Nasal COVID vaccine suffers setback: https://www.usnews.com/news/top-news/articles/2022-10-10/astrazenecas-covid-vaccine-suffers-a-setback-in-nasal-spray-trial . So this is why trials are done. Unfortunately for AstraZeneca, it’s back to the drawing board.
The coming virus winter: https://www.nbcnews.com/health/health-news/flu-covid-winter-hospitals-brace-bad-season-rcna50616 . We know that the COVID booster program is going slowly, with only 4% of those eligible receiving the booster so far. We know that the flu season was rough in Australia, which tends to predict a rough season here. Also, we know that pediatricians are seeing an increase in RSV cases in children. So yes, a rough virus winter is expected at this point.
China sticks with Zero COVID: https://www.usnews.com/news/world/articles/2022-10-11/covid-cases-rise-in-shanghai-other-chinese-cities-preventive-steps-strengthened . What can one say about month after month of this murderous insanity? “Insanity is doing the same thing over and over again and expecting different results.” Also, there is no evidence Einstein ever said this: https://quoteinvestigator.com/2017/03/23/same/ .
WSJ: COVID lockdowns continue to harm Chinese economy: https://www.wsj.com/articles/chinas-covid-lockdowns-deal-another-blow-to-consumer-spending-11665386341 . How much treasure, blood and normal life has China lost by this unsustainable policy?
The growing market for biosimilars: https://www.cardinalhealth.com/content/dam/corp/web/documents/Report/cardinal-health-2022-biosimilars-report.pdf . This report from Cardinal Health provides an excellent summary of the current state and expected development of the biosimilars market. In contrast to generic drugs [chemically formulated to be identical to a (previously) patented drug], living cells produce the complex molecules known as biologics. As such, some variation is inevitable, which is why their approval standard is “biosimilar”.
The FDA has approved 33 biosimilar drugs, with 21 currently on the market. However, they look to replace 11 biopharmeceuticals – that is, most of the targeted biopharmaceuticals have multiple competitors. The landscape should change significantly in 2023, when 7 biosimilar drugs launch to compete with Humira. Under many health plans, Humira alone can represent around 20% of total pharmacy spend.
Biosimilars saved $8 billion in pharmaceutical costs in 2020, triple the prior year. However, the advent of Humira substitutes means that the biosimilar market should save consumers $133 billion in aggregate savings by 2025.
WSJ: Alzheimer’s cure remains elusive: https://www.wsj.com/articles/alzheimers-drugs-advance-but-slowing-disease-remains-a-challenge-11665399601 . Slowing disease progression is a long way from reversing decline or curing the disease.
The effectiveness of colonoscopies: https://www.cnn.com/2022/10/09/health/colonoscopy-cancer-death-study . The study results are hard to interpret because so many people did not get the colonoscopy done. Those who did benefitted. So get the recommended studies, uncomfortable as they are.
“World’s pharmacy” kills 66 children: https://www.bbc.com/news/world-asia-india-63146262 . India’s pharmacy industry is poorly regulated in comparison to Western standards. Still, creating and exporting toxic cough syrups that killed 66 children in The Gambia is horrific and completely unacceptable.
The coming Social Security increase for 2023: https://apnews.com/article/inflation-business-government-and-politics-4727d63afa3667d5c792a288f63b4ac2 . The government will announce the increase Thursday morning. The most recent estimates I’ve seen are an 8.7% increase, so this article projects a somewhat higher figure. Some children receive Social Security benefits. This article discusses in detail how important those benefits are. In particular, many children have lost parents to COVID (I believe that estimate is now in excess of 5 million kids). So Social Security is indeed an important lifeline for these children and the people who care for them.
JPMorgan’s Jamie Dimon warns US headed for recession in 6 to 9 months: https://www.cnbc.com/2022/10/10/jpmorgan-jamie-dimon-warns-us-likely-to-tip-into-recession-soon.html . However, technically we are already in a recession. An additional stock market decline of 20% or more, as Dimon predicts, is in my view a very reasonable guess. Further correction is long overdue. The upcoming earnings reports could (repeat, could) spark that process. However, many large corporations appear to have done well in the last quarter and their earnings may not show the effects of increased borrowing costs – yet. They will.
WSJ: Mortgage rate shock in the UK: https://www.wsj.com/articles/u-k-housing-market-heads-for-mortgage-rate-shock-11665416246 . Coming very soon to the US … Here buyers are being locked out of homes while owners are being locked in by their cheap mortgages.
WSJ: Bank of England provides more support for pension funds: https://www.wsj.com/articles/boe-offers-to-buy-more-gilts-launches-new-repo-facility-for-ldi-funds-11665384218 .
Russia “retaliates” for Crimean bridge explosion with attack against civilian targets across Ukraine: https://news.yahoo.com/russia-launches-missile-strikes-across-ukraine-hitting-mostly-civilian-targets-162249496.html . This just extends their strategy of committing war crimes. There is no way this approach will win the war, or even turn the tide. WSJ: More: https://www.wsj.com/articles/russias-air-attacks-in-ukraine-have-little-strategic-value-11665428315 . Still more: https://www.wsj.com/articles/russias-putin-seeks-to-escalate-with-ukraine-strikes-as-pressure-builds-at-home-11665429686 . Well, at least we find out the hardliners in Russia know as little about actual military operations as our hardliners.
Nobel Prize in economics goes to former Fed chair Ben Bernanke and two economists for research on bank failures: https://apnews.com/article/nobel-economy-bernanke-2bb3eaee673631c8f8a13a66dd1c946b . We do not really understand the optimal relationship between the Fed and major banks. Globalization has made these relationships even more difficult to understand. WSJ: More: https://www.wsj.com/articles/nobel-prize-in-economics-awarded-to-trio-including-former-fed-chair-bernanke-11665395729 .
Dustin Johnson makes $156 million for 1 year on the LIV tour: https://sports.yahoo.com/dustin-johnson-wins-liv-golfs-individual-title-18-million-bonus-210401128.html . Yikes! That includes $12.7 million for the events played in, an $18 million bonus for Player of the Year, and (ahem) a reported $125 million signing bonus. His CAREER earnings (from 2008 to June 2022) on the PGA were $75 million. So he has made more than double his 13½ year PGA earnings in 4+ months on the LIV Tour. Oh, and there are two more LIV events this year …