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President Joe Biden held the administration’s first supply chain resilience council meeting November 27 to warn companies against price gouging while mapping out a plan to improve the supply of important medicines and other healthcare products in the U.S.
According to Fortune Magazine, Biden used the meeting to announce 30 actions that will provide Americans with access to medicine as well as the economic data needed to track the production and shipment of other goods.
As part of the 30 actions laid out by the Biden Administration, the President will issue a Presidential Determination to broaden the Department of Health and Human Services’ (HHS) authorities under Title III of the Defense Production Act, providing more investment opportunities for the domestic production of essential medicines and medical countermeasures.
The HHS will set aside $35 million for the domestic manufacturing of key materials used to make sterile injectable medicines. The HHS will also appoint a Supply Chain Resilience and Shortage coordinator to the council to strengthen medical products and critical food supply chains.
The Council is planning to complete its first quadrennial supply chain review by December 31, 2024 to define the products and sectors that are key to U.S. economic security.
The organization will also encourage data-sharing amongst key government agencies in order to properly assess potential supply chain risks.
“Increasing U.S. supply chain resilience is, without question, one of the top priorities here at the Department of Commerce,” said Don Graves, the U.S. deputy secretary of Commerce, who participated in the inaugural meeting held at the White House. “By utilizing a whole-of-Commerce approach, the full force of the Department is working to ensure that we have the tools and resources necessary to create an economy that works for all Americans, starting with resilient supply chains.”
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