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The Federal Reserve is doubling down on its aggressive anti-inflation push, raising interest rates by another 75 basis points to a target rate of 3% to 3.25%. Officials also gave projections suggesting that more rate hikes may be coming. That’s particularly bad news for the biotech industry, argues investment researcher and Forbes contributor Steve Brozak. “Such rate increases will further impair the biotech sector’s ability to raise life-sustaining funds and could be its most significant challenge to date,” he writes. He notes that this will have the biggest impact on early-stage development companies, as investors funnel more capital into startups that can provide a quicker return on investment and big pharmaceutical companies pivot away from spending on new drug development. “This lack of support for innovation may be prudent for the risk averse investor but it will not benefit the health profile of the public at large,” Brozak warns.
The re-emergence of polio is worrisome, particularly considering the politicization of and uneven response to the Covid-19 pandemic. Panic, however, is unwise. What is needed is vigilance & vaccination coverage. Fortunately, there are millions of people who are living proof that polio vaccines work.
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Big Pharmacy: Walgreens announced that it’s buying the remaining stake of specialty pharmacy company Shields Health Solutions for $1.
