To require regulations concerning the disclosure of direct and indirect compensation from entities providing pharmacy benefit management services or third-party administration services.
About This Bill
Committee
Latest Action · May 10, 2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
This bill requires the Secretary of Labor to create new regulations within one year that clarify disclosure requirements for pharmacy benefit managers and third-party administrators who work with employer health plans. These service providers would need to fully disclose both direct payments they receive and indirect compensation they get from other sources related to their work managing pharmacy benefits or administering health plans. The legislation aims to increase transparency so employers and employees can better understand the financial relationships and potential conflicts of interest involving companies that manage prescription drug benefits and administrative services. The bill does not specify any direct funding amounts and applies primarily to pharmacy benefit managers, third-party administrators, and the brokers and consultants who advise employer-sponsored health plans.
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