Reducing Drug Prices for Seniors Act.

This bill amends the Social Security Act to require that, starting in 2025, coinsurance for certain Medicare Part D drugs be calculated based on the drug's net price rather than its list price, if the net price is lower. The net price is defined as the negotiated price minus manufacturer price concessions reported for the previous plan year. The requirement applies to costs above the annual deductible and below the out-of-pocket threshold, but does not apply to drugs described in paragraphs (8) or (9) of the relevant section.

Sec. 2, Requiring that coinsurance for drugs under Medicare Part D be based on the drug's net price and not the drug's list price: This section adds a new paragraph (10) to subsection (b) of Section 1860D-2 of the Social Security Act. For plan years starting on or after January 1, 2025, for costs above the annual deductible and below the annual out-of-pocket threshold, any coinsurance for a covered Part D drug that is on the formulary and subject to coinsurance (not a copayment) must be calculated based on the net price if that net price is lower than the list price. This does not apply to drugs described in paragraphs (8) or (9). The term 'net price' is defined as the negotiated price of the drug under the plan, net of any manufacturer-provided price concessions as defined in federal regulations, as reported for that drug in the Detailed DIR Report for the previous plan year. The section also adds a new paragraph (7) to subsection (c) to state that coverage is provided in accordance with the new subsection (b)(10).