The shady nature of pharmacy benefit manager (PBM) negotiations and the deals they strike with manufacturers leave patients in the dark as to whether they’re paying the best possible price for their medications. Requiring public reporting of information PBMs already provide to the government is a small way to make them more accountable for their business practices.
This bill is ineffective and harmful to PBMs’ businesses, which ultimately make it harder for consumers to affordably access medications. It’s ineffective because it isn’t paired with government negotiation or other ways to ensure PBMs price drugs fairly. From PBMs’ perspective, it’s potentially harmful to their business because it makes industry information public.