; and (3) by adding at the end the following new subsection: (e) Annual report The Secretary shall make publicly available on the Internet website of the Centers for Medicare & Medicaid Services an annual report that summarizes the trends observed with respect to data reported under subsection (b). . (b) Effective date The amendments made by this section shall apply to plan or contract years beginning on or after January 1, 2027. (c) Implementation Notwithstanding any other provision of law, the Secretary may implement the amendments made by this section by program instruction or otherwise. (d) Non-application of the paperwork reduction act Chapter 35 of title 44, United States Code (commonly referred to as the Paperwork Reduction Act of 1995 ), shall not apply to the implementation of the amendments made by this section. 10. Facilitating midyear formulary changes for biosimilars (a) In general Section 1860D–4(b) of the Social Security Act ( 42 U.S.C. 1395w–104(b) ) is amended by adding at the end the following new paragraph: (5) Mid-year changes in formularies permitted for certain biosimilar biological products and the reference product of such biosimilars If a PDP sponsor of a prescription drug plan uses a formulary (including the use of tiered cost-sharing), the following shall apply: (A) In general For plan year 2025, and subsequent plan years, in the case of a covered part D drug that is the reference biological product (as defined in section 351(i) of the Public Health Service Act) with respect to a biosimilar biological product (defined as a biological product licensed under section 351(k) of such Act), the PDP sponsor may, with respect to a formulary, at any time after the first 60 days of the plan year, subject to paragraph (3)(E), change the preferred or tiered cost-sharing status of such reference biological product if such PDP sponsor adds, before or at the same time, to such formulary such biosimilar biological product at the same or a higher preferred status, or to the same or lower cost-sharing