Impact of China's Biotechnology Progress on U.S.

Pfizer CEO warns about China's rapid progress in biotechnology, citing risks to U.S. commercial and national security. He criticizes Biden's Inflation Reduction Act for setbacks to U.S. biotech industry and praises Trump's Operation Warp Speed. Reports indicate China's advancements in biotech while U.S. faces funding challenges.

Tax Avoidance by Pharmaceutical Companies in the U.S.

Many large pharmaceutical companies in the U.S. pay very low taxes, with effective tax rates far below the 21% corporate tax rate. Pfizer, for example, reported a negative effective tax rate despite booking $59 billion in revenue.

Challenges with COVID-19 Antibody Treatments for Omicron Variant

Doctors are warning of a challenge as the two standard drugs used to treat early COVID-19 infections are unlikely to work against the new omicron variant. The antibody drugs from Regeneron and Eli Lilly are less potent against omicron, but a drug from GlaxoSmithKline appears to be effective. The U.S. is rationing scarce drug supplies and focusing on high-risk patients. Antiviral pills from Pfizer and Merck may soon be authorized as treatments.