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Increased Transparency in Medicare Drug Prices for Seniors

New rules aim to increase transparency in drug costs for seniors using Medicare. Pharmacy Benefit Managers (PBMs) will be required to disclose more information about prices and rebates, potentially leading to lower drug costs for patients. These changes will take effect from 2028.
Key points
Pharmacy Benefit Managers (PBMs) must disclose detailed information on drug prices, rebates, and other fees.
Medicare insurers will be able to audit PBMs to verify the accuracy of reported data.
PBMs will need to report on cost differences between brand-name drugs and their cheaper alternatives (generics and biosimilars).
The goal is to reduce drug costs for seniors by increasing market competition and transparency.
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Status:
Introduced
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Additional Information
Saving Seniors Money on Prescriptions Act
Print number: HR 950
Sponsor: Rep. Landsman, Greg [D-OH-1]
Process start date: 2025-02-04