Better Deals and Lower Prices Act

This bill requires group health plans and health insurance issuers to submit detailed annual reports to plan sponsors about prescription drug spending, including gross costs, rebates received, out-of-pocket expenses by participants, and information about formulary placement for high-cost drugs. The reports must include specific data points like drug names, costs per unit, and details about prescription patterns across different dispensing channels. The bill prohibits contracts that limit disclosure of information related to pharmacy benefits management services and establishes civil penalties of up to $10,000 per day for non-compliance. The reporting requirements will take effect for plan years beginning 3 years after enactment, with reports submitted in machine-readable format to the Comptroller General for a GAO study on pharmacy networks.