Fair Accountability and Innovative Research Drug Pricing Act of 2017

This bill amends the Public Health Service Act to require manufacturers of certain drugs and biological products with a wholesale cost of $100 or more per month to report to the Department of Health and Human Services (HHS) price increases that result in a 10% or more increase in the cost of a drug over a 12-month period or a 25% or more increase over a 36-month period. Reports are required for prescription drugs and drugs commonly administered in hospitals, except vaccines, drugs for rare conditions, and drugs with annual sales for Medicare and Medicaid enrollees of less than $1. Reports must contain specified information including pricing history and a justification for each price increase in the relevant period.

Manufacturers that do not submit a required report are subject to a civil penalty. Collected penalty funds must be used to carry out activities related to this reporting requirement and to improve consumer and provider information about drug value and drug price transparency.