Prescription Drug Transparency and Affordability Act

This bill requires pharmacy benefit managers (PBMs), which are companies that handle prescription drug benefits for health insurance plans, to regularly share detailed pricing and payment information with the insurance plans they work for. For large group health plans, PBMs must report things like how much they were paid versus how much they paid pharmacies, the rebates and discounts they received on drugs, and details about high-cost drugs and prescriptions filled through pharmacies connected to the PBM. PBMs working with any group health plan must also provide a summary of similar information, and plans must share some of that information with the people enrolled in the plan. PBMs or plans that don't follow these rules can face financial penalties.

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