Mad meds… Pharma giant Merck sued the Biden admin over the power it gave Medicare to lower drug prices. Merck believes that its lucrative diabetes and cancer drugs will be subject to a “sham” price-negotiation program, which goes into effect in 2026 with a first round of 10 drugs. Merck expects at least three of its biggest drugs to be on the list, and said it could be forced to discount them up to 60%, risking billions in profits and disincentivizing research. Other pharma titans could follow Merck’s lead and head to court.
Watchin’ the tiiiide roll away… An ongoing labor dispute involving 22K+ dockworkers at critical West Coast ports could wreak havoc on the US supply chain. $440B in cargo moves through the Port of Los Angeles (the nation’s busiest) each year. Now, retail groups have urged the White House to mediate. Dock workers have been effectively shutting down ports (picture: walkouts) for over a week in a dispute over higher pay, after carriers reportedly hauled in about $500B in profits during the pandemic — more than in the previous decade.