The Resurgence of Snake Oil
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Hey Small Biters,
The Resurgence of Snake Oil
Historical Context of Patent Medicines: In the late 19th and early 20th centuries, patent medicines were widely marketed as cures for various ailments without disclosing their ingredients. Many contained substances like alcohol, cocaine, or morphine, leading to health risks and widespread addiction.
Modern Dietary Supplement Industry: Today, the dietary supplement industry operates with minimal regulation. Manufacturers are not required to prove the safety or efficacy of their products before marketing them, nor must they disclose their ingredients. This has led to concerns about the presence of untested or harmful substances in supplements.
Regulatory Environment: The FDA does not conduct pre-market evaluations of dietary supplements. Instead, it relies on an honor system where manufacturers declare their products as safe. The agency typically intervenes only after adverse effects are reported post-marketing.
Potential Policy Shifts Under New Leadership: Robert F. Kennedy Jr., nominated to lead the Department of Health and Human Services, has accused the FDA of suppressing vitamins and alternative health products. His confirmation could signal a further relaxation of regulations, potentially leading to an increase in adulterated and mislabeled supplements on the market.
Commercialization of Supplements: The supplement industry has evolved into a lucrative market, with companies sponsoring popular podcasts and influencers promoting their own branded products. This commercialization raises ethical questions about the promotion of unverified health benefits and the potential exploitation of consumers seeking wellness solutions.
RFK Jr.'s Nomination as HHS Secretary Signals Potential Overhaul of Pharmaceutical Advertising Practices
Controversial Nomination: Kennedy's nomination has sparked significant debate due to his well-documented anti-vaccine stance and promotion of health-related conspiracy theories. His leadership of an anti-vaccine organization and public criticism of childhood vaccinations have raised concerns about his suitability for the role.
Family Opposition: Caroline Kennedy, daughter of President John F. Kennedy and Kennedy Jr.'s cousin, has publicly denounced his nomination. In a letter to senators, she labeled him a "predator" and criticized his history of spreading misinformation about vaccines, asserting that he is unfit to lead the nation's health policy.
Public Health Community Concerns: Over 17,000 physicians have signed an open letter urging the Senate to reject Kennedy's nomination, citing his decades-long efforts to undermine public confidence in vaccines and spread false claims. They argue that his appointment would pose a danger to national healthcare.
Ethical Questions: Kennedy has disclosed a financial arrangement with a law firm specializing in pharmaceutical litigation, where he earns a percentage of fees from cases he refers. This relationship has raised concerns about potential conflicts of interest if he were to assume the role of HHS Secretary.
Senate Confirmation Outlook: The confirmation process is anticipated to be contentious, with both Republican and Democratic senators expressing reservations about Kennedy's views and qualifications. The outcome remains uncertain, as his controversial positions have garnered bipartisan scrutiny.
US Stocks
US stocks shrug off Trump’s tariff pledge to finish higher
The S&P 500 and Nasdaq 100 rose 0.5% while the Russell 2000 gained 1.1% on Thursday.
Shares of MicrosoftMSFT $418.12 (-6.21%) plummeted after posting underwhelming cloud revenue growth, with the stock now significantly trailing the Nasdaq 100 since the launch of ChatGPT.
Mark Zuckerberg’s renewed commitment to an AI spending binge helped lift shares of MetaMETA $685.91 (1.55%). BroadcomAVGO $216.30 (4.51%), a key partner for Meta in its AI build-out, soared.
IBMIBM $257.61 (12.99%) had its best day since the dawn of the new millennium as its AI strategy bore fruit. AlphabetGOOGL $201.57 (2.80%)jumped as Waymo announced plans to expand its autonomous vehicles to San Diego and Las Vegas.
Despite profits tumbling, TeslaTSLA $401.00 (2.92%) rose. JPMorgan thinks it’s absurd the stock went up today. GMGM $49.67 (-0.57%) and FordF $10.14 (-0.44%) erased gains to finish lower after President Trump committed to 25% tariffs on imported goods from Canada and Mexico.
What Else Are We Biting
Trump confirms plan to impose 25% tariffs on Canada, Mexico.
U.S. Economy Grew Slower In Fourth Quarter, But Still Solid.
OpenAI said to be in talks to raise $40B at a $340B valuation
Biting Fact Of The Day
A prototype aircraft just became the first privately funded plane to break the sound barrier.
n the late 19th and early 20th centuries, patent medicines were widely marketed as cures for various ailments without disclosing their ingredients. Many contained substances like alcohol, cocaine, or morphine, leading to health risks and widespread addiction.