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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.
We Can’t Lose The Fight Against Polio. Here’s How To Beat It Again — For Good
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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.
Read more here.
Deals Of The Week
Big Pharmacy: Walgreens announced that it’s buying the remaining stake of specialty pharmacy company Shields Health Solutions for $1.37 billion.
Gene Therapy: Biotech company Rocket Pharmaceuticals announced that it’s acquiring gene therapy company Renovacor in an all-stock transaction valued at approximately $53 million.
R&D Collaboration: Halo, which has developed an R&D collaboration platform, announced that it raised a $2.6 million seed round with backers including AirAngels and 23AndMe CEO Anne Wojcicki.
Noteworthy
Non-communicable diseases like heart disease, diabetes and cancer are responsible for nearly three-quarters of deaths worldwide but are often “overlooked and underfunded” because few understand their true impact, according to a new report from the World Health Organization.
Drinking four or more cups of tea could reduce the risk of developing type 2 diabetes, researchers found in a new study.
On the other hand, ignoring Ben Franklin’s advice of being “early to bed, early to rise” could put you at greater risk for type 2 diabetes.
The global outbreak of monkeypox and linked vaccination campaign could lead to a spate of neurological issues like nerve pain, seizures, brain inflammation and mood disorders, new research warns.
Coronavirus Updates
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As diseases like measles and polio make a resurgence in the U.S., Anthony Fauci warns that the anti-vaccination mentality that surged during the Covid-19 pandemic may affect childhood immunization rates for other childhood diseases. In a recent interview, he shared his concern that the “anti-vaxxer attitude” could result in an increase in “avoidable and unnecessary outbreaks.” Fauci urged public officials to step in and stop the dissemination of incorrect vaccine information. According to the World Health Organization and the United Nations, for the first time in 30 years the childhood vaccination rate has severely declined, with about 23 million children worldwide missing out on vital vaccines. This, in combination with the recirculation of older diseases, is one unintended consequence of the political polarization that occurred during the pandemic.
Will The BA.4.6 Variant Drive The Next Wave Of The Covid-19 Pandemic?
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BA.4.6, a subvariant of the omicron variant, has started to circulate in the population. This version of the coronavirus contains some mutations that may make it a candidate for driving another pandemic wave as we move into fall and winter.
Read more here.
Other Coronavirus News
Public health experts have criticized President Biden’s claim that the Covid-19 pandemic has ended, given that the U.S. still sees over 400 Covid-related deaths and 31,000 Covid-related hospitalizations a day.
A study published in the Journal of the American Medicine Association found that since the start of the pandemic, nursing homes both with and without active Covid cases saw an increase in depression and a decline in residents’ weight, functionality and hospital visits.
Across Forbes
Meet The Investor Willing To Put His Money Into Ponzi Schemes. His Fund Is Up 593%
Exclusive Recording, Documents Bolster Trump Fraud Lawsuit
How Rich Is King Charles III? Inside The New Monarch’s Outrageous Fortune
What Else We are Reading
To stem overdoses, Canada is offering safer opioids. Advocates want the U.S. to do the same (Stat)
The controversial embryo tests that promise a better baby (Nature)
Quantum Tunneling Makes DNA More Unstable (Scientific American)
