Under a plan announced Thursday, the government would consider overriding the patent for high-priced drugs that have been developed with the help of taxpayer money and letting competitors make them in hopes of driving down the cost.
In a 15-second video released to YouTube on Wednesday night, President Joe Biden promised the move would lower prices.
“Today, we’re taking a very important step toward ending price gouging so you don’t have to pay more for the medicine you need,” he said.
The administration did not immediately release details about how the process will work and how it will deem a drug costly enough to act. White House officials would not name drugs that might potentially be targeted.
There will be a 60-day public comment period. If the plan is enacted, drugmakers are almost certain to challenge it in court.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
WHAT'S NEXT FOR EVS UNDER PRESIDENT TRUMP?
President Donald Trump signed an executive order promising to eliminate what he incorrectly labels “the electric vehicle mandate” imposed under former President Joe Biden. His order on Monday is consistent with pledges Trump made on the campaign trail to end what he calls a “preposterous” focus on EVs by Biden and other Democrats.
TESLA RECEIVES MORE THAN 100K MODEL Y JUNIPER ORDERS IN LESS THAN 2 WEEKS, STARTS PRODUCTION AT GIGA BERLIN AFTER SHANGHAI
Tesla (TSLA) has received over 100,000 orders for the new design-refreshed 2025 Tesla Model Y Juniper in just two weeks following its launch in key markets like China, Asia, Australia, and New Zealand. This overwhelming demand showcases Tesla's strong foothold in the global EV market and the immense popularity of its latest Model Y update.
'ONCE IN A LIFETIME' SNOW HITS PARTS OF THE U.S. SOUTH
A winter storm sweeping through the U.S. South on Tuesday was dumping snow at levels millions of residents haven't seen before.
HOW SCIENTISTS WITH DISABILITIES ARE MAKING RESEARCH LABS AND FIELDWORK MORE ACCESSIBLE
The path to Lost Lake was steep and unpaved, ou lined with sharp rocks and holes.
LEWIS HAMILTON ARRIVES IN MARANELLO FOR HIS 1ST DAY AT FERRARI
Seven-time Formula 1 champion Lewis Hamilton arrived at Ferrari's headquarters this week to get down to work with his new team.
UK WATCHDOG TARGETS APPLE, GOOGLE MOBILE ECOSYSTEMS WITH NEW DIGITAL MARKET POWERS
Google's Android and Apple's iOS are facing fresh scrutiny from Britain's competition watchdog, which announced investigations Thursday targeting the two tech giants' mobile phone ecosystems under new powers to crack down on digital market abuses.
AI EXPERIMENT IN HALFPIPE JUDGING AT X GAMES WILL GIVE SNOWBOARDERS A GLIMPSE INTO THE FUTURE
The X Games will experiment judging halfpipe runs this week in Aspen using artificial intelligence, the cutting-edge technology that could someday play a role in the way subjectively judged sports are scored.
TRUMP RESCINDS BIDEN'S EXECUTIVE ORDER ON AI SAFETY IN ATTEMPT TO DIVERGE FROM HIS PREDECESSOR
Hours after returning to the White House, President Donald Trump made a symbolic mark on the future of artificial intelligence by repealing former President Joe Biden's guardrails for the fast-developing technology.
TRUMP, A POPULIST PRESIDENT, IS FLANKED BY TECH BILLIONAIRES AT HIS INAUGURATION
Some of the most exclusive seats at President Donald Trump's inauguration on Monday were reserved for powerful tech CEOs who also happen to be among the world’s richest men.
BANNING CELLPHONES IN SCHOOLS GAINS POPULARITY IN RED AND BLUE STATES
Arkansas’ Republican Gov. Sarah Huckabee Sanders and California's Democratic Gov. Gavin Newsom have little in common ideologically, but the two have both been vocal supporters of an idea that’s been rapidly gaining bipartisan ground in the states: Students’ cellphones need to be banned during the school day.
