This bill would change the drug price negotiation rules established by a previous law to treat biologic medications the same as traditional small-molecule drugs. Currently, the law allows the federal government a longer negotiation period for biologic drugs compared to traditional pharmaceuticals, but this bill would equalize both to an 11-year period. The change affects biopharmaceutical companies and could impact how quickly the government can negotiate prices for these newer types of medications. The bill makes no specific appropriations or funding allocations, and it would be effective retroactively, as if it were part of the original drug price negotiation law passed in 2022.