The House Energy and Commerce Committee will take up bipartisan legislation next week aimed at incentivizing generic drug development, Chairman Greg Walden (R-Ore.) said Thursday.

Walden announced the bill at a hearing Thursday, saying it aims to increase competition.

"Specifically the bill will require the [Food and Drug Administration] to prioritize, expedite and review generic applications of drug products that are currently in shortage, or where there are few manufacturers on the market," Walden said.

ADVERTISEMENT

Walden’s announcement followed a meeting between President Trump and a group of drug company executives at the White House earlier this week.

"President Trump made it clear in the White House meeting I attended with him and Vice President Pence: He wants competition that will bring lower drug prices and that is precisely what this measure will accomplish," Walden said.