S. 1587 — Fair Prescription Drug Prices for Americans Act

This section establishes a cap prohibiting the retail list price in the United States for a drug approved under subsection (c) or (j) of section 505 of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 355) or a biological product licensed under subsection (a) or (k) of section 351 of the Public Health Service Act (42 U.S.C. 262) from exceeding the average retail list price for that product in Canada, France, Germany, Italy, Japan, and the United Kingdom, as calculated annually by the Secretary of Health and Human Services using manufacturer-reported data and publicly filed materials. The section requires each manufacturer to submit such list prices annually to the Secretary; assesses a civil monetary penalty per unit sold equal to 10 times the amount by which the U.S. list price exceeds the foreign average; and directs the Secretary to issue guidance and regulations to implement these requirements.