Pharmacy Benefit Manager Transparency Act of 2025

S 526, the Pharmacy Benefit Manager Transparency Act of 2025, requires pharmacy benefit managers (PBMs) - the middlemen managing drug coverage for health plans - to disclose financial details and stop unfair practices. It prohibits PBMs from keeping price differences between what they charge health plans and pay pharmacies, arbitrarily clawing back payments, or inflating fees to offset government-mandated changes. PBMs must annually report to the FTC and HHS on rebate sharing, fee structures, formulary changes, and reimbursement differences, including whether drug tier shifts were influenced by manufacturers. This directly affects PBMs, pharmacies, health plans, and patients by increasing transparency in drug pricing and reimbursement.