1. Short title This Act may be cited as the Pandemic Response and Interstate Cost Equity Act or the PRICE Act . 2. Administrator as owner and distributer of certain medical equipment (a) In general In the event of a covered emergency, the Administrator shall become the sole owner and distributer of medical equipment obtained by the Federal Government pursuant to this Act for which the prevailing market price exceeds the fair market price by more than 15 percent and is required to address the covered emergency. (b) Assessment of medical equipment To carry out subsection (a), the Secretary of Health and Human Services, in consultation with the Administrator and other Federal agencies or departments as considered necessary, shall conduct an assessment of available medical equipment, including— (1) identifying the medical equipment required to address the covered emergency for which the prevailing market price exceeds the fair market price by more than 15 percent; (2) assessing the amount of such medical equipment available to respond to the covered emergency, including the amount of such medical equipment available in the Strategic National Stockpile; and (3) determining the amount of such medical equipment still needed to respond to the covered emergency. (c) Contract To produce medical equipment Following the assessment under subsection (b), the Administrator, in consultation with the Secretary of Health and Human Services and the Secretary of Defense, shall— (1) create and execute an indefinite delivery-indefinite quantity contract with all persons capable of producing such medical equipment to— (A) respond to the covered emergency; and (B) following the covered emergency, replenish the Strategic National Stockpile to a level acceptable to respond to a future public health emergency or other covered emergency; (2) require that all contracts created and executed under this section supersede any existing contracts such persons have already created or executed