The PBM Reporting Transparency Act requires the Medicare Payment Advisory Commission (MedPAC) to submit two reports to Congress analyzing agreements between pharmacy benefit managers (PBMs) and Medicare prescription drug plans. The first report must be delivered within two years after the Secretary makes relevant data available to the Commission, and should cover trends in PBM agreements, analyze how these agreements affect what seniors pay out-of-pocket for drugs and how pharmacies are reimbursed, and offer policy recommendations. A second report, due two years after the first, will track any changes in these agreements over time and provide updated recommendations. This legislation aims to increase transparency around PBM practices in Medicare, which affect millions of seniors enrolled in prescription drug plans and Medicare Advantage plans that include drug coverage.
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