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Hi readers,
The health-care industry had a banner week in Washington. Biotech stocks are closing the year on a tear, CNBC's Meg Tirrell reports. A U.S. appeals court finally ruled on Obamacare and it keeps things mostly status quo for now. And the Trump administration unveiled its drug importation plan, but investors don't expect much impact on Big Pharma, CNBC's Bertha Coombs writes.
One note: The newsletter is going on hiatus next week, returning Friday, Jan. 3. Safe travels and happy holidays. See you in the new year!
(Are there any stories we should be chasing? Email tips, ideas, suggestions to CNBC Health Editor Dawn Kopecki at dawn.kopecki@nbcuni.com.)
| | Biotech's ending the year on a tear | After a year dominated by concerns over the political focus on drug prices, biotech stocks rallied this month on M&A deals and positive FDA news. Horizon Therapeutics and Amarin, whose CEOs both spoke to CNBC this week, were among those benefiting from the latter, this week securing a positive panel vote (Horizon) and an early approval (Amarin). They're emblematic of the companies that have been boosting the sector: smaller and mid-sized names that dominate the XBI index, which is up 11% over the last month, compared with the larger-cap IBB's 7% gain and the S&P's 2.6%.
- Meg Tirrell | | | | Appeals court leaves health-care law intact for now | A federal appeals court released its highly anticipated ruling on the Affordable Care Act, and to most people's surprise it didn't totally scrap the landmark health-care rule as Democrats feared. It did, however, say one of the provisions requiring individuals to buy health insurance was unconstitutional. But it punted on deciding whether the rest of Obamacare should be tossed out. The decision, which likely pushes a Supreme Court decision on the health law by another year or so, was seen as a win for the health-care industry. Managed-care stocks rallied as the court ruling keeps the status quo for now.
- Berkeley Lovelace Jr. | | | | Trump's Drug Import Plan: Putting drugs on a dog sled from Canada would be faster | That's how RBC health policy analyst Chris Meekins summed up the new prescription drug import proposal unveiled by the Trump administration this week. The plan would let states like Florida, Colorado and Vermont work with the FDA to import drugs from Canada. High-priced insulin is not among the drugs eligible, but pricey HIV treatments are. Good luck, though, getting our neighbors to the north and pharma to make it easy to get drugs at Canadian-negotiated rates. Investors clearly don't expect much impact. The S&P Pharmaceutical Index ends the week at an all-time high. As for Canadian dog-sled futures, no data on that.
-Bertha Coombs | | | | Apple employees to get free genetic tests | Apple and Color Genomics, a start-up based in Silicon Valley, are working together on a plan to give free genetic tests to Apple employees based near the company's headquarters. Sources told CNBC that Apple employees who show up at the Silicon Valley medical centers, dubbed "AC Wellness" are eligible for the tests, which look for potential risk factors like gene mutations associated with cancer. AC Wellness is a separate legal entity from Apple, so that sensitive information about employee health would not be transferred back to the parent company.
- Chrissy Farr | | | | Lawmakers negotiate deal to raise minimum age to buy tobacco | U.S. lawmakers negotiated a deal this week to include a provision in the year-end spending bill prohibiting the sale of cigarettes, e-cigarettes, cigars and other tobacco products to people under the age of 21. As of Thursday, the legislation is expected to pass the Senate and President Donald Trump is predicted to sign it into law. Nineteen states and D.C. already have tobacco 21 laws. Congress has been pushing to raise the minimum age to buy tobacco products as health officials attempt to combat a teen vaping epidemic.
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