PRICED Act

Price Relief, Innovation, and Competition for Essential Drugs Act or the PRICED Act

This bill allows biosimilars to be marketed five years after the reference brand-name biological product is licensed. Currently, brand-name biological products are provided a 12-year marketing-exclusivity period.

This shortened marketing-exclusivity period applies only to biological products licensed by the Food and Drug Administration after enactment of this bill.

The PRICED Act, also known as Bill 117 hr 7828, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of prescription drug pricing in the United States.

The PRICED Act aims to increase transparency in the pharmaceutical industry by requiring drug manufacturers to disclose the costs associated with producing and marketing their medications. This information would then be made available to the public, allowing consumers to better understand why certain drugs are priced the way they are.

Additionally, the bill seeks to promote competition in the market by allowing for the importation of cheaper prescription drugs from other countries. This would give consumers more options when it comes to purchasing their medications and could potentially drive down prices. Furthermore, the PRICED Act includes provisions to prevent drug manufacturers from engaging in anti-competitive practices, such as pay-for-delay agreements that delay the entry of generic drugs into the market. This would help to ensure that consumers have access to affordable medications. Overall, the PRICED Act is aimed at addressing the issue of high prescription drug prices in the United States by increasing transparency, promoting competition, and preventing anti-competitive practices in the pharmaceutical industry.