Cutting Medicare Prescription Drug Prices in Half Act
This bill caps the cost of prescription drugs under Medicare at the amount that the Department of Veterans Affairs or the General Services Administration pays for the drug, whichever is lower.
To establish a cap on costs for covered prescription drugs under 
                        Medicare parts B and D.

    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 ``Cutting Medicare Prescription Drug 
Prices in Half Act''.

SEC. 2. CAP ON COSTS FOR COVERED PRESCRIPTION DRUGS UNDER MEDICARE 
              PARTS B AND D.

    (a) In General.--Title XVIII of the Social Security Act (42 U.S.C. 
1395 et seq.) is amended by adding at the end the following new 
section:

``SEC. 1899C. CAP ON COSTS FOR COVERED PRESCRIPTION DRUGS UNDER 
              MEDICARE PARTS B AND D.

    ``(a) In General.--In no case may the amount of payment for a drug 
or biological under part B or a covered part D drug (as defined in 
section 1860D-2(e)) under a prescription drug plan under part D exceed 
the lower of the following:
            ``(1) The amount paid by the Secretary of Veterans Affairs 
        to procure the drug under the laws administered by the 
        Secretary.
            ``(2) The amount paid to procure the drug through the 
        Federal Supply Schedule of the General Services Administration.
    ``(b) Manufacturer Requirement.--In order for coverage to be 
available under part B for a drug or biological of a manufacturer or 
under part D for a covered part D drug of a manufacturer, the 
manufacturer must agree to provide such drug or biological to providers 
of services and suppliers under part B or such covered part D drug to 
prescription drug plans under part D for an amount that does not exceed 
the maximum payment amount applicable under subsection (a).
    ``(c) Access to Pricing Information.--The Secretary of Veterans 
Affairs and the Administrator of General Services shall provide to the 
Secretary of Health and Human Services the information described in 
paragraphs (1) and (2), respectively, of subsection (a) and such other 
information as the Secretary of Health and Human Services may request 
in order to carry out this section.
    ``(d) Effective Date.--This section shall apply with respect to 
drugs furnished or dispensed on or after October 1, 2022.''.
    (b) Conforming Amendments.--
            (1) Application under part b.--Section 1847A of the Social 
        Security Act (42 U.S.C. 1395w-3a) is amended--
                    (A) in subsection (b)(1), by striking ``and (e)'' 
                and inserting ``(e), and (i)'';
                    (B) by redesignating subsection (i) as subsection 
                (j); and
                    (C) by inserting after subsection (h) the following 
                subsection:
    ``(i) Application of Cap on Costs for Part B Drugs.--
Notwithstanding the preceding provisions of this subsection, the amount 
of payment under this section for a drug or biological furnished on or 
after October 1, 2022, shall not exceed the maximum payment amount 
applicable to the drug or biological under section 1899C(a).''.
            (2) Application as negotiated price under part d.--Section 
        1860D-2(d)(1)(B) of the Social Security Act (42 U.S.C. 1395w-
        102(d)(1)(B)) is amended by adding at the end the following new 
        sentence: ``Notwithstanding any other provision of this part, 
        the negotiated price used for payment for a covered part D drug 
        dispensed on or after October 1, 2022, shall not exceed the 
        maximum payment amount applicable to the covered part D drug 
        under section 1899C(a).''.
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Cutting Medicare Prescription Drug Prices in Half Act
A bill to establish a cap on costs for covered prescription drugs under Medicare parts B and D.
Cutting Medicare Prescription Drug Prices in Half Act
Sen. Sanders, Bernard