SMART Prices Act
Sen. Klobuchar Introduces SMART Prices Act to Expand Medicare Drug Price Negotiations
The SMART Prices Act is currently in the early stages of the legislative process. It was recently introduced in the Senate and sent to the Committee on Finance for review. There are no upcoming votes scheduled at this time, and the bill is still waiting for the committee to take action.
Legislative Progress
While this bill has strong support from many Democrats, it lacks the Republican support needed to pass in a divided Congress and faces heavy opposition from the drug industry.
Key Points
Impact Analysis
Personal Impact
Life & Work
Small business owners who provide health coverage or are themselves on Medicare could see modest savings from lower drug prices flowing through the healthcare system. Reduced Medicare drug spending could also ease pressure on federal budgets, potentially reducing the need for future tax increases.
Programs
Disabilities
Milestones
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
4 articlesDuckworth, Durbin Join Colleagues in Reintroducing Legislation to Expand Medicare Negotiation of Drug Prices
Senators Duckworth and Durbin joined colleagues to reintroduce the SMART Prices Act. The legislation would more than double the number of prescription drugs Medicare must negotiate to a minimum of 50 per year and allow negotiations to begin just five years after FDA approval for costly biologics.
The SMART Prices Act Deserves a Failing Grade
This analysis argues that the SMART Prices Act would usher in a 'medical Dark Age' by accelerating and expanding drug pricing provisions. It claims that capping prices for existing medicines would lead to a rapid decline in new drug development and stifle pharmaceutical innovation.
Reed & Whitehouse offer prescription to lower Rx drug prices
Rhode Island's senators joined the re-introduction of the SMART Prices Act to boost Medicare's negotiation power. The bill would lower Medicare Part B drug prices through negotiation two years earlier than current law and increase the overall number of drugs eligible for negotiation starting in 2026.
Source Information
Document Type
Congressional Bill
Official Title
SMART Prices Act
Data Sources
Sponsor
Cosponsors
(26)Analysis generated by AI. Always verify with official sources.