Obama unveils measure to reduce drug shortages

U.S. President Barack Obama on Monday signed an executive order directing the Food and Drug Administration (FDA) to take action to help prevent and reduce prescription drug shortages, protect consumers and prevent price gouging. The order directed the FDA to broaden reporting of potential shortages of certain prescription drugs and to further expedite regulatory reviews that can help prevent or respond to shortages, the White House said in a statement. Under the order, the FDA will also work with the Department of Justice, which will examine whether potential shortages have led to illegal price gouging or stockpiling of life-saving medications, it said. The order was issued as the number of reported prescription drug shortages in the U.S. nearly tripled between 2005 and 2010, according to the White House. "The shortage of prescription drugs drives up costs, leaves consumers vulnerable to price gouging and threatens our health and safety," said Obama. "This is a problem we can't wait to fix." This was the latest step the president has taken administratively to address the nation's economic problems after his jobs plan was blocked in the highly partisan Congress. Last week, Obama issued executive orders to help homeowners refinance at lower mortgage rates and to help college graduates reduce the burden of their student loans.