The US President Joe Biden meets one of the demands of progressive Democrats, which is to reduce the price of drugs whose high costs affect mainly African-Americans and Latinos. Through the effect of the exclusive Executive Order to Promote Competition in the American Economy, signed last Friday, the US President asked federal health officials to intensify efforts to reduce the prices of drugs bannered under prescription.
The order signed by the President warns at the same time that any possibility leading to a lack of competition most likely raises the price for all the consumers. It hints that as few large groups have gained control of the more equivalent trends of the market, the margins, which are the charges over cost, have grown manifold and tripled with age. The order will further highlight that severe families are already spending and paying higher prices for necessary essentials like prescribed drugs, internet services, and hearing aids.
The new directive calls on various agencies to work with states to design plans to safely import drugs from Canada, where they are sold at lower prices. The White House has called for minimizing the prices of prescription drugs while supporting all the state and tribal initiatives which is going to import safe and cheap prescribed drugs from Canada.
The House of Representatives put forth a statement saying that the majority number of the American population has been paying a hefty price in order to attain prescription drugs and health care services. In comparison, the other countries have a much lower cost of consumption for the same drugs.
Joe Biden, while adding his words to the statement put forth by the White House, says that the healthcare sector has left most part of the US population without any quality in its services and care, especially when focused in rural areas where the income cost is low, and the expenditure is high, comparatively.
The order further highlights how many times patents and other laws have been continuously mistreated and misused by concerned officials in order to inhibit competition from biosimilar and generic drugs, which ultimately kept most Americans short of access to low-priced cost drugs for decades. At the White House, Joe Biden said that only a few bunches of companies have the monopoly of controlling the vital market of the major drugs, which provides them a strong influence above all the ones to charge a price set without any limitations. According to Biden, that has resulted in Americans paying more than two and a half times to procure prescribed drugs than any other advanced country in the globe.