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Morning Brew Daily
The 10 Drugs Getting Medicare Price Cuts & Bitcoin's Big Win Over the SEC
Aug 30, 2023
29:32
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President Biden aims to slash prices of 10 drugs through Medicare cost cuts. Bitcoin sees a surge after a court ruling favoring Grayscale. 3M settles for $6 billion over faulty earplugs. Eminem takes legal action over Vivek Ramaswamy rapping his music. AI-written sports articles prove to be less reliable than expected. Lawsuit against Burger King over Whopper size. Discussion on Biden's battle with the pharma industry and politicians using music without permission in campaigns. AI-generated content poses challenges for the news industry.
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Quick takeaways
- President Biden's Medicare cost cuts aim to negotiate drug prices with pharma companies, potentially saving billions of dollars for the government and consumers, while facing opposition from big pharma companies who argue it is government overreach.
- A federal appeals court ruling challenging the SEC's previous denial of the grayscale Bitcoin trust opens the door for more Bitcoin ETFs, sparking renewed interest in the crypto industry and potentially causing a domino effect on the market.
Deep dives
Biden's List of Drugs for Medicare Negotiation
President Biden released a list of the first 10 prescription drugs that will be subject to negotiation with Medicare, a historic move that allows Medicare to directly negotiate drug prices with pharma companies. The goal is to save billions of dollars for the government and consumers. However, this move is facing opposition from big pharma companies, who argue that it is government overreach and infringes on the free market. The outcome of this initiative is uncertain and likely to face legal challenges.
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