S. 4355 — Drug Deal Disclosure Act

This section directs the Secretary of Health and Human Services, not later than 30 days after enactment, to publicly release in a centralized, searchable, and downloadable format all records, documents, communications, and related materials concerning specified agreements between federal entities (including the Executive Office of the President, HHS, and the Department of Commerce) and drug manufacturers entered on or after January 20, 2025. Such agreements include those with provisions for (1) reduced drug prices referencing foreign prices in Medicare or Medicaid; (2) expanded direct-to-consumer sales or discounts, including via TrumpRx; (3) exemptions from import duties or restrictions; (4) U.S. investments or revenue repatriation; (5) special treatment in Center for Medicare and Medicaid Innovation demonstration projects such as the Global Benchmark for Efficient Drug Pricing ("GLOBE") Model or Guarding U.S. Medicare Against Rising Drug Costs ("GUARD") Model; (6) contributions to the Strategic National Stockpile; or (7) Food and Drug Administration Commissioner's National Priority Review Vouchers; and covers 16 specific agreements publicly announced between September 30, 2025, and January 12, 2026 (e.g., Pfizer Inc., Eli Lilly & Company, AbbVie Inc.), as well as any subsequent or modified agreements. The section prohibits withholding or redacting information based on reputational harm or political sensitivity and permits limited redactions of proprietary pricing information or items protected by foreign law, settlements, or other applicable law, provided the Secretary discloses access to manufacturers' confidential pricing data and publishes/submits justifications to the Federal Register and Congress.

This section requires the Secretary, not later than 15 days after completing the release of agreements listed under section 2(a)(2), to submit a report to the Senate Committees on Finance and Health, Education, Labor, and Pensions and the House Committees on Energy and Commerce, Education and Workforce, and Ways and Means. The report must list (1) all documents and information released and withheld and (2) a summary of redactions and withholdings made, including the legal basis for each.

This section directs the Director of the Congressional Budget Office and the Comptroller General of the United States to jointly publish, not later than 90 days after the release of agreements under section 2(a)(2), a report analyzing the economic and budgetary effects of those agreements. The report must address (1) the expected economic and budgetary consequences of each agreement; (2) direct cost savings to U.S. individuals by insurance status, including the uninsured; (3) budgetary impacts on the Medicare program (title XVIII of the Social Security Act), Medicaid program (title XIX), and qualified health plans offered through American Health Benefit Exchanges under the Patient Protection and Affordable Care Act; and (4) impacts on drug price competition (e.g., shifts from generic to brand-name drugs), the Federal Anti-Kickback Statute (SSA §1128B), and health plan formulary design (e.g., cost shifting, adverse events for health plans, and spending acceleration).