The Impact of Biden’s Competition Executive Order on the Health Care Industry
The American economy is finally recovering after more than a year of stagnation due to the COVID-19 pandemic. President Joe Biden’s administration wants to continue this momentum and further stimulate the economy. To help in that effort, President Biden recently signed an executive order aimed at increasing competition among businesses.
According to the White House, the order was designed to “promote competition in the American economy, which will lower prices for families, increase wages for workers, and promote innovation and even faster economic growth.”
All in all, the executive order includes 72 initiatives by more than a dozen federal agencies to help address competition inequality. This article briefly outlines how the order affects the health care industry.
Health Care Impact
The executive order addresses competition in health care in four main areas:
- Prescription drugs
- Hearing aids
- Hospitals
- Health insurance
The executive order broadly addresses competition inequalities across market sectors, with a significant focus on health care. These proposed initiatives have the potential to help individuals and small businesses alike. However, it remains to be seen how all of these initiatives will play out, as executive orders are essentially a directive to federal agencies to revise their regulations.
Employers should continue to monitor exactly how the executive order plays out.
Download the full PDF here – The Impact of Biden’s Competition Executive Order on the Health Care Industry
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