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The US already has their Strategic National Stockpile for medicines.

Shorter expirations are managed by constantly selling the old to the domestic industry and purchasing new, like China does for grain and frozen meat while simultaneously being able to keep the market more stable by selling high and buying low. Switzerland has a lot of stockpiles, even including coffee[0], which the companies also go through FIFO.

0: "The 15 big Swiss coffee retailers, roasters and importers, such as Nestlé, are required by law to store heaps of raw coffee. Together, these mandated coffee reserves amount to about 15,000 tonnes—enough for three months’ consumption. The government finances the storage costs through a levy on imports of coffee. All 15 companies are in favour of maintaining the coffee reserve—as long as they are paid for it." Economist 2019

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To be clear, I think a plan like that makes a ton of sense, because the only costs you have are the ongoing storage and admin costs, and in the grand scheme of things a big warehouse to store a 6 month rotating supply of PPE would have huge potential benefit and would also be a rounding error compared to things like the Iran war. I was just objecting to the idea that you buy "a billion dollars" worth of gloves because that's not a sensible or sane solution.
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You could rotate the inventory. Normally companies try to minimize inventory, but someone could pay them to keep six month’s or a year’s supply as a buffer.
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It depends on the rationale. If the intent is self-reliance in the event of a trade war (or worse) with China, then even a year's buffer isn't enough to bootstrap home manufacturing from scratch.

It needs to be in-service and available before any serious conflict.

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