Introduced in Senate
SMART Prices Act
SEC. 1. SHORT TITLETrack this section →
This Act may be cited as the Strengthening Medicare And Reducing Taxpayer Prices Act or the SMART Prices Act.
SEC. 2. IMPROVEMENTS TO THE MEDICARE DRUG PRICE NEGOTIATION PROGRAMTrack this section →
(a) Acceleration of the selection of negotiation-Eligible drugs Section 1192(a) of the Social Security Act (42 U.S.C. 1320f–1(a)) is amended— (1) in paragraph (3)— (A) by striking 2028, 15 negotiation-eligible drugs and inserting 2028 or a subsequent year, 50 negotiation-eligible drugs; and (B) by striking; and at the end and inserting a period; and (2) by striking paragraph (4). (b) Improvements to the definition of qualifying single source drug Section 1192(e)(1) of the Social Security Act (42 U.S.C. 1320f–1(e)(1)) is amended— (1) in subparagraph (A)(ii), by striking 7 years and inserting 3 years; and (2) in subparagraph (B)(ii), by striking 11 years and inserting 3 years. (c) Improvement to the ceiling for maximum fair price Section 1194(c)(3) of the Social Security Act (42 U.S.C. 1320f–3(c)(3)) is amended— (1) in subparagraph (A), by striking 75 percent and inserting 76 percent; (2) in subparagraph (B), by striking 65 percent and inserting 55 percent; and (3) in subparagraph (C), by striking 40 percent and inserting 30 percent. (d) Effective date The amendments made by this section shall apply with respect to initial price applicability years (as defined in section 1191(b) of the Social Security Act (42 U.S.C. 1320f(b))) beginning with initial price applicability year 2028.