This bill requires pharmacy benefit managers, or PBMs, to provide more detailed financial information to the federal government and the health plans that hire them. Specifically, PBMs must report information about fees they receive from drug manufacturers and how much of those fees they pass along to the health plans. The bill also requires PBMs' affiliated companies that negotiate drug prices to disclose similar information. The new requirements take effect on January 1, 2027, and the Department of Health and Human Services must publish an annual public report summarizing the data collected. This legislation affects millions of Americans with health insurance, as PBMs manage prescription drug coverage for most private insurance plans, Medicare prescription drug plans, and plans sold through the healthcare marketplace.
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