Modernizing and Ensuring PBM Accountability Act

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.