US FDA announces new program to boost domestic drug manufacturing
The program, called FDA PreCheck, aims to streamline review of domestic pharmaceutical manufacturing and eliminate unnecessary regulatory requirements, the FDA said.
The program also introduces a two-phase approach to facilitate new U.S. drug manufacturing facilities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
29 minutes ago
- Reuters
Caterpillar, Deere count the costs of tariffs as soft demand limits pricing power
Aug 15 (Reuters) - Industrial machinery makers are being battered by steeper costs from U.S. President Donald Trump's sweeping tariffs, with sluggish demand and high interest rates leaving little room to pass those expenses onto customers. Caterpillar (CAT.N), opens new tab and Deere (DE.N), opens new tab, both sector bellwethers, have flagged hefty tariff-related hits this year, most of which they expect to absorb in the coming months as policy shifts keep markets on edge. Global companies that reported between July 16 and August 14 projected a combined financial hit of $14.2 billion to $15.8 billion for the full year, the Reuters' tariff tracker shows. During their respective earnings calls, Caterpillar said tariffs on imported components and materials would weigh on margins, while Deere warned of higher costs for steel and other inputs critical to its agricultural and construction equipment. The new round of tariffs, part of Trump's expansive push to protect U.S. manufacturing and narrow trade deficits, covers a wide range of industrial goods and raw materials. Machinery makers are already contending with a soft demand environment, as an uncertain economic outlook and elevated borrowing costs prompt customers to delay large capital investments. Deere was not able to raise prices as much as expected in its construction and forestry unit, while price increases in its agriculture business were modest and a bit below forecasts, Edward Jones analyst Faisal Hersi said. That has made it harder to pass on rising expenses, a sharp contrast to the pandemic years when resilient farm incomes and robust infrastructure spending allowed equipment makers to offset supply chain disruptions with price hikes and shield their margins. Quarterly operating profit in Deere's construction & forestry unit roughly halved from last year, while Caterpillar's overall operating profit fell nearly 20%. The tariff hit will be felt most in Deere's Small Ag & Turf and Construction & Forestry units, Jefferies analyst Stephen Volkmann said, with pricing moves only partially offsetting the blow. While the levies are designed to spur domestic production, they have raised concerns among manufacturers that rely on global supply chains. Deere expects just a 1% price gain this year in its largest division, Production & Precision Agriculture, leaving little to cushion a hit from normal cost inflation. Caterpillar is facing as much as $1.5 billion in tariff-related costs in 2025, including $400 million to $500 million in the third quarter alone, but is keeping its revenue guidance slightly above 2024 levels. "Currently, inventory destocking is the norm as demand cools, pressuring CAT and DE's ability to push through higher prices onto their customer base," CFRA Research analyst Jonathan Sakraida said. On the demand side, Caterpillar is finding some relief in its Energy & Transportation unit, which supplies engines, turbines, and locomotives for industries from power generation to rail, with strength there helping offset weakness in its Construction Industries and Resource Industries segments. Deere, with its heavier reliance on the farm equipment market, has faced a sharper slowdown, with sales down nearly 18% so far this year. Caterpillar's power generation business, for instance, is avoiding deep discounts to clear inventory, while Deere is expected to take a more aggressive pricing stance in Brazil as those markets move into a recovery phase, Sakraida said. The world's largest farm equipment maker, which expects $600 million in tariff impacts this year - $100 million north of its prior expectation, has cut its annual profit forecast twice this year as slowing farm equipment sales weigh on results.
Reuters
29 minutes ago
- Reuters
Start-up Grand Slam Track struggling to compensate athletes
NEW YORK, Aug 15 (Reuters) - Grand Slam Track is struggling to compensate its athletes after pulling its final meet of the year in Los Angeles, CEO Michael Johnson said on Friday, adding that the start-up did not receive funding that had been committed to it. The track circuit lured in top talent with promises of massive paydays in its debut year but was forced to cancel the fourth and final meet on the calendar after trimming back another event in Philadelphia from three to two days. Last month, Front Office Sports reported that Grand Slam Track owed around $13 million to athletes who had participated. "It is incredibly difficult to live with the reality that you've built something bigger than yourself while simultaneously feeling like you've let down the very people you set out to help," Johnson said in a statement. "We promised that athletes would be fairly and quickly compensated. Yet, here we are struggling with our ability to compensate them." The four-time Olympic gold medallist said the start-up was unable to meet dated payment timelines after it did not receive funding committed to it: "We saw circumstances change in ways beyond our control." Despite this, Johnson said Grand Slam Track has no plans to shut down and would move forward with a 2026 season after its athletes have been paid.
The Independent
an hour ago
- The Independent
White House secretly ranking 500 firms on their loyalty to Trump
The White House maintains a confidential list of over 500 companies, ranking them by their willingness to support the Trump administration's agenda, according to Axios. Companies are categorised as having low, moderate, or strong support based on criteria such as attendance at White House events, promotion of Trump policies, and public statements. Demonstrating alignment with the administration can lead to rewards like federal investments or beneficial policies, while opposition may result in revoked funding or missed opportunities. Examples of companies considered 'good partners' include Uber, DoorDash, United, and Delta, with Apple 's significant US investment leading to tariff exemptions. Other companies, such as Meta and Amazon, have adjusted their policies, like scrapping fact-checkers or diversity initiatives, to align with Trump's preferences.
