Swamp Notes Maha’s big reversal and a Scotus decision on tariffs
24 snips
Feb 20, 2026 
Brooke Masters, FT U.S. managing editor focusing on healthcare and policy, and Patrick Temple-West, FT pharmaceuticals correspondent tracking FDA and biotech, unpack a rapid FDA reversal on Moderna’s flu trial. They also break down the Supreme Court ruling on Trump’s tariffs and what it means for trade policy. Short, sharp takes on political maneuvering around drug pricing and public health.
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Don't Rely On Changing Regulatory Signals
- Avoid building biotech strategies that rely on unstable regulatory positions.
- Expect investors to penalize companies when regulators shift rules mid-development.
Investors Hate Moving Goalposts
- Industry backlash was fierce because shifting regulatory rules midstream undermines biotech investment and planning.
- Moderna's stock drop and industry concern showed investors hate unpredictable regulatory goalposts.
MAHA Blends Health Populism And Skepticism
- 'MAHA' mixes anti-corporate food policy and vaccine skepticism under RFK Jr.'s Make America Healthy Again brand.
- It combines popular efforts to address obesity with controversial stances on vaccines and ingredients.