President Biden Signs “Competition” Executive Order
President Biden has signed an executive order seeking to promote “competition in the American economy.” The executive order is ostensibly related to the impact on consumers in areas such as consolidation and mergers and acquisition. However, prescription treatments and pricing are also mentioned as part of the executive order. In particular, the executive order looks to continue the misguided importation approach of the Trump administration and seeks to have the Federal Trade Commission further address “unfair anticompetitive conduct or agreements in the prescription drug industries, such as agreements to delay the market entry of generic drugs or biosimilars.” The executive order also states that it is the Administration’s policy to support “aggressive legislative reforms” such as allowing Medicare to negotiate drug prices and inflation caps.
BioNJ supports competition – it is our competitive drug development system that has resulted in COVID-19 therapies and vaccines as well as countless other medical breakthroughs. But we must be cautious in moving forward with drug pricing reforms that disrupt the popular and proven Medicare Part D benefit, jeopardize Patient safety and undermine the underlying American system of innovation. We look forward to working with our legislative leaders in delivering meaningful out-of-pocket savings to New Jersey Patients.
