PBM Oversight Act of 2023

Bill 118 s 2406, also known as the PBM Oversight Act of 2023, is a piece of legislation introduced in the US Congress aimed at increasing oversight and regulation of Pharmacy Benefit Managers (PBMs). PBMs are third-party administrators that manage prescription drug benefits for health insurance plans.

The main goal of the PBM Oversight Act is to address concerns about the lack of transparency and accountability in the PBM industry. The bill seeks to require PBMs to disclose more information about their pricing practices, rebates, and discounts they negotiate with drug manufacturers and pharmacies.

Additionally, the bill aims to increase competition in the PBM industry by prohibiting certain anti-competitive practices, such as steering patients to certain pharmacies or drug manufacturers in exchange for kickbacks. The legislation also includes provisions to protect patients from excessive out-of-pocket costs for prescription drugs. Overall, the PBM Oversight Act of 2023 is designed to promote greater transparency, competition, and consumer protection in the PBM industry. Supporters of the bill argue that it will help lower prescription drug costs and improve access to affordable medications for all Americans.