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This bill amends the Social Security Act to require pharmacy benefit managers (PBMs) and their affiliates to provide enhanced transparency information to the federal government and health plans. Specifically, PBMs must disclose all fees received from pharmaceutical manufacturers in connection with patient drug utilization, including the amounts and percentages of such fees that are passed through to plan sponsors. The bill requires the Centers for Medicare & Medicaid Services to publish an annual public report summarizing trends in the reported data, with requirements effective for plan years beginning January 1, 2027.
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