This bill directs the Secretary of Labor to study whether pharmacy benefit managers should be treated as fiduciaries under federal retirement and health plan laws, with results due within two years of enactment. The study examines what would happen if pharmacy benefit managers had to follow stricter fiduciary rules similar to those governing pension plan managers, including making detailed disclosures about their fees and services. The proposal would prohibit certain types of fees that are currently common in the industry, specifically those based on drug prices, rebates, or discounts on prescription drugs. Pharmacy benefit managers would still be allowed to charge legitimate service fees that represent fair market value for actual services provided, as long as those fees aren't passed on to health plans. The bill was introduced in November 2023 and affects pharmacy benefit managers and the health insurance industry, particularly those providing services to group health plans.
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