The biotech investment boom hit the brakes at the end of the first quarter when Rep. Henry Waxman (D-Calif.) publicly complained about Gilead’s pricing for the hepatitis C therapy Sovaldi. The fact that Waxman’s attack has little substantive impact didn’t seem to matter. Another Washington threat—to undo “tax inversion” strategies—is probably much more real, but may actually boost the sector for the rest of 2014.

Trump Administration’s attempt to eliminate rebates in the US Medicare outpatient drug benefit program is the easiest and most certain item among the 11th hour pricing policy changes for the incoming Biden Administration to undo. But it still had a major impact on the dynamics of the drug pricing debate.

Multiple simultaneous sponsors, foreshortened regulatory reviews, and a packet of unanswered post-approval efficacy issues make for what should be very competitive – and inherently comparative – post-market assessment period for the upcoming SARS-CoV-2 vaccines.