Lower Drug Costs for Families Act

Bill 119 s 1186, also known as the Prescription Drug Pricing Reform Act, aims to make changes to the way prescription drug prices are calculated and regulated under Medicare. The bill proposes amending title XVIII of the Social Security Act to require drug manufacturers to provide inflation rebates for drugs sold in the commercial market, in addition to those sold through Medicare.

One of the key provisions of the bill is changing the base year for calculating these rebates. Currently, drug manufacturers are required to provide rebates based on the average manufacturer price of drugs in 2016. The Prescription Drug Pricing Reform Act seeks to update this base year to reflect more recent pricing data, in order to ensure that rebates accurately reflect current market conditions.

By applying inflation rebates to drugs sold in the commercial market, the bill aims to address rising prescription drug costs and ensure that Medicare beneficiaries are not paying more for their medications than necessary. This change could potentially lead to lower drug prices for consumers and reduce overall healthcare spending. Overall, the Prescription Drug Pricing Reform Act seeks to increase transparency and accountability in the pharmaceutical industry, while also working to make prescription drugs more affordable for all Americans.