Summary of Bill HR 7174
Bill 118 hr 7174, also known as the "Equalizing Drug Price Negotiation Act," aims to make changes to title XI of the Social Security Act in order to create a more level playing field for small-molecule and biologic drugs in the Drug Price Negotiation Program.
Currently, there is a discrepancy in the negotiation period between these two types of drugs, with small-molecule drugs having a longer negotiation period than biologic drugs. This bill seeks to equalize the negotiation period for both types of drugs, ensuring that they are treated fairly and have an equal opportunity to negotiate prices under the program.
By making this change, the bill aims to promote competition and lower drug prices for consumers. It also aims to encourage innovation in the pharmaceutical industry by creating a more balanced and competitive market for both small-molecule and biologic drugs.
Overall, the Equalizing Drug Price Negotiation Act is designed to address disparities in the negotiation period between small-molecule and biologic drugs, with the goal of promoting fair competition and lower drug prices for consumers.