summary
Introduced
03/29/2017
03/29/2017
In Committee
04/05/2017
04/05/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Prescription Reduction in Costs for Everyone (PRICE) Act of 2017 This bill amends title XVIII (Medicare) of the Social Security Act to require the President, with respect to offering one or more Medicare-operated prescription drug plan options, to: (1) negotiate prices with drug manufacturers, and (2) establish and apply a formulary and formulary incentives. In general, a Medicare-operated drug plan must meet the same requirements as apply to other prescription drug plans. The President must report to Congress biannually on negotiations conducted by the President to achieve lower prices for Medicare beneficiaries.
AI Summary
This bill, the Prescription Reduction in Costs for Everyone (PRICE) Act of 2017, amends the Medicare program to require the President to negotiate prescription drug prices with pharmaceutical manufacturers and establish a formulary with incentives to encourage the use of lower-cost drugs that provide greater clinical benefits. The bill requires the President to offer one or more Medicare-operated prescription drug plans with a national service area and to enter into negotiations to reduce the purchase cost of covered drugs for Medicare beneficiaries enrolled in such plans. The bill also requires the President to report to Congress biannually on the negotiations and price reductions achieved.
Committee Categories
Business and Industry, Health and Social Services
Sponsors (3)
Last Action
Referred to the Subcommittee on Health. (on 04/05/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/1775/all-info |
| BillText | https://www.congress.gov/115/bills/hr1775/BILLS-115hr1775ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr1775/BILLS-115hr1775ih.pdf.pdf |
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