S. 527 — Prescription Pricing for the People Act of 2025

This section establishes definitions for terms used in the Act, including (1) "appropriate committees of Congress" as the Senate Committee on the Judiciary and the House Committee on the Judiciary; and (2) "Commission" as the Federal Trade Commission.

This section directs the Federal Trade Commission (FTC) to submit to the appropriate congressional committees of Congress (1) an interim report within 180 days after enactment on progress toward and preliminary findings from a required study of pharmaceutical supply chain intermediaries, including pharmacy benefit managers (PBMs) and pharmacy services administrative organizations; and (2) a full report within one year after enactment that examines, at a minimum, (A) whether PBMs charge payers higher prices than their reimbursement rates to pharmacies (including those they own), steer patients to affiliated pharmacies, use independent pharmacies' proprietary data for competitive advantage, or design formularies to favor higher-cost drugs (net of rebates); (B) competition trends among intermediaries, suppliers, and payers; (C) payers' assessments of contracting with intermediaries and needs for more consumer information; (D) FTC enforcement obstacles under antitrust and consumer protection laws; and (E) regulatory barriers contributing to prescription drug prices. The full report must also provide observations from the FTC's November 2017 roundtable on prescription drug markets and similar efforts, descriptions of planned FTC actions (e.g., research, enforcement, consumer education), and policy or legislative recommendations to improve transparency and competition, deter anticompetitive conduct, and ensure consumer benefits from mergers and consolidations.

This section directs the Commission to submit a report to the appropriate congressional committees that includes (1) the number and nature of complaints received relating to alleged anticompetitive conduct by manufacturers of sole-source drugs (i.e., drugs without generic competition), (2) the Commission's ability to bring enforcement actions against such manufacturers, and (3) policy or legislative recommendations to strengthen enforcement against anticompetitive behavior.