Affordable Pricing for Taxpayer-Funded Prescription Drugs Act of 2023

This bill requires companies that receive federal funding for research (or a license of the rights to a patent or regulatory test data) for a biomedical product or service to agree to set reasonable prices for the resulting biomedical product or service.

The Department of Health and Human Services (HHS) must determine a reasonable price based on a formula that ensures the U.S. price for the product or service is not more than the median price for the product or service in Canada and six other reference countries with, based on specified criteria, large economies and high incomes.

Companies entering these agreements also must report to HHS certain financial information related to the biomedical product or service involved.