Morning Business Report: Drug pricing deadline, shutdown looms, and rising insurance costs
President Donald Trump’s deadline for 17 major drug companies to act on prices arrives today.
(LILAMAX)- President Donald Trump’s deadline for 17 major drug companies to act on prices arrives today. He is demanding commitments to his “most favored nation” pricing policy, which calls for raising prices abroad without lowering them in the U.S.
Bristol Myers Squibb said it would sell its schizophrenia drug Cobenfy in the United Kingdom at the higher U.S. list price. Eli Lilly also announced it would raise the U.K. price of its diabetes drug Mounjaro, citing Trump’s goals, though the company did not cut U.S. prices.
Another pressing deadline is the potential government shutdown. Trump will meet with congressional leaders today, just ahead of the October 1 deadline to reach a spending agreement. Democrats are pushing for the bill to include a permanent extension of Affordable Care Act tax credits and a rollback of Medicaid cuts in the recently passed “Big, Beautiful Bill.”
On Wall Street, stocks rallied Friday but still finished the week lower. Analysts say the gains show investors are not yet worried about the broader impact of Trump’s new tariffs on drugs, trucks, and furniture.
Meanwhile, a new ValuePenguin study shows U.S. homeowners are now spending up to 7% of their monthly housing costs on property insurance. On average, $146 of the typical $2,077 monthly housing bill goes to insurance. Analysts attribute the rise to repeated hurricanes and other climate-related disasters, which have pushed property insurance costs to record highs in the first half of the year.
And in Texas, American Hat Company is seeing booming business thanks to the hit TV series Yellowstone. The handmade cowboy hat manufacturer says demand has grown so strong it is now years behind on orders, according to company president Keith Mundee.
