Democratic senators introduce bill to enhance CMS drug price negotiations
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A group of 23 Democratic senators led by Amy Klobuchar (Minn.) and Peter Welch (Vt.) have introduced legislation that would allow CMS to negotiate the price of drugs five years after approval.
In addition, the bill, the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act, would also give CMS the ability to negotiate deeper discounts.
Medicare prescription drug price negotiation was included in the Inflation Reduction Act which became law in 2022. Under that law, negotiations begin in 2026 starting with 10 drugs. The discount CMS could receive differs based on how long the medication has been on the market. 
The SMART Prices Act would allow CMS to start negotiations two years earlier than under the Inflation Reduction Act, as well as boost the number of drugs that can be negotiated beginning in 2026.
The bill has been referred to the Senate Finance Committee.
Pharma companies with large Medicare drug spend: Pfizer (NYSE:PFE), Bristol-Myers Squibb (NYSE:BMY), AbbVie (NYSE:ABBV) Regeneron Pharmaceuticals (REGN), Merck's (MRK), Johnson & Johnson (NYSE:JNJ), and Amgen (AMGN).
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