Independent Drug Value Assessment Act of 2024

This bill creates a Medicare demonstration project requiring independent assessments of drug value. For newly approved drugs, the government must contract with non-profit or academic entities (excluding drugmakers or insurers) to complete assessments within 90 days of approval. These assessments must analyze both direct patient benefits (like quality/duration of life) and indirect benefits (like caregiver savings), exclude quality-adjusted life year metrics, and include price estimates tied to medical inflation. The project prioritizes high-cost drugs and breakthrough therapies, affecting Medicare Part D drug pricing decisions.