US President Joe Biden plans to use a Cold War-era measure to boost investment in US production of drugs and medical supplies he considers essential to national defence, the White House said.
In a statement, the White House said Biden will use the Defense Production Act to improve the domestic manufacturing of medicines deemed crucial for national security and will convene the first meeting of the president’s supply chain resilience council to announce other measures tied to the production and shipment of goods.
Lael Brainard, director of the White House national economic council and a co-chair of the new supply chain council, said in a separate statement:
We’re determined to keep working to bring down prices for American consumers and ensure the resilience of our supply chains for the future.
The Defense Production Act of 1950, which was passed to streamline production during the Korean war, was last used in early 2021 during the coronavirus pandemic to accelerate and expand the availability of ventilators and personal protective equipment.
Biden, a Democrat running for re-election in 2024, wants to show his constituents that he is fighting inflation and addressing broad concerns about the state of the US economy. On Monday, he will hold the first meeting of the new White House Council on Supply Chain Sustainability.
