What does Preamble of SMART Prices Act do?

This bill proposes to amend title XVIII of the Social Security Act. The stated purpose of the bill is to strengthen drug pricing reforms. These reforms are related to those established in the Inflation Reduction Act.

What does SHORT TITLE. of SMART Prices Act do?

This bill is formally titled the Strengthening Medicare And Reducing Taxpayer Prices Act.

What does IMPROVEMENTS TO THE MEDICARE DRUG PRICE NEGOTIATION PROGRAM. of SMART Prices Act do?

This section modifies the Medicare Drug Price Negotiation Program. It accelerates the selection of negotiation-eligible drugs, requiring the selection of 50 drugs by 2028 or a subsequent year, instead of 15 drugs by 2028. The definition of a qualifying single source drug is revised, shortening the relevant time periods from 7 years to 3 years in subparagraph (A)(ii) and from 11 years to 3 years in subparagraph (B)(ii). The ceiling for the maximum fair price is adjusted, changing percentages in subparagraphs (A), (B), and (C) from 75% to 76%, 65% to 55%, and 40% to 30%, respectively. These amendments apply to initial price applicability years beginning with 2028.

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SMART Prices Act

Last updated: 5/21/2025 · Introduced: 5/21/2025

Author: Amy Klobuchar (D-MN)

TL;DR (AI)

The bill expands the Medicare Drug Price Negotiation Program to include 50 drugs by 2028, up from 15.
It reduces the time period for qualifying single-source drugs from 7-11 years to 3 years for negotiation eligibility.
The bill lowers the maximum fair price ceilings for negotiated drugs to 76%, 55%, and 30%, depending on the drug's time on the market.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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