Bill > S898

This bill, the Fair Accountability and Innovative Research Drug Pricing Act of 2021, requires drug manufacturers to report to the Secretary of Health and Human Services whenever they plan to increase the wholesale acquisition cost of certain qualifying drugs by 10% or more over 12 months or 25% or more over 36 months. The report must include details on the price increase justification, the drug's development and manufacturing costs, the manufacturer's revenue and profits, and other related information. Failure to submit the required report can result in a civil penalty of $100,000 per day. The bill also directs the Secretary to post the reports publicly, while protecting trade secrets and confidential information, and to use the collected civil penalties to improve consumer and provider information about drug value and price transparency.

Health and Social Services

https://www.congress.gov/bill/117th-congress/senate-bill/898/all-info