Affordable Medications Act

[AI summary unavailable — showing source text] Affordable Medications Act This bill revises and expands various requirements relating to prescription drug pricing and affordability.  Specifically, the bill expands financial reporting requirements for drug manufacturers and establishes corresponding civil penalties for noncompliance; it also adds reporting requirements for certain nonprofit patient-assistance programs. Further, the bill requires the Centers for Medicare & Medicaid Services (CMS) to negotiate prices for certain prescription drugs under Medicare and requires the Centers for Medicare and Medicaid Innovation within the CMS to test specified models for negotiating drug prices. It also establishes reporting requirements, and corresponding civil penalties for noncompliance, for pharmaceutical companies with respect to spikes in prescription drug prices. The bill establishes an excise tax on prescription drugs subject to price spikes, lessens prescription drug cost-sharing requirements under qualified health plans and group health plans, and modifies requirements for the importation of prescription drugs. It also requires drug manufacturers to provide rebates for drugs dispensed to certain low-income …