Protecting Access to Innovation During COVID-19 Act This bill allows the Centers for Medicare & Medicaid Services (CMS) to extend the duration of pass-through status (i.e., additional payment) for certain drugs and devices under the Medicare prospective payment system for hospital outpatient department services. Specifically, the CMS may extend the pass-through status of drugs and devices that received such status during the public health emergency relating to COVID-19 (i.e., coronavirus disease 2019) if their cost cannot be accurately calculated due to the effects of COVID-19. The bill's provisions apply to drugs and devices that had pass-through status during any portion of the public health emergency period, including those for which such status has already expired.