340B Accountability Act of 2023

340B Accountability Act of 2023

This bill requires participants in the 340B drug pricing program to allow the Health Resources & Services Administration (HRSA) to audit their records to determine how they use the net income from the discounted drug prices under the program. Participants also must retain records and reports as necessary for HRSA to perform the audits.

Bill 118 s 1133, also known as the 340B Accountability Act of 2023, is a piece of legislation currently being considered by the US Congress. The bill aims to increase transparency and accountability in the 340B Drug Pricing Program, which requires drug manufacturers to provide discounts on outpatient drugs to certain healthcare facilities that serve low-income and vulnerable populations.

The 340B program has come under scrutiny in recent years for potential misuse and lack of oversight. The 340B Accountability Act of 2023 seeks to address these concerns by requiring participating healthcare facilities to report on how they are using the discounts they receive, including information on the number of patients served and the amount of savings realized.

Additionally, the bill would establish a process for auditing and enforcing compliance with program requirements, as well as penalties for non-compliance. It also includes provisions to improve the transparency of drug pricing and ensure that the discounts provided by manufacturers are passed on to patients in need. Overall, the 340B Accountability Act of 2023 aims to strengthen the integrity of the 340B program and ensure that it is effectively serving its intended purpose of providing affordable medications to underserved populations.