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This week marked a turning point in the pandemic as cases rapidly fell and states increasingly rolled back mask and vaccine mandates. Covid cases in the U.S. have dropped to an average of about 118,000 new infections a day over the last week, down from a pandemic high of 802,000 on Jan. 15.
The Senate confirmed President Joe Biden's pick to run the FDA, but not without some controversy. California unveiled a new plan to live with Covid. While the drop in cases is good news for society, it was bad news for investors in the vaccine makers, sending their shares south.
Spencer Kimball, who's broken numerous stories on Biden's vax mandates and the new BA.2 omicron variant filling in on this beat over the last few months, is formally stepping in to take over our pandemic, biotech and pharma coverage. You can send tips his way at spencer.kimball@nbcuni.com.
| | CDC mask guidance under review | | The CDC wants to give a pandemic-weary public a break from wearing masks. CDC Director Dr. Rochelle Walensky said the agency is reviewing its mask guidance, looking to Covid hospitalizations to guide future public policy and Covid restrictions. "We want to give people a break from things like mask-wearing when these metrics are better, and then have the ability to reach for them again should things worsen," she said. Spencer has that story here. | | | | Senate confirms Biden FDA pick | | The Senate narrowly confirmed Dr. Robert Califf to run the FDA – over objections to his deep pharmaceutical industry ties and concerns he won't aggressively curb the opioid epidemic. Six Republicans helped move Califf across the finish line after five Democrats voted against him in a nail-biter 50-46 vote. He's a prominent cardiologist, but came under criticism for his role as a senior advisor at Google Health and Verily, the life science arm of Alphabet. Democrats also took issue with his previous work running the FDA in 2016 to 2017. They questioned why he approved new opioid drugs at the height of the epidemic, decisions he acknowledged were flawed in hindsight. Spencer explains the controversial vote here. | | | | Black VC fund looks to improve access | | Black-led start-ups raised a record $4.2 billion in venture capital funding last year, according to Crunchbase data. Sounds like a lot of money, but it's a 1.2% sliver of the massive amount of VC investments in 2021. Jumpstart Health's Marcus Whitney is part of a new wave of venture investors looking to help Black entrepreneurs get a bigger slice of the pie. When he started raising capital for a fund to invest in African American health-tech firms, investors asked him whether there'd be enough deals to be made. Yet when you talk to start-up founders of color, the real issue has been whether there are enough investors willing to recognize innovators who don't fit a pre-conceived profile. Bertha Coombs has the story here. | | | | Covid cases fall, and so do shares | | Good news for humanity turned out to be bad news for investors this week. Shares of the major Covid vaccine makers all fell on Monday, as the unprecedented wave of omicron infections eases and new cases rapidly drop across the country. It made for an ugly Valentine's Day for the stocks. Moderna's shares plunged 12%, Novavax fell by almost as much, BioNTech shares tumbled by about 10%, Pfizer and BioNTech both fell by about 2%. That was just Monday. None of the shares have recovered those losses over the rest of the week. Spencer has a look at those trades here. | | | | California lives with Covid | | California Gov. Gavin Newsom said the state, which is the largest economy in the U.S., needs to shift out of the crisis mentality that has characterized the pandemic for the past two years. He said the Golden State must learn to live with the virus, laying out a plan that manages Covid as a permanent aspect of life, anticipating future surges and new variants that may require temporary public health measures such as facemasks depending on how much the virus is disrupting economic and social activity. Spencer has the few details that were released here. | |
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