S. 1269 — INSULIN Act of 2023

This bill limits cost-sharing for insulin under private health insurance and revises the requirements for approval and cost-sharing of generic drugs and biosimilar products. Specifically, the bill caps cost-sharing under private health insurance for a month's supply of selected insulin products at $35 or 25% of a plan's negotiated price (after any price concessions), whichever is less, beginning in 2025. The bill also requires pharmacy benefit managers (PBMs) to remit to the group health plan 100% of the fees, alternative discounts, and all other remuneration received from a drug manufacturer. Additionally, the bill modifies the Food and Drug Administration's (FDA) procedures for determin...