PAYMENT FOR BIOSIMILAR BIOLOGICAL PRODUCTS DURING INITIAL PERIOD.

SEC. 11402. PAYMENT FOR BIOSIMILAR BIOLOGICAL PRODUCTS DURING INITIAL PERIOD. Section 1847A(c)(4) of the Social Security Act (42 U.S.C. 1395w–3a(c)(4)) is amended—(1) in each of subparagraphs (A) and (B), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and moving such subclauses 2 ems to the right; (2) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii) and moving such clauses 2 ems to the right; (3) by striking “unavailable.—In the case” and inserting “unavailable.—“(A) In general.—Subject to subparagraph (B), in the case” ; and (4) by adding at the end the following new subparagraph:“(B) Limitation on payment amount for biosimilar biological products during initial period.—In the case of a biosimilar biological product furnished on or after July 1, 2024, during the initial period described in subparagraph (A) with respect to the biosimilar biological product, the amount payable under this section for the biosimilar biological product is the lesser of the following:“(i) The amount determined under clause (ii) of such subparagraph for the biosimilar biological product. “(ii) The amount determined under subsection (b)(1)(B) for the reference biological product.” .