Lower Drug Costs for Families Act

Bill 119 hr 2554, also known as the Prescription Drug Inflation Rebate Act, aims to make changes to the way prescription drug prices are calculated and rebated under Medicare. The bill proposes amending title XVIII of the Social Security Act to apply prescription drug inflation rebates to drugs that are 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 rebate calculations. Currently, rebates are calculated based on the average manufacturer price of drugs in 2016. This bill seeks to update the base year to reflect more recent data, which could potentially result in higher rebates for certain drugs.

The goal of this legislation is to address the rising costs of prescription drugs and ensure that Medicare is able to negotiate fair prices for the medications it covers. By expanding the rebate program to include drugs sold in the commercial market and updating the base year for calculations, the bill aims to increase transparency and accountability in the pharmaceutical industry. Overall, the Prescription Drug Inflation Rebate Act seeks to make prescription drugs more affordable for both Medicare beneficiaries and consumers in the commercial market. It will be important to monitor the progress of this bill as it moves through Congress to see how it may impact drug pricing and access to medications for Americans.