Bill > S1836

This bill, known as the "Strengthening Medicare And Reducing Taxpayer Prices Act" (SMART Prices Act), proposes several key improvements to the Medicare Drug Price Negotiation Program established by the Inflation Reduction Act. The bill accelerates the selection of negotiation-eligible drugs by increasing the number of drugs subject to price negotiations from 15 to 50 per year starting in 2028. It also shortens the time periods that protect brand-name drugs from price negotiations, reducing the exclusion period for biologic drugs from 11 years to 3 years and for small-molecule drugs from 7 years to 3 years. Additionally, the bill adjusts the ceiling for maximum fair prices, slightly modifying the percentage reductions allowed for different categories of drugs: increasing the reduction for the highest-priced drugs from 75% to 76%, lowering the reduction for mid-priced drugs from 65% to 55%, and decreasing the reduction for lower-priced drugs from 40% to 30%. These changes are designed to expand and enhance the government's ability to negotiate lower drug prices for Medicare beneficiaries, with the amendments set to take effect in the 2028 initial price applicability year.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1836/all-info