The SMART Prices Act strengthens Medicare's drug price negotiation program, which was created by the Inflation Reduction Act. The bill expands and accelerates the number of prescription drugs that Medicare can negotiate prices for, increasing from 15 drugs by 2028 to 50 drugs in that same timeframe. It also speeds up which drugs become eligible for negotiation by shortening the patent protection period from 7 to 11 years down to just 3 years, allowing Medicare to negotiate prices on drugs much sooner after they come to market. Additionally, the legislation lowers the maximum prices Medicare can be charged for drugs by reducing the price ceiling percentages across different drug categories. These changes take effect starting in 2028, and the bill affects Medicare beneficiaries and taxpayers by aiming to reduce both out-of-pocket drug costs and government spending on prescription medications.
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