Section 1 Short title
This Act may be cited as the “Strengthening Medicare And Reducing Taxpayer Prices Act” or the “SMART Prices Act”.
Strengthening Medicare And Reducing Taxpayer Prices Act
A BILL
To amend title XVIII of the Social Security Act to strengthen the drug pricing reforms in the Inflation Reduction Act.
Sec. 2 Repeal of the Medicare part D noninterference clause
Section 1860D–11 of the Social Security Act (42 U.S.C. 1395w–111) is amended by striking subsection (i).
Sec. 3 Improvements to the Medicare Drug Price Negotiation Program
Acceleration of the selection of negotiation-Eligible drugs—
in paragraph (1)—
by striking “10” and inserting “20”; and
by inserting “and” after the semicolon at the end;
by striking paragraph (2) and redesignating paragraph (3) as paragraph (2);
in paragraph (2), as redesignated by subparagraph (B) of this paragraph—
by striking “2028, 15 negotiation-eligible drugs” and inserting “2027 or a subsequent year, 40 negotiation-eligible drugs”; and
by striking “; and” at the end and inserting a period; and
by striking paragraph (4).
in subsection (b)(2)—
in the paragraph heading, by striking “and 2027”; and
by striking “and with respect to the initial price applicability year 2027”; and
in subsection (d)(1), in the matter preceding subparagraph (A), by striking “or 2027”.
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—
in subparagraph (A)(ii), by striking “7 years” and inserting “3 years”; and
in subparagraph (B)(ii), by striking “11 years” and inserting “3 years”.
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—
in subparagraph (A), by striking “75 percent” and inserting “76 percent”;
in subparagraph (B), by striking “65 percent” and inserting “55 percent”; and
in subparagraph (C), by striking “40 percent” and inserting “30 percent”.