SMART Prices Act

This legislation, titled the "Strengthening Medicare And Reducing Taxpayer Prices Act," aims to enhance the drug pricing reforms established by the Inflation Reduction Act within Medicare Part D by accelerating and expanding drug price negotiations. It significantly increases the number of negotiation-eligible drugs from 15 to 50 for 2028 and subsequent years, and shortens the period before certain single-source drugs qualify for negotiation, reducing the eligibility timeframe from 7 or 11 years to just 3 years . Additionally, the Act modifies the ceiling for maximum fair drug prices, generally allowing for deeper discounts , particularly for older medications, with these amendments set to apply to initial price applicability years beginning in 2028, intending to further reduce drug costs for Medicare beneficiaries and taxpayers.