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SMART Prices Act

S. 1264 Sen. Amy Klobuchar (D-MN) In committee
Bill text PDF
  1. Introduced Apr 25
  2. Committee Apr 25
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Apr 25, 2023Next: Senate vote
1282d ago Apr 25, 2023: Read twice and referred to the Committee on Finance.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 2 filings
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Biotech & Pharma 2
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Summary

Strengthening Medicare And Reducing Taxpayer Prices Act or the SMART Prices Act

Full summary4 paragraphs

This bill modifies requirements of the Medicare Drug Price Negotiation Program and makes other changes with respect to the prices of prescription drugs under Medicare.

Current law requires the Centers for Medicare & Medicaid Services (CMS) to negotiate maximum prices for brand-name drugs that do not have other generic equivalents and that account for the greatest Medicare spending. The CMS must negotiate the prices of 10 drugs that are covered under the Medicare prescription drug benefit in 2026, 15 drugs that are covered under the Medicare prescription drug benefit in 2027, 15 drugs that are covered under the Medicare prescription drug benefit or under Medicare medical services in 2028, and 20 drugs that are covered under the Medicare prescription drug benefit or under Medicare medical services in 2029 and each year thereafter.

The bill requires the CMS to negotiate the prices of 20 drugs under the Medicare prescription drug benefit in 2026 and 40 drugs under the Medicare prescription drug benefit or under Medicare medical services in 2027 and each year thereafter. It also (1) shortens the required period of market approval from 7 years and 11 years for drugs and biologics, respectively, to 3 years; and (2) modifies the ceiling for the maximum fair price for short-, extended-, and long-monopoly drugs.

The bill also repeals provisions that prohibit the CMS from interfering in negotiations between drug manufacturers, pharmacies, and PDP sponsors (i.e., noninterference clause).

Library of Congress summary, Apr 25, 2023

Summary versions
  • Introduced in SenateApr 25, 2023

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 28, 2026.