandemic-related lockdowns. America's heartbreaking whiplash continued on Monday as ten people were killed at a grocery store in Boulder, Colorado, less than a week after eight people, including six Asian women, were killed in three spas across the Atlanta area.<ul><li>The US stands alone: A 2017 study of global firearm-related deaths <a href="https://www.npr.org/sections/goatsandsoda/2019/08/05/743579605/how-the-u-s-compares-to-other-countries-in-deaths-from-gun-violence">found the US has a far higher rate of gun-related fatalities</a> than most other wealthy nations.</li></ul>Colorado continues to be disproportionately the site of mass shootings: <a href="https://www.insider.com/six-mass-shootings-within-40-mile-radius-of-king-soopers-2021-3">Six other mass shootings have happened within 40 miles of the Boulder grocery store.</a><ul><li>More details: A<a href="https://www.denverpost.com/2021/03/22/boulder-shooting-colorado-king-soopers-analysis-pain/"> 2019 Denver Post analysis found</a> the state had more mass shootings per capita than all but four states. </li></ul><a href="https://www.insider.com/six-mass-shootings-within-40-mile-radius-of-king-soopers-2021-3"><div type="image" title="colorado_shooting_map_skitch" height="1164" width="1862" msid="81650275" hostid="261"></div></a><a href="https://www.insider.com/boulder-colorado-police-department-shooting-reported-grocery-store-2021-3">What we know about the Boulder shooting so far:</a><ul><li>An officer was among those killed in Boulder: Eric Talley was the first officer to respond to the scene after a gunman <a href="https://www.insider.com/boulder-colorado-police-department-shooting-reported-grocery-store-2021-3">opened fire at a King Soopers store</a> Monday afternoon. Some people <a href="https://www.insider.com/some-people-at-king-soopers-getting-their-covid-vaccine-2021-3">were there to receive their COVID-19 vaccinations</a>. Police say a suspect, who was "significantly" injured, is in custody. </li></ul>What will Biden do?: As VP, Joe Biden's effort to push a bipartisan gun control policy failed in the Senate by six votes months after the 2012 Sandy Hook Shooting. <a href="https://www.businessinsider.com/biden-gun-reform-law-background-checks-sandy-hook-nra-2021-3">People who know Biden say that failure is a reason he won't let up on the issue.</a><ul><li>A bipartisan proposal would require GOP support: <a href="https://www.businessinsider.com/republicans-who-support-gun-control-safety-background-checks-toomey-scott-2021-3">Here are the 14 Republicans to watch</a> to see if legislation expanding background checks or pushing states to pass red-flag laws will pass.</li></ul>2. Inside Trump's return to social media: Top aides are helping former President Donald Trump start his own social network. At the center of it is Brad Parscale, Trump's former campaign manager, who was detained by Florida police last October after his wife said he was drunk and suicidal. <a href="https://www.businessinsider.com/sources-trump-eyeing-parscale-platform-for-social-media-launch-2021-3">More on how Trump is teasing his new effort.</a><ul><li>Nuggets from Insider's scoop: Parscale has been building a new political campaign program dubbed "Nucleus," which Trump already uses to blast out his tweet-style email statements.</li></ul>3. US health agency raises questions about AstraZeneca's vaccine trial data: The drugmaker may have provided an incomplete view of its data, the National Institute of Allergy and Infectious Diseases said in a statement last night. An independent committee overseeing the trial expressed concern that AstraZeneca may have included "outdated information" in its data. <a href="https://www.reuters.com/article/us-health-coronavirus-astrazeneca-u-s/u-s-health-body-questions-robustness-of-astrazenecas-covid-19-vaccine-trial-data-idUSKBN2BF0CV">Here's what this means for AstraZeneca's quest for US authorization.</a>4. Biden is talking about a $3 trillion infrastructure plan: Instead of a massive single bill, proposals like national paid family leave, free community college, and universal pre-K would be split into smaller, separate bills. <a href="https://www.businessinsider.com/biden-advisers-3-trillion-proposal-boost-economy-infrastructure-climate-change-2021-3">Many details remain in flux.</a><ul><li>Democrats could try to squeeze in a slew of priorities: They could even try to help pay for the plan by lowering drug prices. <a href="https://www.businessinsider.com/infrastructure-drug-prices-medicare-biden-stimulus-2021-3">Here's how that would work.</a></li><li>Lady Gaga is behind a push to add family leave to the next big legislative package: Her Haus Labs, along with Spotify and Eventbrite, are among 200 companies pushing the White House and Democrats to <a href="https://www.businessinsider.com/paid-family-leave-goop-lady-gaga-spotify-biden-stimulus-2021-3">make sure the issue is a priority</a>.</li></ul>Part of the bill would be paid for with tax increases on the wealthiest Americans: But that doesn't mean Sen. Elizabeth Warren's wealth tax is on the table. Rather, Biden is considering changes to the current tax code <a href="https://www.bloomberg.com/news/articles/2021-03-22/biden-determined-to-tax-rich-after-windfalls-from-covid-crisis">like boosting and capital-gains tax rates on top earners</a>, per Bloomberg News.<div type="image" title="GettyImages 1230553012" height="2624" width="3498" msid="81650277" hostid="261"></div>5. The DOJ was blindsided by an interview about the Capitol riot: "Michael Sherwin, a Trump-appointed prosecutor overseeing the Capitol riot cases, blindsided top Justice Department officials last week in agreeing to sit for a high-profile television interview that some fear has jeopardized proceedings related to the violent insurrection." <a href="https://www.businessinsider.com/60-minues-interview-justice-department-doj-capitol-riots-michael-sherwin-2021-3">More in our exclusive report.</a>6. Sidney Powell's lawyers say her conspiracy theories about Dominion were too outlandish to be taken seriously: Powell furthered Trump's "big lie" by spreading bizarre theories that Dominion, an election-technology company, secretly rigged the 2020 election. Now, her lawyers are trying to get Dominion's $1.3 billion defamation lawsuit dismissed by arguing that "no reasonable person" would have believed Powell, even though she repeated some of those claims in lawsuits she filed. <a href="https://www.businessinsider.com/sidney-powell-dominion-defamation-lawsuit-take-seriously-2021-3">More on Powell's latest turn.</a><ul><li>Meanwhile, Trump still won't forgive Pence: <a href="https://www.businessinsider.com/trump-pence-should-have-gone-back-tried-to-overturn-election-2021-3">Trump said former VP Mike Pence should have "gone back" to overturn the election results</a> after the Capitol riot. Pence never had this power.</li></ul>7. The top things for your calendar, all times Eastern:<ul><li>10:00 a.m.: The Senate Judiciary Committee holds a hearing on how to reduce gun violence.</li><li>12:00 p.m.: Fed Chair Jay Powell and Treasury Secretary Janet Yellen testify before House lawmakers.</li><li>3:15 p.m.: House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer mark the 11th anniversary of Obamacare being signed into law.</li><li>4:10 p.m.: Biden tours the James Cancer Hospital and Solove Research Institute in Columbus, Ohio, and delivers remarks.</li></ul>8. GOP officials made a mysterious payment to private investigators: "The Republican National Committee paid more than $36,000 in February to a Michigan company that specializes in high-tech surveillance and private investigations ... It's unusual for a party committee to hire private investigators, and it's even more unusual for a party committee to explicitly report that they've done so in campaign-finance reports, party operatives tell Insider." <a href="https://www.businessinsider.com/republican-national-committee-michigan-surveillance-investigations-opposition-drones-2021-3">More on what this payment could be for</a> in our exclusive report.9. Biden now has all his Cabinet secretaries: Marty Walsh's confirmation as Labor Secretary means the president now has 15 Cabinet secretaries, a mark that came more quickly for Biden than Trump or Obama. While Biden will have a <a href="https://www.businessinsider.com/joe-biden-cabinet-diversity-analysis-2021-1">historically diverse Cabinet</a>, he's also the first president in decades <a href="https://www.usatoday.com/story/news/nation/2021/01/27/biden-cabinet-asian-americans-left-out-top-leadership-team/4268739001/">not to appoint an Asian American secretary</a>. 10. Game over for now: The impact of the pandemic on the video-game industry is starting to emerge with a number of this year's biggest games already delayed until 2022 due to development struggles. <a href="https://www.businessinsider.com/the-biggest-video-game-delays-of-2021-2021-3">In short: Get used to playing the games you already have.</a>One last thing.Today's trivia question: Today is the anniversary of the first time one of America's favorite abbreviations was printed. What is it? Email your guess and a suggested question to me at <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a>.<ul><li>Yesterday's answer: Harry Truman, who also served as FDR's final VP, briefly co-owned a haberdashery in Missouri after WWI. His time in gentlemen's fashion <a href="https://millercenter.org/president/truman/life-before-the-presidency">did not go nearly as well as his political career</a>. </li></ul>

10 Things in Politics: Another mass shooting in America

<ul class="summary-list"><li><keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword> and <keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword> are among a group of major companies that donated to a GOP group in 2021. </li><li>Facebook donated $50,000 and Google donated $20,000 to the Republican State Leadership Committee.</li><li>The RSLC promotes voter suppression laws like the one that was recently passed in Georgia.</li></ul>In the first quarter of 2021, Facebook, Google, and several other major American companies donated hundreds of thousands of dollars to a Republican political group that advocates for voter suppression laws around the United States.Facebook donated $50,000, and Google donated $20,000, <a href="https://popular.info/p/facebook-pledged-to-suspend-political">according to a new report from Popular Information</a>, alongside a $50,000 donation from AT&amp;T and $100,000+ donations from two major pharmaceutical companies: Eli Lilly and AstraZeneca.The organization that received those donations - the Republican State Leadership Committee - describes itself as, "the largest national organization focused on electing Republicans to state offices in every corner of the nation." The RSLC supports Republican candidates that have supported voter suppression laws, and itself advocates for said laws.According to the Popular Information report, Republican leaders have introduced 361 bills across 47 states that could restrict voting.Voting restrictions are often introduced under the guise of "election integrity" and as "anti-cheating" measures, despite voting fraud being extremely rare. It's so rare, in fact, that <a href="https://www.businessinsider.com/voter-election-fraud-statistics-rare-president-biden-trump-2020-2020-11">you're more likely to be struck by lightning</a> than to commit the act.A Facebook representative referred to the donation to RSLC as "membership dues" that it pays to both major political parties. "It is standard practice for us to support organizations like this on both sides of the aisle," the statement said. "While earlier this year we paused spending from FBPAC, we use corporate funds to pay membership dues like these to the Republican Lieutenant Governors' Association as we do in our support for the Democratic Lieutenant Governors' Association. None of these funds were used in the passage of voting legislation in Georgia."Both Facebook and Google have spoken out against a <a href="https://www.businessinsider.com/georgia-new-election-law-means-for-voters-and-officials-explainer-2021-3">controversial new voting law in Georgia</a> that enacts a variety of voter restrictions. Read more: <a href="https://www.businessinsider.com/republicans-endorsed-joe-biden-dump-trump-04-2021">These 10 high-profile Republicans who dumped Trump are mostly wary to back Biden's re-election. At least for now.</a>Much of the current push for "election integrity" stems from the repeatedly disproven claim from former President Donald Trump that the 2020 US presidential election was "rigged." Trump and his campaign <a href="https://www.businessinsider.com/voter-election-fraud-statistics-rare-president-biden-trump-2020-2020-11">filed dozens of lawsuits</a> after the results of the election declared President Joe Biden the winner. <a href="https://www.businessinsider.com/trump-campaign-lawsuits-election-results-2020-11">None of those suits were successful</a>.Google did not respond to a request for comment as of publishing.Got a tip? Contact Insider senior correspondent Ben Gilbert via email (<a href="mailto:bgilbert@insider.com">bgilbert@insider.com</a>), or Twitter DM (<a href="https://twitter.com/RealBenGilbert">@realbengilbert</a>). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Facebook, Google, and other tech giants donated tens of thousands of dollars to a Republican group that's pushing voter suppression laws

<ul class="summary-list"><li>The <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> and the <keyword id="70622" type="ORGANIZATION" weightage="60" keywordseo="Dow-Jones-Industrial-Average">Dow Jones Industrial Average</keyword> mark their third declines in four sessions. </li><li>European COVID-19 cases are rising and spurring more lockdowns in the region. </li><li>US economic recovery continues but is 'far from complete,' says Fed Chairman Powell. </li></ul>US <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> dropped Tuesday as a rise in COVID-19 cases in Europe stoked concerns about the path for recovery in the global economy from the pandemic. All three of Wall Street's major indexes fell, with losses picking up pace in afternoon dealings. The S&amp;P 500 and the Dow industrials declined for the third time in four sessions. Tech stocks as tracked on the <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword> Composite lost grip of earlier gains. Stocks struggled in the face of rising coronavirus cases in Europe. The higher case counts have prompted Germany, Europe's largest economy, to order lockdown measures over Easter and France has enacted more restrictions in the country.Here's where US indexes stood at the 4 p.m. ET close on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">S&amp;P 500</a>: 3,910.52, down 0.76%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Dow Jones industrial average</a>: 32,423.22, down 0.94% (307.98 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Nasdaq composite</a>: 13,227.70, up 1.12%</li></ul>Meanwhile, Italy has issued new lockdowns. In the UK, the government in an effort to control cases is seeking to impose a £5,000 fine ($7,000) on people traveling outside of England without a valid reason. The worsening conditions in Europe pressured the demand outlook for oil, sending <a href="https://markets.businessinsider.com/commodities/oil-price">Brent oil prices</a> sharply lower. The US economy is seeing a lower amount of COVID-19 cases compared with Europe, alongside encouraging data and an improved rate of vaccinations, said <a href="https://www.businessinsider.com/what-is-the-federal-reserve">Federal Reserve</a> Chair Jerome Powell on Tuesday. "But the recovery is far from complete," he cautioned in remarks prepared for testimony to the House Financial Services Committee. The Fed "will continue to provide the economy the support that it needs for as long as it takes."<a href="https://markets.businessinsider.com/stocks/azn-stock">AstraZeneca shares</a> fell after US health officials raised questions about the drugmaker's COVID-19 vaccine, saying the company could have used some outdated trial data in its update about the formula.<a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> fell before the video game retailer late Tuesday releases its first quarterly financial report since its Reddit-fueled rally in January. Meanwhile, Melvin Capital, the hedge fund at the heart of the GameStop frenzy, <a href="https://markets.businessinsider.com/news/stocks/melvin-capital-gamestop-lawsuits-retail-reddit-investors-restrict-trading-wallstreetbets-2021-3-1030237470">is facing nine lawsuits</a> from retail investors who alleged a conspiracy to limit trading caused them to lose money. While stocks have pulled back in recent session, the market's fear gauge, the <a href="https://markets.businessinsider.com/index/vix">Cboe VIX Volatility Index</a>, is back at pre-pandemic lows, and it's signaling big upside ahead, says Fundstrat's Tom Lee. Anthony Scaramucci's SkyBridge Capital and investment firm First Trust Advisors have<a href="https://markets.businessinsider.com/currencies/news/scaramucci-bitcoin-skybridge-capital-launch-etf-sec-filing-2021-3-1030235138"> applied for regulatory approval</a> for a<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest"> bitcoin</a> exchange-traded fund.Oil prices tumbled, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest"> West Texas Intermediate crude</a> down 6% to $57.60 per barrel. Brent, oil's international benchmark, was down 6.5% to $60.47.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Gold</a> fell 0.6% to $1,727 per ounce as US treasury yields eased.Bitcoin lost 2.5%, to trade at $55,328.

Dow drops 308 points as rising COVID-19 cases cloud economic-recovery optimism

Welcome to <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Business Insider</a>'<a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">s daily healthcare newsletter</a>, your daily dose of pharma, biotech, and <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> news. <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Subscribe here to get this newsletter in your inbox every weekday.</a>Hello,Today in healthcare news: <a href="https://www.businessinsider.com/europes-spike-coronavirus-cases-relaxing-lockdown-pandemic-fatigue-2020-10">We're hitting pandemic fatigue and cases are spiking again</a>, <a href="https://www.businessinsider.com/telemedicine-startup-98point6-series-e-funding-venture-capital-l-catterton-2020-10">why 98point6 isn't following some of its healthcare peers with a SPAC</a>, and <a href="https://www.businessinsider.com/meet-the-32-year-old-former-vc-owkin-coronavirus-treatments-2020-10">meet the 32-year-old who left investing to join an AI startup that's now looking for COVID-19 treatments. </a><h3><a href="https://www.businessinsider.com/europes-spike-coronavirus-cases-relaxing-lockdown-pandemic-fatigue-2020-10"><div type="image" title="london coroanvirus lockdown" height="1031" width="1375" msid="78682926" hostid="261"></div></a> <a href="https://www.businessinsider.com/europes-spike-coronavirus-cases-relaxing-lockdown-pandemic-fatigue-2020-10">Europe's dramatic spike in coronavirus cases is what happens when reopening meets 'pandemic fatigue'</a></h3><ul><li><keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">Coronavirus</keyword> cases are rising across Europe, particularly among younger groups, the World Health Organization said Monday.</li><li>With many European nations reopening bars, restaurants, and schools, young people have more opportunities to socialize.</li><li><a href="https://www.businessinsider.com/europes-spike-coronavirus-cases-relaxing-lockdown-pandemic-fatigue-2020-10">But people may also be experiencing "pandemic fatigue" that encourages them to exercise riskier behavior, according to a recent WHO report. </a></li></ul><a href="https://www.businessinsider.com/europes-spike-coronavirus-cases-relaxing-lockdown-pandemic-fatigue-2020-10">Read the full story from Aria Bendix here&gt;&gt;</a><h3><div type="image" title="Robbie Cape 98point6" height="3424" width="4566" msid="78682929" hostid="261"></div></h3><h3><a href="https://www.businessinsider.com/telemedicine-startup-98point6-series-e-funding-venture-capital-l-catterton-2020-10">Healthcare startups are racing to the public markets. The CEO of 98point6 shares why that didn't make sense and why decided to raise $118 million from private investors instead.</a></h3><ul><li>Telemedicine startup <keyword id="10113416" type="UNKNOWN" weightage="60" keywordseo="98point6">98point6</keyword> said Thursday that it raised $118 million in Series E financing from L Catterton and Activant Capital.</li><li>Investor interest in telemedicine and digital health startups has not been confined to private markets, with several acquisitions and public debuts resulting from increased public market interest.</li><li><a href="https://www.businessinsider.com/telemedicine-startup-98point6-series-e-funding-venture-capital-l-catterton-2020-10">Cofounder and CEO Robbie Cape said that pursuing a public offering via a reverse merger with a blank-check company was not aligned with his company's core mission and fundraising strategy at the moment.</a></li></ul><a href="https://www.businessinsider.com/telemedicine-startup-98point6-series-e-funding-venture-capital-l-catterton-2020-10">Read the full story from Megan Hernbroth here&gt;&gt;</a><h3><a href="https://www.businessinsider.com/meet-the-32-year-old-former-vc-owkin-coronavirus-treatments-2020-10"><div type="image" title="Anna Huyghes Despointes.JPG" height="719" width="959" msid="78682934" hostid="261"></div></a> <a href="https://www.businessinsider.com/meet-the-32-year-old-former-vc-owkin-coronavirus-treatments-2020-10">A former VC joined a startup looking to change how we treat cancer. Instead, the 32-year-old has turned her attention to COVID-19 treatments.</a></h3><ul><li>Anna Huyghues-Despointes was a venture investor with Balderton Capital when she met <keyword id="10113417" type="UNKNOWN" weightage="60" keywordseo="owkin">Owkin</keyword>'s founders. The work they were doing convinced her to join the startup as an early employee.</li><li>Owkin's technology can read and analyze complex medical data from sources such as photos or scans, cataloging the information in a way that is easy to use for researchers, Huyghues-Despointes said.</li><li><a href="https://www.businessinsider.com/meet-the-32-year-old-former-vc-owkin-coronavirus-treatments-2020-10">The technology was originally developed for researching cancer diagnoses and treatments, but in the wake of the coronavirus pandemic, research on the novel pathogen with unknown long-term effects has become a big focus. </a></li></ul><a href="https://www.businessinsider.com/meet-the-32-year-old-former-vc-owkin-coronavirus-treatments-2020-10">Read the full story from Megan Hernbroth here&gt;&gt;</a>More we're reading: <ul><li><a href="https://www.businessinsider.com/documentary-trump-made-states-bid-ebay-style-ppe-masks-2020-10">The Trump administration forced states to bid eBay-style for masks and ventilators, according to an explosive new documentary</a> (Business Insider)</li><li><a href="https://www.statnews.com/pharmalot/2020/10/14/astrazeneca-patents-netherlands-lawsuit-seroquel/">A Dutch health insurer just won a patent lawsuit against AstraZeneca</a> (Stat News)</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investors-covid-19-vaccine-somewhat-effective-balyasny-2020-10-1029677737#">Markets expect any COVID-19 vaccine approved this year to only be 50% to 60% effective, asset manager Balyasny says</a> (Markets Insider)</li><li><a href="https://www.bloomberg.com/news/articles/2020-10-14/fda-chief-defends-vaccine-trial-halts-as-vital-to-safety-system">FDA commissioner Stephen Hahn talks to Bloomberg about the trial pauses as drugmakers race toward effective COVID-19 vaccines and treatments</a> (Bloomberg) </li></ul><a href="http://newsletter.businessinsider.com/join/4np/newsletter.businessinsider.com/join/4np/insider-healthcare">Subscribe to this newsletter here. </a>- Lydia

Why a hot healthcare startup raised a fresh round from VCs instead of going public

<ul class="summary-list"><li>This is an excerpt from a story delivered exclusively to Business Insider Intelligence Digital Health Pro subscribers. </li><li>To receive the full story plus other insights each morning, <a href="https://www.businessinsider.com/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-sanofi-using-google-ai-cloud-computing-tools-for-drug-advances-2019-6">click here</a>.</li></ul>France-based pharma giant Sanofi is <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuYmlvc3BhY2UuY29tL2FydGljbGUvZ29vZ2xlLWFuZC1zYW5vZmktdG8tZm91bmQtYS12aXJ0dWFsLWlubm92YXRpb24tbGFiLw/5adde55340f86675182a51c9Baa0f4bb8" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuYmlvc3BhY2UuY29tL2FydGljbGUvZ29vZ2xlLWFuZC1zYW5vZmktdG8tZm91bmQtYS12aXJ0dWFsLWlubm92YXRpb24tbGFiLw/5adde55340f86675182a51c9Baa0f4bb8&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNEdJGJgVR3UDCXAF36z2Quav5FUOg">teaming up</a> with Google to use the tech giant's AI and cloud-computing tools in a new Innovation Lab, per Bio Space. The goal of the partnership is threefold: to speed up drug discovery, maximize operational flows, and improve the patient experience.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div>Using AI to streamline complex and costly processes is a budding trend within the pharma industry. <ul><li>Pharma giants are rushing to get a hold of AI. Eli Lilly struck a <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuZ2VuZW5nbmV3cy5jb20vbmV3cy9saWxseS1pbmtzLXVwLXRvLTU2MG0tYWktZHJ1Zy1kaXNjb3ZlcnktY29sbGFib3JhdGlvbi13aXRoLWF0b213aXNlLw/5adde55340f86675182a51c9B6ad558e8" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuZ2VuZW5nbmV3cy5jb20vbmV3cy9saWxseS1pbmtzLXVwLXRvLTU2MG0tYWktZHJ1Zy1kaXNjb3ZlcnktY29sbGFib3JhdGlvbi13aXRoLWF0b213aXNlLw/5adde55340f86675182a51c9B6ad558e8&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNHJD3npBQv6Kv2qMpRCY0tgFnh2hA">$560 million</a> deal with San Francisco-based AI developer Atomwise - which also holds partnerships with Merck and AbbVie - to accelerate drug discovery earlier this month, and AstraZeneca <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuYmlvc3BhY2UuY29tL2FydGljbGUvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaXMtcmFtcGluZy11cC1pbi1kcnVnLWRldmVsb3BtZW50LS8/5adde55340f86675182a51c9Bc9bd5326" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuYmlvc3BhY2UuY29tL2FydGljbGUvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaXMtcmFtcGluZy11cC1pbi1kcnVnLWRldmVsb3BtZW50LS8/5adde55340f86675182a51c9Bc9bd5326&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNGNM-aD8sEV1yPoZncVLwZKmnZlMA">tied up</a> with UK-based BenevolentAI in May. It makes sense for pharma companies to lean on tech that makes drug development more efficient: Drug makers shell out <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3ByZWNpc2lvbi1tZWRpY2luZS1nYWlucy1zdGVhbS1iYWJ5bG9uLWhlYWx0aC1icm9hY2hlcy1ub3J0aC1hbWVyaWNhbi1tYXJrZXQtc3RhcnR1cC1wbGF5cy1tYXRjaG1ha2VyLWZvci1jbGluaWNhbC10cmlhbHMtMjAxOC05/5adde55340f86675182a51c9Ba694a760" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3ByZWNpc2lvbi1tZWRpY2luZS1nYWlucy1zdGVhbS1iYWJ5bG9uLWhlYWx0aC1icm9hY2hlcy1ub3J0aC1hbWVyaWNhbi1tYXJrZXQtc3RhcnR1cC1wbGF5cy1tYXRjaG1ha2VyLWZvci1jbGluaWNhbC10cmlhbHMtMjAxOC05/5adde55340f86675182a51c9Ba694a760&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNGiTj7bGwuGBJFiu1ObFDaCfw37bA">$2.6 billion</a> to develop a new prescription medication and bring it to market, up from the $1 billion it cost in the early 2000s.</li><li>And pharma's demand for AI has created a doorway for tech players to slide into the health space. Big names in innovation have forged deals with pharma companies: Verily <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RlbGFkb2MtdW5sZWFzaGVzLWluZHVzdHJ5cy1maXJzdC1ldmVyLXZpcnR1YWwtY2FyZS1wYXRpZW50LXNhZmV0eS1vcmdhbml6YXRpb24tZmFjZWJvb2stcm9sbHMtb3V0LWRpc2Vhc2UtcHJldmVudGlvbi1tYXBzLXZlcmlseS10aWVzLXVwLXdpdGgtcGhhcm1hLWdpYW50cy0yMDE5LTU/5adde55340f86675182a51c9B91c18a08" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RlbGFkb2MtdW5sZWFzaGVzLWluZHVzdHJ5cy1maXJzdC1ldmVyLXZpcnR1YWwtY2FyZS1wYXRpZW50LXNhZmV0eS1vcmdhbml6YXRpb24tZmFjZWJvb2stcm9sbHMtb3V0LWRpc2Vhc2UtcHJldmVudGlvbi1tYXBzLXZlcmlseS10aWVzLXVwLXdpdGgtcGhhcm1hLWdpYW50cy0yMDE5LTU/5adde55340f86675182a51c9B91c18a08&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNGeg6rCWe0GePtHzzYB7HLmH2PhYg">linked up</a> with Novartis, Sanofi, Otsuka, and Pfizer last month to streamline clinical trials. And IBM Watson boasts partnerships with Sanofi, Johnson &amp; Johnson, and Pfizer for its drug discovery program, but <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2libS1zaGVsdmVzLXdhdHNvbi1haS10b29sLWZvci1kcnVnLWRpc2NvdmVyeS1iYWJ5bG9uLWdlYXJzLXVwLWZvci11cy1leHBhbnNpb24tdGVsZXBzeWNoaWF0cnktbWluaW1pemVzLWVkLXdhaXQtdGltZXMtMjAxOS00/5adde55340f86675182a51c9Bf88151fb" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2libS1zaGVsdmVzLXdhdHNvbi1haS10b29sLWZvci1kcnVnLWRpc2NvdmVyeS1iYWJ5bG9uLWdlYXJzLXVwLWZvci11cy1leHBhbnNpb24tdGVsZXBzeWNoaWF0cnktbWluaW1pemVzLWVkLXdhaXQtdGltZXMtMjAxOS00/5adde55340f86675182a51c9Bf88151fb&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNF6SLqPrwBGy0qaXWMiHeX3PuEtZw">halted</a> the program's advancement in April.</li></ul>We'll likely see more pharma companies tap digital health tech to ease the strain on revenue stemming from government scrutiny.Pharma companies might feel more pressure than ever to invest in tech that provides a financial cushion since the government is kicking efforts to up transparency and slim drug price tags into high gear. For example, the HHS <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuaGhzLmdvdi9hYm91dC9uZXdzLzIwMTkvMDUvMDgvaGhzLWZpbmFsaXplcy1ydWxlLXJlcXVpcmluZy1tYW51ZmFjdHVyZXJzLWRpc2Nsb3NlLWRydWctcHJpY2VzLWluLXR2LWFkcy5odG1s/5adde55340f86675182a51c9B6f94cbe6" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cuaGhzLmdvdi9hYm91dC9uZXdzLzIwMTkvMDUvMDgvaGhzLWZpbmFsaXplcy1ydWxlLXJlcXVpcmluZy1tYW51ZmFjdHVyZXJzLWRpc2Nsb3NlLWRydWctcHJpY2VzLWluLXR2LWFkcy5odG1s/5adde55340f86675182a51c9B6f94cbe6&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNFmYZBIHYnKsbgGKuxFYrqNhPeqlQ">unleashed</a> a rule last month that will force pharma companies to list drug prices on TV ads come July. And it's clear these companies are feeling the heat: In response, Eli Lilly, Amgen, and Merck <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9kcnVnbWFrZXJzLXN1ZS10by1ibG9jay1mZWRlcmFsLXJ1bGUtcmVxdWlyaW5nLWRydWctcHJpY2VzLWluLXR2LWFkcy0xMTU2MDU0OTQzNQ/5adde55340f86675182a51c9B698a35fe" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9kcnVnbWFrZXJzLXN1ZS10by1ibG9jay1mZWRlcmFsLXJ1bGUtcmVxdWlyaW5nLWRydWctcHJpY2VzLWluLXR2LWFkcy0xMTU2MDU0OTQzNQ/5adde55340f86675182a51c9B698a35fe&amp;source=gmail&amp;ust=1561033303876000&amp;usg=AFQjCNGMvca3C2dLncHAfa-06hD0_D9rOg">slammed</a>the Centers for Medicare and Medicaid Services with a lawsuit last week, per The Wall Street Journal. And they're pouring more cash into lobbying efforts, which is a trend we expect to continue: Drug makers spent <a href="https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cubWFya2V0d2F0Y2guY29tL3N0b3J5L2RydWdtYWtlcnMtbG9iYnlpbmctc3BlbmRpbmctYXQtMTAteWVhci1oaWdoLWFzLXdhc2hpbmd0b24tdGFyZ2V0cy1zb2FyaW5nLXByaWNlcy0yMDE5LTA1LTAy/5adde55340f86675182a51c9B8573d682" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17243756.2/aHR0cHM6Ly93d3cubWFya2V0d2F0Y2guY29tL3N0b3J5L2RydWdtYWtlcnMtbG9iYnlpbmctc3BlbmRpbmctYXQtMTAteWVhci1oaWdoLWFzLXdhc2hpbmd0b24tdGFyZ2V0cy1zb2FyaW5nLXByaWNlcy0yMDE5LTA1LTAy/5adde55340f86675182a51c9B8573d682&amp;source=gmail&amp;ust=1561033303877000&amp;usg=AFQjCNFP5ZNUdcEHOe880-VFuHdm9S8QQA">$70 million</a> on lobbying efforts in 2018, marking the second highest spending year on record after 2009 when they doled out $87 million in the wake of the Affordable Care Act, per Market Watch.Interested in getting the full story? Here are two ways to get access: 1. Sign up for Digital Health Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of healthcare, delivered to your inbox 6x a week. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-sanofi-using-google-ai-cloud-computing-tools-for-drug-advances-2019-6&amp;vertical=digitalhealth">Get Started</a>2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to Digital Health Pro, plus more than 250 other expertly researched reports. 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Sanofi is leaning on Google's AI and cloud-computing tools for drug advances

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>Read on for more <a href="https://www.businessinsider.com/tech-elites-leaving-san-francisco-threaten-silicon-valley-supremacy-2020-11">on the future of Silicon Valley</a>, <a href="https://www.businessinsider.com/vista-equity-partners-robert-smith-brian-sheth-austin-nate-paul-2020-11">a private-equity titan's relationship with a Texas investor embroiled in a political scandal</a>, and <a href="https://www.businessinsider.com/j-walter-thompson-wpp-decline-of-worlds-oldest-ad-agency-2020-11">the rise and fall of the world's oldest advertising agency</a>. Hello!Tony Hsieh, the former CEO of shoes and clothes retailer Zappos, has died at age 46 <a href="https://www.insider.com/tony-hsieh-connecticut-fire-death-2020-11">following injuries sustained in a fire</a>. Hsieh (pronounced shay) retired from Zappos in August after 20 years with the company, staying on long after he sold the company to Amazon for $1.2 billion in 2009. He was widely known for his efforts to regenerate the downtown Las Vegas area, and <a href="https://www.businessinsider.com/tony-hsieh-zappos-holacracy-management-experiment-2015-5">for his commitment to holacracy</a>, a manager-free operating structure. Zappos' current CEO, Kedar Deshpande, called Hsieh a "<a href="https://www.businessinsider.com/tony-hsieh-ex-ceo-zappos-died-aged-46-2020-11">tremendous visionary and an incredible human being,"</a> while colleagues and acquaintances remembered him as a "<a href="https://www.businessinsider.com/zappos-ceo-tony-hsieh-remembered-as-a-gentle-soul-2020-11">gentle soul</a>."Sequoia partner Alfred Lin, who once served as COO, CFO, and chairman of Zappos, <a href="https://twitter.com/Alfred_Lin/status/1332577874654629889">said on Twitter</a>:"Today is a sad day! The world lost a pioneer of a company culture, the shoe industry, Downtown LV, web advertising, and also a gentle soul who gave a part of himself to countless people."<h2>Is <keyword id="6357722" type="LOCATION" weightage="60" keywordseo="silicon-valley">Silicon Valley</keyword> over?</h2>From Meghan Morris and Berber Jin:Some tech elites are making moves out of San Francisco, as they rethink the area's costs, political climate, safety, and more. Keith Rabois, for example, is heading to Miami, while Ben Ling tells Business Insider he's weighing Austin or Miami. Silicon Valley, and San Francisco, have long been the capital of America's tech economy thanks to a variety of important factors. But the pandemic, and the rise of remote work via Zoom, has changed things.More departures could threaten Silicon Valley's tech dominance, but they could also herald in cheaper rents, making the area more attractive to newcomers and residents alike — and maintain the region's longer-term viability as a breeding ground for innovation.Read the full story here:<ul><li><a href="https://www.businessinsider.com/tech-elites-leaving-san-francisco-threaten-silicon-valley-supremacy-2020-11">Is Silicon Valley finally over?</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/top-100-startups-2020-11">100 top startups of 2020, according to VCs</a></li></ul><h2>Robert Smith's Texas connections</h2><div type="image" title="vista ceo robert smith nate paul 2x1" height="1201" width="2400" msid="79478557" hostid="261"></div>From Casey Sullivan and Dakin Campbell:A scandal in Texas spilled onto the national stage this month <a href="https://apnews.com/article/ken-paxton-austin-texas-crime-f8413d14842d848e69cf81bb4d2e87e2">after reports said Attorney General Ken Paxton was being investigated by the FBI</a> on allegations of bribery and abuse of office in connection with an Austin real-estate developer who was a political donor.It marked a dramatic, high-profile escalation of the controversy surrounding Paxton and Nate Paul, the real-estate investor whom <a href="https://www.forbes.com/sites/nathanvardi/2019/08/16/the-fbi-raid-of-texas-real-estate-investor-nate-paul/?sh=55f9307f7b64">the FBI raided last year</a> for still undisclosed reasons.What isn't as well known is that Paul, who is now 33, counted Vista Equity Partners' Robert Smith and longtime Vista executive Brian Sheth among his early supporters.The Vista executives, who are both billionaires, invested with Paul as he was building his real-estate investment firm, World Class Capital Group, dating back to at least the early 2010s, people who have worked with Paul said. Paul founded his firm in 2007.Business Insider spoke with 15 people to learn more about the relationship between the three men, and the connections between Vista and World Class Capital.Read the full story here:<ul><li><a href="https://www.businessinsider.com/vista-equity-partners-robert-smith-brian-sheth-austin-nate-paul-2020-11">Inside the ill-fated relationship between Vista CEO Robert Smith and Nate Paul, the Austin investor embroiled in a political scandal</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/vista-equity-pension-nmerb-credit-investment-robert-smith-tax-evasion-2020-11">Vista Equity Partners lost a $100 million pension-fund investment after Robert Smith's tax-evasion investigation came to light</a></li></ul><h2>The rise and fall of the world's oldest ad agency</h2><div type="image" title="death of golden age advertising JWT 2x1" height="1251" width="2500" msid="79478559" hostid="261"></div>From Patrick Coffee:J. Walter Thompson was the world's oldest ad agency, but revenue at the largest office in New York is now a fraction of its peak.The JWT name disappeared in a merger in 2018, marking an end to an agency that produced timeless campaigns for clients like Kraft and Kellogg's, and is about to move out of its longtime New York headquarters.JWT suffered from a faltering digital transformation, financial pressure at the holding company level, and a lawsuit accusing its former CEO of sexism and racism that scared potential clients and hires away.Today, JWT stands as a cautionary tale and reflection of an industry shaken by changes in consumer behavior and the rise of Facebook and Google.Read the full story here:<ul><li><a href="https://www.businessinsider.com/j-walter-thompson-wpp-decline-of-worlds-oldest-ad-agency-2020-11">The rise and fall of J. Walter Thompson, the world's oldest advertising agency</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/40-rising-stars-on-madison-avenue-changing-advertising-2020-11">Meet the 40 rising stars of Madison Avenue revolutionizing advertising in 2020</a></li></ul><h2 dir="ltr">Invitation: How to get a job in private equity</h2>Join us on Thursday, December 3, at 1 p.m. ET when recruiters from The Carlyle Group, Apollo, and Bain Capital will break down how to get hired in private equity.<a href="https://www.businessinsider.com/webinar-private-equity-recruiting-carlyle-apollo-bain-2020-11">Register here</a>.<h2>Invitation: The future of education</h2>Join us on Wednesday, December 9 at 12 p.m. ET to hear from leaders, entrepreneurs, and innovators, including Scott Galloway, marketing professor at New York University, and Dr. Laurie Santos, Yale professor of psychology and creator of the popular online course, "The Science of Well-Being."<a href="https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg30.jsp&amp;partnerref=editorial_newsletter_inclusion&amp;eventid=2825108&amp;sessionid=1&amp;key=04AC388CBEDCBD5DB87B7C0E28009CF0&amp;regTag=&amp;sourcepage=register&amp;sourcepage=register">Register here</a>.Here are some headlines from the past week that you might have missed.— Matt<a href="https://www.businessinsider.com/astrazeneca-oxford-coronavirus-vaccine-news-problems-questions-data-2020-11">How AstraZeneca and Oxford blew their big vaccine moment: A messy week that overshadowed what should have been a scientific victory</a><a href="https://www.businessinsider.com/soulcycle-faces-more-accusations-racism-bullying-sexual-harassment-2020-11">After our investigation into accusations of racism, bullying, and sexual harassment at SoulCycle, more on-the-record sources are making new allegations and naming names</a><a href="https://www.businessinsider.com/stock-picks-to-buy-8-innovative-firms-grow-decade-clearbridge-2020-11">An innovation-focused portfolio manager at a $158 billion firm shares 8 disruptive stocks across multiple industries he thinks could grow 30% every year over the next decade</a><a href="https://www.businessinsider.com/how-to-get-job-biden-administration-white-house-hiring-career-2020-11">Joe Biden is hiring about 4,000 political staffers to work in the White House and federal agencies. Here's how you can boost your chances getting a job in the new administration, according to 3 experts.</a><a href="https://www.businessinsider.com/top-public-relations-experts-in-the-technology-industry-2020-11">Meet the top 36 public relations pros in the tech industry</a><a href="https://www.businessinsider.com/rich-people-getting-ready-to-flee-america-post-election-2020-11">The US passport has dipped in value in 2020. Wealthy Americans are looking to diversify.</a><a href="https://www.businessinsider.com/salesforce-acquires-slack-google-cloud-2020-11">Salesforce's potential acquisition of Slack could pressure Google Cloud to make a big purchase of its own to keep up, an analyst says</a><a href="https://www.businessinsider.com/next-digital-media-acquisition-patch-vox-vice-skimm-group-nine-2020-11">10 digital media companies that are hot acquisition targets, including Patch and TheSkimm</a>

Tech elites are making moves out of San Francisco as they rethink the area's costs, political climate, and safety

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business InsiderLawmakers are trying to get some answers about the high cost of prescription drugs by grilling executives from seven top pharmaceutical companies.</div></div></div><ul class="summary-list"><li>Seven top leaders of major pharmaceutical companies are testifying about high US drug prices on Tuesday as part of a congressional hearing. </li><li>The group of executives are seeking to justify prices by emphasizing the value that their medicines bring patients. They are also shifting blame to other parts of the US drug system, like middlemen.</li><li>But lawmakers will resist the blame game, and push the pharma executives on what they and their organizations can do to make change for patients. </li><li>"We've all seen the finger pointing, " said Chuck Grassley, the Republican senator from Iowa who's leading the hearing. "But, like most Americans, I'm sick and tired of the blame game. It's time for solutions." </li></ul>High US drug prices have been <a href="https://www.businessinsider.com/pfizer-drugmakers-to-increase-drug-prices-in-2019-trump-tweet-2018-12">top of mind </a>for many Americans lately. On Tuesday, lawmakers are trying to get some answers by grilling executives from seven top pharmaceutical companies at a <a href="https://www.finance.senate.gov/hearings/drug-pricing-in-america-a-prescription-for-change-part-ii">congressional hearing</a> in Washington. The seven drugmakers, which include Merck, Pfizer and <a href="https://markets.businessinsider.com/stocks/jnj-stock">Johnson &amp; Johnson</a>, collectively have a market value of $1.13 trillion.The executives, in turn, are defending the value their medications bring in a wide range of severe and debilitating diseases. Drugmakers must invest massive sums into researching and developing <a href="https://www.businessinsider.com/biotech-companies-filed-to-go-public-ipo-alector-harpoon-january-2019-1">new drugs</a>, a notoriously expensive process, according to the executives' prepared remarks.Many of the executives acknowledged that high drug prices affect patients' ability to afford treatments, even as they shifted blame for patients' costs to the wider US healthcare system.<a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> Chief Executive Officer Albert Bourla, for example, listed work his company has done in breast and lung cancer, leukemia, meningitis B, and to develop a promising non-opioid pain treatment. <h2>A high-profile group heads to Washington</h2>"All of these breakthroughs won't do anyone any good if patients can't afford them," Bourla said in his prepared remarks. "Our healthcare system is broken, and we need to fix it."Read more: <a href="https://www.businessinsider.com/trump-administration-drug-rebate-proposal-could-benefit-pharma-2019-2">Here's why Big Pharma is cheering a new proposal from the Trump administration that's supposed to tackle high drug prices</a>Six of the seven companies sent their CEOs to Tuesday's hearing: Merck's Kenneth Frazier, Pfizer's Bourla, AbbVie's Richard Gonzalez, AstraZeneca's Pascal Soriot, Bristol-Myers Squibb's Giovanni Caforio, and Sanofi's Olivier Brandicourt. Johnson &amp; Johnson sent Jennifer Taubert, an executive at the company's Janssen pharmaceutical unit. At least two medical doctors and one veterinarian/PhD were in attendance. With such a high-profile cast, the healthcare industry has been abuzz about Tuesday's hearing for weeks. Drug pricing could also be a rare bipartisan issue this year, with Trump frequently raising it and the House Democrat majority making it a priority, too.The group called to DC, like most pharmaceutical companies, has raised its prices<a href="https://www.businessinsider.com/pfizer-drugmakers-to-increase-drug-prices-in-2019-trump-tweet-2018-12"> over the years</a>. Pfizer even got into a high-profile <a href="https://www.businessinsider.com/pfizer-drugmakers-to-increase-drug-prices-in-2019-trump-tweet-2018-12">altercation</a> over drug pricing with President Donald Trump last year, while under its previous CEO, Ian Read.The US spent an estimated $344.5 billion on prescription drugs in 2018, and the figure is expected to rise to $576.7 in 2027, according to <a href="https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/index.html">projections</a> from the federal Centers for Medicare and Medicaid Services. The share of total US healthcare spending that goes toward drugs will increase from 9.4% tot 9.7% over that time, according to the projections. The advent of new drugs and a push to consistently treat patients with chronic diseases is projected to drive the growth.<h2>How big pharma defends its prices</h2>But the drugmakers on Tuesday emphasized problems in the healthcare system at large, including the role that discounts called <a href="https://www.businessinsider.com/drug-rebates-became-a-powerful-force-in-us-healthcare-senate-hearing-2019-1">rebates</a> play in keeping drug prices high. Drugmakers pay these discounts to middlemen called pharmacy-benefit managers, which also benefit from high drug prices, and drug companies have sought to deflect blame to them in recent years. Bourla and other executives alluded to this in describing "misaligned incentives" in the US health system that expose patients to high costs. Some of their suggestions for improvements on Tuesday included limits on the out-of-pocket costs seniors face in the government's Medicare Part D program, which covers prescription drugs.Chuck Grassley, the Republican senator from Iowa who leads the Senate Finance Committee, indicated in his opening remarks that he's tired of efforts to deflect responsibility."We cannot allow anyone to hide behind the current complexities to shield the true cost of a drug," he said. "We've all seen the finger pointing. Every link in the supply chain has gotten skilled at that, " he said. "But, like most Americans, I'm sick and tired of the blame game. It's time for solutions."Read more: <a href="https://www.businessinsider.com/drug-rebates-became-a-powerful-force-in-us-healthcare-senate-hearing-2019-1">Congress will grill 7 top pharma executives over the high cost of drugs tomorrow. Here's how they're set to shift the blame.</a>Sanofi CEO Brandicourt used insulin, a lifesaving product for individuals with diabetes, as an example of broader problems with the healthcare system.<h2>A lifesaving product gets scrutinized</h2>The product has been of particular interest to patients and lawmakers. It was a focus of the Senate Finance Committee's prior drug price <a href="https://www.finance.senate.gov/hearings/drug-pricing-in-america-a-prescription-for-change-part-i">hearing</a>, and of a bipartisan investigation launched on Friday by the two leaders of the committee, Grassley and Ron Wyden, an Oregon Democrat.Insulins have been sold for decades and the market for the treatment should be competitive, with many drugmakers selling it. But that hasn't stopped prices from <a href="https://www.businessinsider.com/insulin-price-fluctuation-conundrum-type1-diabetes-2019-1">skyrocketing</a> in recent years.Sanofi makes the top-selling long-acting insulin Lantus, the price of which CEO Olivier Brandicourt defended on Tuesday, according to planned remarks. Though average patient out-of-pocket costs on Lantus have risen, Sanofi's own take-home has declined since 2012, he said. The drugmaker has said that discrepancy is due to the rebates it pays middlemen. Read more: <a href="https://www.businessinsider.com/amgen-gilead-merck-deal-speculation-jpmorgan-healthcare-conference-2019-1">Big drugmakers are sitting on billions of cash - and top pharma executives are hinting about big M&amp;A to come in 2019</a>Analysts at Cowen said that while the hearing "will likely be great theater," they expect little concrete action from Washington to bring down the cost of drugs. A big drug pricing deal "gives President Trump a win on an issue Dems have called their own for more than a decade, particularly ahead of the 2020 elections," they said. <ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/pharmaceutical-drugs-investors-to-watch-next-year-2018-12">From the gene therapy that spurred a $9 billion acquisition to a CBD medication for rare types of childhood epilepsy, here are the 12 promising drugs to watch in 2019</a></li><li><a href="https://www.businessinsider.com/pfizer-drugmakers-to-increase-drug-prices-in-2019-trump-tweet-2018-12">Trump may have shamed Pfizer for increasing drug prices, but that isn't stopping drugmakers from doing more of the same</a></li><li><a href="https://www.businessinsider.com/antitrust-suit-accuses-drug-companies-working-together-increase-generic-prices-2018-12">A huge lawsuit accuses nearly 20 big drug companies, a billionaire, and 2 brothers-in-law of cozying up to hike drug prices. Here's the inside story.</a></li><li><a href="https://www.businessinsider.com/bill-gates-says-gene-editing-raises-ethical-questions-2019-1">Bill Gates warns that nobody is paying attention to gene editing, a new technology that could make inequality even worse</a></li></ul><a href="http://www.businessinsider.com/intelligence/ai-in-us-healthcare?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=dhealth_ctgr_leadgen&amp;utm_campaign=dhealth_ctgr_leadgen_ai_in_us_healthcare"></a></hr> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/dna-test-african-ancestry-accurate-23andme-helix-eritrea-east-africa-2019-2">I tried 23andMe and Helix to find out which DNA test would guess my ancestry more accurately</a></h3> <div> </div> </div>

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