Bill 118 hr 2679, also known as the Pharmacy Benefits Manager Accountability Act, aims to increase transparency and accountability within the pharmaceutical industry by regulating Pharmacy Benefits Managers (PBMs). PBMs are t...
hird-party administrators that manage prescription drug benefits for health insurance plans.
The bill requires PBMs to disclose certain information, such as the amount of rebates they receive from drug manufacturers and the discounts they negotiate with pharmacies. This information must be reported to the Department of Health and Human Services (HHS) on a regular basis.
Additionally, the bill prohibits PBMs from engaging in certain anti-competitive practices, such as steering patients to certain pharmacies or drug manufacturers in exchange for kickbacks. It also requires PBMs to pass on any rebates or discounts they receive to the health insurance plans they work with, in order to lower prescription drug costs for consumers.
Overall, the Pharmacy Benefits Manager Accountability Act seeks to increase transparency and competition in the pharmaceutical industry, ultimately leading to lower prescription drug costs for Americans.