💊 Is Affordable Healthcare On The Horizon?

Good morning. US stock futures traded mixed in Friday morning trading as investors looked to cap off another strong week in the market.

📉 US drug prices to fall in govt-negotiated deal

📝 Our report: The Biden administration announced that its groundbreaking drug price negotiations will slash $7.5 billion from America's pharmaceutical tab in the first year alone—just a small but significant start in taming the country’s sky-high medication costs. The savings will be split between senior citizens, who will fork out $1.5 billion less in out-of-pocket costs for ten medications, and the government, as its health insurance program for the elderly will pay $6 billion less to treat heart failure, blood clots, diabetes and other conditions in 2026.

 🔑 Key points:

• Some of the world’s biggest medicines made by leading drug companies will see prices cut by 38% to 79%, according to a fact sheet put out by the Centers for Medicare and Medicaid Services.

• Diabetes drugs saw the biggest reductions, including a 79% discount off the list price for Merck & Co.’s Januvia and a 68% cut for AstraZeneca Plc’s Farxiga.

• The new policy, sought by Democrats for years, is a victory for the administration. It uses the buying power of the Medicare program to cut medication costs and may slash the federal deficit by $237 billion over a decade, according to the Congressional Budget Office.

💡 So what: The Biden Administration's move to cut $7.5 billion in drug costs through new price negotiations marks a major step in reducing healthcare expenses for Americans. This effort aims to alleviate the financial burden of prescription drugs, potentially setting the stage for broader cost control measures in the pharmaceutical industry. By securing lower prices, the administration is not only providing immediate relief but also paving the way for future healthcare affordability and economic stability.

Friday - Consumer Sentiment

📈 Steven Cohen shares these investing mistakes to avoid!

💰 Here are 7 ways to lower your cost of living

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🎵 TikTok fights back against claims of ties to Chinese govt

WHAT: TikTok urged a federal appeals court to toss out a law requiring its China-based parent company, ByteDance, to sell off TikTok's U.S. assets, arguing that the Department of Justice has exaggerated its ties to China. The department's lawyers said last month that the app poses a national security risk by allowing the Chinese government to collect the data of Americans and covertly manipulate what content they see.

WHY: Signed by President Joe Biden on April 24, the law gives ByteDance until Jan. 19 to sell TikTok or face a ban. The White House says it wants to see Chinese-based ownership ended on national security grounds, but not a ban on TikTok.

💰 Seagram’s heir considers bid for Paramount

WHAT: Edgar Bronfman Jr., the Seagram Co. heir, is reportedly gearing up to make a bid for Paramount Global, potentially igniting a bidding war for the company that owns CBS and MTV. As part of his plan, Bronfman is weighing making an offer for National Amusements Inc., the Redstone family company that controls Paramount, as well as an investment in Paramount itself, according to people familiar with the matter.

WHY: Paramount agreed in July to merge with Skydance Media, the film production company founded by David Ellison, the son of Oracle Corp. billionaire Larry Ellison. After months of negotiations, Paramount Chair Shari Redstone agreed to sell the family holding company and its 77% voting stake in Paramount to the younger Ellison for $2.4 billion.

📱 Lawmakers send Zuck letter over illegal ads on platforms

WHAT: A group of bipartisan federal lawmakers sent Meta CEO Mark Zuckerberg a letter expressing their concern that the company is dropping the ball on stopping illegal drug ads from popping up on its platform. The House members cited recent reports from The Wall Street Journal and the nonprofit Tech Transparency Project, which uncovered a flood of ads on Facebook and Instagram that pointed users to third-party services where they could purchase prescription pills, cocaine and other recreational drugs.

WHY: The letter’s 19 authors noted the ads were “approved and monetized by Meta” and that they were not hidden on the dark web or private social media pages. Media outlets and researchers could easily find the ads, which contained “contained blatant references to illegal drugs,” while Meta’s internal processes apparently missed them, according to the letter.

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