This bill requires companies that develop drugs, vaccines, medical devices, and other health products using federal research funding to charge reasonable prices for those products. Specifically, it prohibits charging American patients more than the median price charged in Canada and six other wealthy countries with large economies, unless the Health and Human Services Secretary grants a waiver in the public interest. The bill applies to all federally funded research across federal agencies through grants, contracts, and cooperative agreements, and gives the Secretary authority to set additional pricing requirements through regulation while considering both the need for reasonable prices and incentives for continued medical innovation. Companies must report their clinical trial costs, federal subsidies received, and annual revenue data to the government, with all reports made publicly available. The bill does not specify new funding and establishes no particular timeline, instead directing the Secretary to implement the pricing requirements through regulatory action.
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