Prescription Drug Transparency and Affordability Act

Bill 119 HR 2450 aims to make changes to the Public Health Service Act, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1984 in order to enhance supervision of pharmacy benefit management services. Pharmacy benefit management services are entities that administer prescription drug benefits for health insurance plans.

The bill seeks to increase transparency and accountability in the pharmacy benefit management industry by requiring these entities to disclose information about their pricing practices, rebates, and discounts. This information would help ensure that patients are receiving the best possible prices for their prescription medications.

Additionally, the bill includes provisions to protect patients from surprise billing practices by requiring pharmacy benefit managers to provide clear and accurate information about out-of-pocket costs for prescription drugs. This would help patients make more informed decisions about their healthcare and avoid unexpected expenses. Overall, Bill 119 HR 2450 aims to improve oversight of pharmacy benefit management services in order to promote greater transparency, affordability, and accessibility in the healthcare system.