The SMART Prices Act amends Medicare drug pricing reforms to accelerate drug selection, redefine qualifying drugs, and adjust maximum fair price.
The SMART Prices Act amends title XVIII of the Social Security Act to enhance drug pricing reforms under Medicare. It accelerates the selection of negotiation-eligible drugs, increasing the number from 15 to 50 starting in 2028. The bill also revises the definition of a qualifying single source drug, reducing the required years of market exclusivity from 7 and 11 years to 3 years. Additionally, it adjusts the maximum fair price ceilings for drugs, increasing one ceiling slightly and decreasing the others.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.