The reality ahead: These presidential orders have a long way to go before they become federal rules and regulations. already has “the world’s most competitive market for prescription medicines.” “Such broadsided claims are out of touch with reality, as our economy has proven to be resilient and remains the envy of the world.” Hospital and drug industry trade groups also pushed back, warning that Biden’s order could slow critical care and claiming that the U.S. “Today’s executive order is built on the flawed belief that our economy is over-concentrated, stagnant and fails to generate private investment needed to spur innovation,” said Neil Bradley, executive vice president of the U.S. * And calls for new rules within 120 days allowing hearing aids to be sold over the counter.īusiness groups say Biden is off base: Business groups criticized Biden’s order - and the premise behind it. * Pushes the Federal Trade Commission to ban so-called “pay for delay” agreements, in which the makers of brand-name drugs pay generic manufacturers to stay out of the market * Directs HHS to boost support for generic and biosimilar drugs * Directs the Department of Health and Human Services to issue a plan to combat high drug prices and price gouging within 45 days * Directs the Food and Drug Administration to work with states on importing drugs from Canada “As a result, Americans pay two and a half times more for prescription drugs than in any other leading country and nearly one in four Americans struggles to afford their medication. “Just a handful of companies control the market for many vital medicines, giving them leverage over everyone else to charge whatever they want,” Biden said. We’ll focus here on health care, an area where the White House says a lack of competition increases prices and reduces access to quality care. It's exploitation."īiden’s executive order encompasses 72 initiatives across more than a dozen federal agencies, according to the White House, with potentially major implications for key sectors of the economy, ranging from technology to financial services to agriculture. He added: "Let me be very clear: Capitalism without competition isn't capitalism. We see it in big agriculture and big tech and big pharma and the list goes on,” Biden said before signing the executive order at the White House. “What we’ve seen over the past few decades is less competition and more concentration that holds our economy back. President Joe Biden on Friday signed a sweeping executive order that aims to foster competition and limit or reverse corporate consolidation, steps that the president says will lower prices, increase wages and build a healthier economy for consumers, workers, farmers, and small businesses.
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