Americans pay excessively high prices for prescription drugs. To make medicines more affordable, the Biden Administration must confront the pharmaceutical industry’s monopoly power.
President Biden’s recent Executive Order on Promoting Competition brought much-needed attention to labor market concentration, employer collusion, and abusive employment contracts. Nevertheless, more action is needed to address systemic sources of employer power.
By failing to articulate a vision of fair competition, the White House has delegated the task of moral exposition to its cabinet secretaries and agency leaders. This move may not prove fatal to the aspirations of antimonopolists, as some agencies are well positioned to do the work.