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Referenced Laws
42 U.S.C. 1320f–1(a)
42 U.S.C. 1320f–3(c)(3)
42 U.S.C. 1320f(b)
Section 1
1. Short title This Act may be cited as the Strengthening Medicare And Reducing Taxpayer Prices Act or the SMART Prices Act.
Section 2
2. Improvements to the Medicare Drug Price Negotiation Program Section 1192(a) of the Social Security Act (42 U.S.C. 1320f–1(a)) is amended— in paragraph (3)— by striking 2028, 15 negotiation-eligible drugs and inserting 2028 or a subsequent year, 50 negotiation-eligible drugs; and by striking ; and at the end and inserting a period; and by striking paragraph (4). Section 1192(e)(1) of the Social Security Act (42 U.S.C. 1320f–1(e)(1)) is amended— in subparagraph (A)(ii), by striking 7 years and inserting 3 years; and in subparagraph (B)(ii), by striking 11 years and inserting 3 years. Section 1194(c)(3) of the Social Security Act (42 U.S.C. 1320f–3(c)(3)) is amended— in subparagraph (A), by striking 75 percent and inserting 76 percent; in subparagraph (B), by striking 65 percent and inserting 55 percent; and in subparagraph (C), by striking 40 percent and inserting 30 percent. The amendments made by this section shall apply with respect to initial price applicability years (as defined in section 1191(b) of the Social Security Act (42 U.S.C. 1320f(b))) beginning with initial price applicability year 2028.