Moderna CEO and cofounder Stéphane Bancel probably never imagined he’d look back on March 2023 as the good old days. Then, he merely had to go before the Senate Health, Education, Labor, and Pensions Committee and take a spitty dressing-down from Senator Bernie Sanders over the price of Moderna’s COVID vaccine. The company was held up as a poster child for “corporate greed.” For a U.S. pharma executive, though, that was more or less business as usual.

Today, the situation is anything but. With the confirmation of Robert F. Kennedy Jr., a prominent anti-vaxxer, to be the secretary of the Department of Health and Human Services this February, once-fringe medical theories have been escalated to the level of policy, throwing established scientific and regulatory norms into doubt. Among drugma

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