1. Short title This Act may be cited as the Lower Insulin Costs Now Act . 2. Streamlining the transition of biological products Section 7002(e)(4) of the Biologics Price Competition and Innovation Act of 2009 ( Public Law 111–148 ) is amended— (1) by striking An approved application and inserting the following: (A) In general An approved application ; and (2) by adding at the end the following: (B) Treatment of certain applications (i) In general With respect to an application for a biological product submitted under subsection (b) or (j) of section 505 of the Federal Food, Drug, and Cosmetic Act ( 21 U.S.C. 355 ) that is filed not later than March 23, 2019, and is not approved as of March 23, 2020, the Secretary shall continue to review such application under such section 505, after March 23, 2020. (ii) Effect on listed drugs Only for purposes of carrying out clause (i), with respect to any applicable listed drug with respect to such application, the following shall apply: (I) Any drug that is a biological product that has been deemed licensed under section 351 of the Public Health Service Act ( 42 U.S.C. 262 ) pursuant to subparagraph (A) and that is referenced in an application described in clause (i), shall continue to be identified as a listed drug on the list published pursuant to section 505(j)(7) of the Federal Food, Drug, and Cosmetic Act, and the information for such drug on such list shall not be revised after March 20, 2020, until— (aa) such drug is removed from such list in accordance with subclause (III) or subparagraph (C) of such section 505(j)(7)