Modernizing and Ensuring PBM Accountability Act

The Modernizing and Ensuring PBM Accountability Act (S 2973) requires Pharmacy Benefit Managers (PBMs) to operate with greater transparency and accountability in Medicare Part D and Medicaid programs. The bill mandates that PBMs provide detailed annual reports to Part D plans and the government about drug pricing, rebates, and fees, including specific information about how they structure their compensation. It prohibits PBMs from earning revenue through certain types of rebates or markups that could create conflicts of interest, and requires them to pass through cost savings to plans. The bill also includes provisions to improve pharmacy access for seniors and prevent abusive pricing practices in Medicaid. These changes aim to increase transparency and ensure cost savings directly benefit Medicare beneficiaries and the Medicare program.