PBM Disclosure Act

The PBM Disclosure Act clarifies that pharmacy benefit managers (PBMs) and third-party administrators (TPAs) must disclose both direct and indirect compensation they receive for managing pharmacy benefits in employer-sponsored health plans. This requirement directly affects PBMs and TPAs that provide pharmacy benefit management services to health plans. The bill mandates the Department of Labor to issue regulations within 180 days of enactment, which will apply to health plan years beginning six months after publication. The law explicitly clarifies an existing ERISA disclosure rule without creating new requirements.