Protect Drug Innovation Act
This bill repeals several programs and requirements that were enacted under the Inflation Reduction Act of 2022 relating to the prices of prescription drugs, including (1) the Medicare Drug Price Negotiation Program, (2) provisions that require drug manufacturers to issue rebates for certain drugs under Medicare for which prices increase faster than inflation, and (3) provisions that cap annual out-of-pocket spending under the Medicare prescription drug benefit.
To repeal prescription drug price control provisions of the Inflation 
                             Reduction Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protect Drug Innovation Act''.

SEC. 2. REPEAL OF PRESCRIPTION DRUG PRICE CONTROL PROVISIONS.

    Effective on the date of the enactment of this Act, the provisions 
of parts 1, 2, and 3 of subtitle B of title I of Public Law 117-169 are 
repealed and the provisions of law amended by such parts are restored 
as if such parts had never been enacted.
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Protect Drug Innovation Act
A bill to repeal prescription drug price control provisions of the Inflation Reduction Act.
Protect Drug Innovation Act
Sen. Lee, Mike