Bill > S1587

This bill, called the Fair Prescription Drug Prices for Americans Act, aims to control prescription drug and biological product prices by establishing an international reference pricing mechanism. The legislation would require that the retail list price in the United States for a drug or biological product cannot exceed the average retail list price in six countries: Canada, France, Germany, Italy, Japan, and the United Kingdom. The Secretary of Health and Human Services would be responsible for calculating these average prices annually using data reported by drug manufacturers and publicly available information. If a manufacturer sets a price higher than the international average, they would be subject to a civil monetary penalty calculated as 10 times the difference between the U.S. list price and the average international list price for each unit sold. Manufacturers would be required to submit annual pricing data for their products in the U.S. and the reference countries. The bill defines key terms such as "drug" and "biological product" using existing legal definitions from the Public Health Service Act and the Federal Food, Drug, and Cosmetic Act, and requires the Secretary to develop guidance and regulations to implement these provisions.

Health and Social Services

https://www.congress.gov/bill/119th-congress/senate-bill/1587/all-info