Establishes an exception for small biotech manufacturers from Medicare drug price negotiations.
The Small Biotech Innovation Act amends the Social Security Act to create an exception for research and development-intensive small biotech manufacturers from the Medicare drug price negotiation program. This exception applies to manufacturers with 5 or fewer qualifying single-source drugs, with a tiered investment requirement in research and development. Manufacturers must submit annual applications and certify the accuracy of their submitted information.
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