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Better Deals and Lower Prices Act
1/4/2025, 11:12 AM
Summary of Bill HR 4846
One key provision of the Better Deals and Lower Prices Act is the establishment of a task force that will investigate and address anti-competitive practices in various industries. This task force will have the authority to enforce existing antitrust laws and regulations, as well as recommend new policies to promote fair competition.
Additionally, the bill includes measures to increase transparency in pricing and reduce barriers to entry for new businesses. This includes requiring companies to disclose more information about their pricing practices and making it easier for new competitors to enter the market. Overall, the Better Deals and Lower Prices Act aims to promote a more competitive marketplace that benefits consumers by lowering prices and increasing choices. It is currently being debated in Congress and may undergo changes before being voted on.
Congressional Summary of HR 4846
Better Deals and Lower Prices Act
This bill establishes reporting requirements for pharmacy benefit managers (PBMs) with respect to services provided to health insurance plans.
First, PBMs must report annually to the plan sponsor certain information about the PBM's services, including the amount of prescription drug copayment assistance funded by drug manufacturers, a list of covered drugs billed under the plan during the reporting period, and the total gross and net spending by the health plan on prescription drugs during the reporting period. PBMs also must submit specified elements of the report (e.g., the total gross spending on prescription drugs) to the Government Accountability Office (GAO). The report must comply with the privacy requirements under the Health Insurance Portability and Accountability Act of 1996.
The bill establishes civil penalties for violations of these requirements and provides for enforcement by the appropriate agencies.
GAO must report on the pharmacy networks of plans or PBMs, including whether such networks under common ownership with the plans or PBMs are designed to encourage plan enrollees to use network pharmacies over other pharmacies.
