Requires pharmacy benefits managers to make certain disclosures to health benefits plan sponsors.

This bill requires pharmacy benefits managers to provide detailed financial reports to health plan sponsors every six months. The reports must include information about drug costs, payments, rebates, and out-of-pocket spending for each medication covered under the plan. The legislation affects pharmacy benefits managers, health plan sponsors, and drug manufacturers by mandating transparency in how these entities handle drug pricing and compensation. Reports must be presented in plain language and machine-readable formats to ensure plan sponsors can easily understand the financial details.