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Sunday, September 27, 2015

The drugs don't work and Fed's fumble

The Guardian reported in recent days [that until this week most of us had never heard of Daraprim, a drug that fights toxoplasmosis. But after the decision of the drug’s new owner, Turing Pharmaceuticals, to boost its cost per pill from $13.50 to a whopping $750, we’re all unlikely to forget its name or the name of Turing’s owner, 32-year-old Martin Shkreli.

Shkreli became one of the most hated men in America last week, Hillary Clinton called for reforms in the drug market, social media tore him to shreds, a punk label he bankrolled severed ties with him and even Donald Trump weighed in, calling him a “spoiled brat.”

He’s now pledged to cut the price – he hasn’t said by how much or when – but the outrage over the astronomical hike in a life-saving drug has opened the doors to a fast-moving and furious debate about the soaring costs of prescription medications in the United States – one that is long overdue.] More

After a week when world growth fears deepened, John Authers of the FT points out that stock markets are becoming more discriminating: US

 

After months of waiting for the Federal Reserve to raise interest rates, China stocks and hard landing worries have put a spanner in the works.  

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