Modernizing and Ensuring PBM Accountability Act

Hozzl · 2023-12-23T23:26:12Z

Explore the details of Senate Bill 2973 Modernizing and Ensuring PBM Accountability Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

12/23/2023, 11:26 PM

Summary of Bill S 2973

Bill 118 s 2973, also known as the Modernizing and Ensuring PBM Accountability Act, is a piece of legislation currently being considered by the US Congress. The bill aims to address issues related to Pharmacy Benefit Managers (PBMs), which are companies that manage prescription drug benefits on behalf of health insurers and employers.

The main goal of the bill is to increase transparency and accountability within the PBM industry. It seeks to achieve this by requiring PBMs to disclose more information about their pricing practices, including rebates and discounts they receive from drug manufacturers. This information would then be made available to the public and to the entities that hire PBMs.

Additionally, the bill includes provisions to prevent PBMs from engaging in certain anti-competitive practices, such as steering patients towards certain pharmacies or drugs in order to maximize profits. It also aims to improve oversight of PBMs by requiring them to obtain licenses from state regulatory authorities. Overall, the Modernizing and Ensuring PBM Accountability Act is designed to promote fairness and efficiency within the PBM industry, ultimately benefiting consumers by ensuring that they have access to affordable and high-quality prescription drugs. The bill is currently under review in Congress, where it will be debated and potentially amended before a final vote is taken.

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Current Status of Bill S 2973

Bill S 2973 is currently in the status of Bill Introduced since September 28, 2023. Bill S 2973 was introduced during Congress 118 and was introduced to the Senate on September 28, 2023. Bill S 2973's most recent activity was Placed on Senate Legislative Calendar under General Orders. Calendar No. 266. as of December 7, 2023

Bipartisan Support of Bill S 2973

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2973

Primary Policy Focus

Health

Potential Impact Areas

Accounting and auditingAgingCongressional oversightContracts and agencyDrug safety, medical device, and laboratory regulationGovernment information and archivesGovernment studies and investigationsHealth care costs and insuranceHealth care coverage and accessHealth care qualityHealth programs administration and fundingMedicaidMedicarePerformance measurementPrescription drugsPublic participation and lobbyingRetail and wholesale tradesUser charges and fees

Alternate Title(s) of Bill S 2973

Modernizing and Ensuring PBM Accountability ActModernizing and Ensuring PBM Accountability ActModernizing and Ensuring PBM Accountability ActA bill to amend titles XVIII and XIX of the Social Security Act to establish requirements relating to pharmacy benefit managers under the Medicare and Medicaid programs, and for other purposes.

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Comments

Sponsors and Cosponsors of S 2973

Ron Wyden

Oregon(Democrat)

Latest Bills

Modernizing and Ensuring PBM Accountability Act

Summary of Bill S 2973

Read the Full Bill

Current Status of Bill S 2973

Bipartisan Support of Bill S 2973

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2973

Primary Policy Focus

Potential Impact Areas

Alternate Title(s) of Bill S 2973

Comments

Sponsors and Cosponsors of S 2973

Ron Wyden

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