Good morning, one and all. Damian Garde here, filling in for Ed Silverman once again as another working week wends to a close. Here’s hoping you have something diverting planned for the other side of the whistle, whether a summer trip, a local jaunt, or just a few days away from blinking screens. Below are some tidbits to start your day, and, as always, do let us know if you hear something interesting. …
California Gov. Gavin Newsom wants the state to manufacture its own low-cost insulin to offset the rising prices of diabetes care, CNN informs us. The state has allocated $100 million for the project, with half paying for the construction of a manufacturing facility and the rest going toward development costs. Civica Rx, a nonprofit, announced a similar plan earlier this year, promising to sell insulin for no more than $30 a vial starting in 2024.
AbbVie used President Trump’s signature tax overhaul to shield the majority of its revenues from federal taxes, the Washington Post notes. According to a Senate Finance Committee investigation, AbbVie generated 75% of its sales from the U.S. in 2020 but reported only 1% of that as taxable income. Senate Democrats say AbbVie is just one example of how multinational corporations are exploiting legal loopholes to shield their profits from domestic taxation.
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