WASHINGTON – U.S. Senators Maggie Hassan, a member of the Health, Education, Labor, and Pensions Committee, and Jeanne Shaheen joined their colleagues in reintroducing the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act. This legislation would expand Medicare negotiation of drug prices to lower drug costs for consumers, reduce federal spending, and give the Department of Health and Human Services stronger tools to negotiate lower drug prices in Medicare Part B and Part D.
“In 2023, my colleagues and I took on Big Pharma and moved to help lower prescription drug costs by finally allowing Medicare to negotiate the price of medications. But rather than build upon this important work, the Trump Administration wants to add loopholes and exemptions that weaken this program and result in higher prices for patients,” said Senator Hassan. “This legislation rejects the Trump Administration’s handouts to Big Pharma and instead accelerates the drug price negotiation efforts that will help more people afford the medications that they need.”
“Granite Staters are having their budgets upended by the sky-high costs of the prescription drugs they need,” said Senator Shaheen. “I’m laser-focused on taking action to give families more breathing room in their household budgets and I’m proud of the progress we’ve made to lower prescription drug prices in recent years, but we have more work to do. The SMART Prices Act is common sense legislation that will expand our ability to take on Big Pharma and accelerate our work to bring health care costs down.”
According to preliminary estimates from a model by West Health and Verdant Research, if the SMART Prices Act was enacted in 2026, it would save 33 percent more by 2030 than current law. It would also allow Medicare to begin negotiations earlier and bring down the price of more expensive drugs.
This legislation builds on a provision that Senators Hassan and Shaheen worked with their colleagues to enact – passing into law in 2022 and beginning in 2023 – that has empowered Medicare to negotiate prescription drug prices for the first time, helping to lower the cost of prescription drugs for seniors in New Hampshire and across the country. The SMART Prices Act would extend this progress by more than doubling the number of prescription drugs Medicare must negotiate to a minimum of 50 per year, allowing the most costly prescription drugs and biologics to have negotiated prices five years after approval by the Food and Drug Administration, and by increasing the discount that Medicare is allowed to negotiate.
Senators Hassan and Shaheen are leading efforts in the Senate to lower health care costs and make essential medications more affordable. For instance, Senator Hassan recently reintroduced bipartisan legislation to streamline the approval process for generic drugs, which will help generics enter the market more quickly and lower prescription drug prices for patients. Senator Hassan also helped pass into law three bipartisan measures to increase access to generic and biosimilar medications, which are often cheaper than their brand name counterparts.
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