A bill to amend title XI of the Social Security Act to require drug manufacturers to publicly justify unnecessary price increases.
Stopping the Pharmaceutical Industry from Keeping Drugs Expensive (SPIKE) Act of 2017
This bill amends title XI (General Provisions) of the Social Security Act to require manufacturers of drugs with specified percentage increases in their wholesale costs to submit to the Centers for Medicare & Medicaid Services (CMS) written justification for certain increases in drug prices. The CMS shall publish each submission, together with an easily understandable summary, on its website. Certain proprietary information may be excluded from publication, as specified by the bill.
A manufacturer that does not comply with the bill's requirements shall be subject to civil monetary penalties.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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