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118-s-5029Committee
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Small Biotech Innovation Act

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Summary

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This bill amends the Social Security Act to create an exception from Medicare's drug price negotiation program for qualifying drugs manufactured by research and development-intensive small biotech companies. Starting in 2029, small biotech manufacturers with five or fewer qualifying drugs that invest a specified percentage of net revenue in research and development (ranging from 30% to 70% depending on the number of drugs) would be exempt from Medicare price negotiations. Manufacturers must annually apply and certify their R&D spending to qualify, and the exception terminates if the company is acquired by a manufacturer that does not meet the definition.

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Bill details

Congress
118
Bill type
s
Introduced
September 12, 2024
Sponsor
Not yet available
Last action
September 12, 2024— Read twice and referred to the Committee on Finance.

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