Senate Finance Committee releases details of drug pricing bill

Yesterday, the Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Oregon) released a description of The Prescription Drug Pricing Reduction Act of 2019.

If enacted into law, the bill would have wide-ranging implications and would directly affect, among other stakeholders, drug manufacturers, insurers, hospitals, and physicians. Among other things, the bill would impose new transparency requirements on drug manufacturers, Medicare Part D plan sponsors, and PBMs; impose new rules regarding manufacturer Medicaid drug rebates; re-structure the Medicare Part D benefit; set new caps on payment rates for Medicare Part B drugs, biologicals, and biosimilars; and eliminate grandfathering protection for certain provider-based hospital outpatient departments.

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