US SB694

Amends Medicare Part D manufacturer discount program to create a phase-in period for plasma-derived products (biological drugs derived from human whole blood or plasma) marketed as of August 16, 2022

For beneficiaries below the annual out-of-pocket threshold, manufacturer discounts phase in from 1% in 2026 to 10% by 2030 and subsequent years

For beneficiaries who exceed the annual out-of-pocket threshold, manufacturer discounts phase in more gradually from 1% in 2026 to 20% by 2032 and subsequent years

Exempts drugs dispensed to low-income subsidy (LIS) beneficiaries and drugs from specified small manufacturers from the new phase-in provisions