1. Short title This Act may be cited as the Independent Drug Value Assessment Act of 2024 . 2. Demonstration project for independent value assessments for drugs Part D of title III of the Public Health Service Act ( 21 U.S.C. 254b et seq. ) is amended by adding at the end the following: XIII Demonstration project for independent value assessments for drugs 340J. Independent value assessments (a) Newly approved drugs (1) In general The Secretary, acting through the Assistant Secretary for Planning and Evaluation, shall complete, by contract under subsection (d), an independent value assessment for every drug— (A) that is approved under section 505(c) of the Federal Food, Drug, and Cosmetic Act, or licensed under section 351(a) of the Public Health Service Act; or (B) for which a new indication or use is approved or licensed under such section 505(c) or 351(a). (2) Timeline The Secretary shall ensure that an independent value assessment required by paragraph (1) is completed not later than 90 days after the effective date of the approval or licensure involved. (b) Previously approved drugs The Secretary shall— (1) not later than the end of fiscal year 2028, complete, by contract under subsection (d), for each of fiscal years 2024, 2025, 2026, 2027, and 2028, an independent value assessment for no fewer than 5 drugs not described in subsection (a); and (2) in selecting drugs for assessment under paragraph (1)— (A) prioritize— (i) drugs in the top 35 percent of expenditures for particular drugs under part B or D of title XVIII of the Social Security Act; and (ii) drugs approved as a breakthrough therapy pursuant to section 506(a), as a fast track product pursuant to section 506(b), or pursuant to accelerated approval under section 506(c)