The Food and Drug Administration on Wednesday said it will take steps to speed up the process of developing generic versions of complex biological drugs, in a bid to increase cheaper competition for expensive medicines and lower drug costs for Americans.

It's the Trump administration's latest move to rein in high prescription drug costs in the U.S., where medication prices are two-to-three times higher than those in other developed nations.

The move to support the development and approval of so-called biosimilars could be a blow to pharmaceutical companies, whose most profitable products are often biological products that treat serious and chronic diseases. The exact impact will depend on the drugmaker and its products.

In a statement on Wednesday, a Health and Human Services Depa

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