Fair Accountability and Innovative Research Drug Pricing Act of 2023

This bill requires drug manufacturers to report detailed justifications for significant price increases on "qualifying drugs" (expensive medications used by Medicare/Medicaid patients). Specifically, manufacturers must submit reports 30 days before price hikes exceeding 10% in a year or 25% over three years, or when prices surpass the U.S. median household income. Reports must include cost breakdowns (R&D, manufacturing, marketing), profit data, and historical pricing for the drug. The Department of Health and Human Services will publicly post these reports (while protecting trade secrets) and collect $100,000 daily penalties for non-compliance.