Gilead Sciences said it will ask U.S. regulators to revoke the so-called “orphan drug” status it received for its experimental drug remdesivir. The status would have entitled the company to financial incentives and exclusive marketing intended for rare disease treatments.
The Food and Drug Administration granted the company’s request for the designation on Monday, noting that COVID-19 qualified as a rare disease under U.S. rules, since fewer than 200,000 Americans are infected.
But experts and public advocates blasted Gilead for seeking the status.
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US GROWTH SLOWED SHARPLY LAST QUARTER TO 1.6% PACE.REFLECTING AN ECONOMY PRESSURED BY HIGH RATES
The nationâs economy slowed sharply last quarter to a 1.6% annual pace in the face of high-interest rates, but consumers â the main driver of economic growth â kept spending at a solid pace.
ORACLE'S LARRY ELLISON SAYS PLANNED NASHVILLE CAMPUS WILL BE COMPANY'S 'WORLD HEADQUARTERS'
Oracle Corp.âs planned campus in Nashville, Tennessee, will serve as the business software giantâs world headquarters, placing it in a city thatâs a center for the U.S. healthcare industry, company Chairman Larry Ellison said.
FTC SENDS $5.6 MILLION IN REFUNDS TO RING CUSTOMERS AS PART OF VIDEO PRIVACY SETTLEMENT
The Federal Trade Commission is sending more than $5.6 million in refunds to consumers as part of a settlement with Amazon-owned Ring, which was charged with failing to protect private video footage from outside access.
AS BIDEN CELEBRATES COMPUTER CHIP FACTORIES VOTERS WAIT FOR THE PROMISED PRODUCTION TO START
President Joe Biden has a great economic story to tell voters a decade from now, less so in 2024.
US ADVANCES REVIEW OF NEVADA LITHIUM MINE AMID CONCERNS OVER ENDANGERED WILDFLOWER
The Biden administration has taken a significant step in its expedited environmental review of what could become the third lithium mine in the U.S., amid anticipated legal challenges from conservationists over the threat they say it poses to an endangered Nevada wildflower.
TENSIONS BETWEEN BEIJING AND WASHINGTON ARE THE BIGGEST WORRY FOR US COMPANIES IN CHINA.REPORT SAYS
Simmering tensions between Beijing and Washington remain the top worry for American companies operating in China, according to a report by the American Chamber of Commerce in China released this week.
MICROSOFT & AMAZON FACE SCRUTINY FROM UK COMPETITION WATCHDOG OVER RECENT AI DEALS
British competition regulators said this week theyâll scrutinize recent artificial intelligence deals by Microsoft and Amazon over concerns that the moves could thwart competition in the AI industry.
OLYMPIC ORGANIZERS UNVEIL STRATEGY FOR USING ARTIFICIAL INTELLIGENCE IN SPORTS
Olympic organizers unveiled their strategy to use artificial intelligence in sports, joining the global rush to capitalize on the rapidly advancing technology.
WHAT YOU NEED TO KNOW ABOUT WRAPPING YOUR CAR
Gaze around the next time youâre stuck in traffic and see if youâre not surprised, maybe even a little saddened, by the monochromatic sea around you.
TIKTOK MAY BE BANNED IN THE US. HERE'S WHAT HAPPENED WHEN INDIA DID IT
The hugely popular Chinese app TikTok may be forced out of the U.S., where a measure to outlaw the video-sharing app has won congressional approval and is on its way to President Biden for his signature.
