Each year, Americans spend more than $1,500 per person on prescription drugs. Critics calling for measures to lower prescription drug costs often cast blame on alleged abuses of patent and competition laws. To address these perceived abuses, President Biden issued an “Executive Order on Promoting Competition in the American Economy” focused on increasing competition in several industries, including the pharmaceutical and biotechnology industries. In response, executive agencies and members of Congress have recently issued reports and letters addressing the concerns and directives presented in President Biden’s executive order.
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