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Recent Editions
Risk Channel
North America
Companies are profiting from the U.S. Food and Drug Administration's fast-track approval process, which allows unproven drugs to be sold to patients before completing testing, Bloomberg reports. Since 2014, drug companies have made at least $3.6bn in global sales from medications that have later been shown to be ineffective or withdrawn from use. Critics argue that the FDA's drive to speed up approvals is putting people at risk and causing confusion. The expedited approval process has also impacted investors, with stocks often plummeting when drugs fail to deliver results. The FDA defends its efforts, stating that expedited approvals have improved medical care, but acknowledges that some drugs may fail to provide clinical benefit. The agency is now facing calls for regulatory reform and increased oversight of the accelerated approval pathway.
Full IssueRisk Channel
UK/Europe
European Banks are calling on the European Union to designate them a critically important "strategic" sector, warning that their competitiveness and the bloc's future are at stake, according to a report published on Tuesday. The pitch by the European Banking Federation (EBF) leads a list of 45 policy recommendations that the region's top banking lobby is making ahead of European elections in June. "It is essential to acknowledge the vital and strategic role of banks in Europe's transformation," said Christian Sewing, President of the EBF. The lobby also called for a review of current regulation to judge how it affects not just stability, but also competitiveness and growth. European banks have long warned about over-regulation, but European officials argue that regulation must not be undermined. "Our regulation suffers from death by good intentions. You see that you over-complicate things," said Wim Mijs, CEO of the EBF.
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