The FAIC Act changes how Medicare pays for certain cancer drugs administered in hospital outpatient settings. Under current rules, Medicare bundles payments for high-cost cancer treatments into payments for broader services, which can undervalue expensive drugs. This bill requires Medicare to make separate, direct payments for cancer drugs and biologics that cost $350 or more per day (starting in 2026), using pricing based on average sales prices or wholesale acquisition costs. The law applies to cancer drugs approved by the FDA since 2008 that don't already receive special pass-through payments, and it affects Medicare beneficiaries by potentially improving their access to newer cancer treatments. To maintain budget neutrality, the government will adjust other payment rates accordingly, and the cost threshold automatically increases each year with standard Medicare payment adjustments.