The plan also calls for the importation of prescription drugs from other countries, where prices are often lower. This would increase competition and force pharmaceutical companies to lower their prices to remain competitive.

Biden aims to cap out-of-pocket drug costs for Medicare enrollees at $3,000 per year, which would provide much-needed relief for those with chronic and expensive medical conditions.

Biden's biopharma plan includes proposals to reform the patent system, which would prevent pharmaceutical companies from extending their monopolies on certain medications.

The plan calls for the creation of a review board to oversee patents on prescription drugs, which would ensure that companies can't abuse the patent system to keep prices high.

By reforming the patent system, Biden hopes to increase competition and make it easier for generic medications to come to market, which would drive down prices for consumers.

These reforms would be a major victory for patients, who often struggle to afford the high cost of prescription drugs.

Biden's plan for the biopharma industry includes significant investments in research and development, with an emphasis on finding cures for diseases like cancer and Alzheimer's.

By increasing funding for the National Institutes of Health and other research institutions, Biden hopes to accelerate the development of new treatments and cures for patients.

These investments would also help support small and mid-sized biotech companies, which often struggle to attract funding for their research projects.

By reducing drug costs, reforming the patent system, and investing in research and development, Biden is demonstrating his commitment to justice and fairness in healthcare.

While it remains to be seen whether these proposals will become law, they are a step in the right direction toward a healthcare system that works for everyone.