All Information (Except Text) for S.2023 - Prescription Drug Affordability Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Sanders, Bernard [I-VT] (Introduced 09/10/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/10/2015 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|09/10/2015||Introduced in Senate|
09/10/2015 Introduced in Senate
All Actions (1)
|09/10/2015||Read twice and referred to the Committee on Finance.|
Action By: Senate
09/10/2015 Read twice and referred to the Committee on Finance.
|Sen. Franken, Al [D-MN]*||09/10/2015|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||09/10/2015||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Business records
- Civil actions and liability
- Competition and antitrust
- Congressional oversight
- Fraud offenses and financial crimes
- Government information and archives
- Health care costs and insurance
- Health care coverage and access
- Indian social and development programs
- Inflation and prices
- Intellectual property
- Military medicine
- Minority health
- Prescription drugs
- Public contracts and procurement
- Research and development
- Retail and wholesale trades
- Trade agreements and negotiations
- Trade restrictions
- Veterans' medical care
Latest Summary (1)
Introduced in Senate (09/10/2015)
Prescription Drug Affordability Act of 2015
This bill amends titles XVIII (Medicare) and XIX (Medicaid) of the Social Security Act to modify provisions related to the affordability of prescription drugs under the Medicare and Medicaid programs. Specifically, the bill:
- requires the Centers for Medicare & Medicaid to negotiate lower prices on behalf of beneficiaries for drugs covered under Medicare Part D;
- accelerates closure of the Medicare Part D coverage gap known as the "donut hole," under which beneficiaries who have reached a certain level of yearly drug costs become fully responsible for any additional drug costs up to a certain limit;
- requires drug manufacturers to issue rebates for prescription drugs dispensed to eligible low-income individuals under Medicare or Medicaid; and
- expands the application of certain prescription drug rebate requirements under Medicaid to include rebates for generic drugs.
The bill also amends the Federal Food, Drug, and Cosmetic Act to: (1) allow the importation by individuals of prescription drugs from Canada and, potentially, other countries; and (2) establish certain conditions on the award of market exclusivity with respect to drugs. Specifically, a drug manufacturer's market exclusivity shall be terminated if the manufacturer commits, or fails to report, a drug-related violation such as misbranding, illegal marketing, or fraud.
In addition, the bill amends the Federal Trade Commission Act to: (1) establish restrictions on certain anticompetitive patent settlements known as "pay-for-delay" agreements, which effectively block generic drug competition; and (2) allow the Federal Trade Commission to initiate proceedings to enforce these restrictions against any parties to such a settlement.
The bill also requires drug manufacturers to produce and share annual reports containing specified information related to domestic and foreign sales.