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 Improvements to the Medicare Drug Price Negotiation Program
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—
in paragraph (3)—
by striking “2028, 15 negotiation-eligible drugs” and inserting “2028 or a subsequent year, 50 negotiation-eligible drugs”; and
by striking “; and” at the end and inserting a period; and
by striking paragraph (4).
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”.
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.