President Biden is Taking Important Steps to Combat Price Gouging

Folks, right now, 25 of the largest pharmaceutical companies in America control 70% of the market. This lack of competition drives up prices – making it harder for hardworking American families to access the health care they need.

Today, my Administration is doing something about it. Let me explain:

Hundreds of billions of taxpayer dollars are spent on research, discovery, and development of new prescription drugs. And while I firmly believe that the strength of a nation can be measured by the boldness of its science, the quality of its research, and the progress it helps bring forth, I also believe that the folks who paid for the research – you – ought to be able to access and afford the final product.

That's why my Administration is proposing that if a drug made using taxpayer funds is not reasonably available to Americans, the government reserves the right to "march in" and license that drug to another manufacturer who could sell it for less.

This is an important step toward ending Big Pharma price gouging.

It's good for competition.

It's good for our economy.

And it's good for the millions of Americans who can't afford their medications – who know all too well that fine line between dignity and dependence that the price of a prescription drug can draw.