Pharmacy benefit managers will be required to disclose compensation related to employer health plans.
The U.S. Department of Labor finalized a rule last week requiring pharmacy benefit managers (PBMs) and their affiliated brokers and consultants to disclose their fees and compensation to large employers’ self-insured group health plans.
The Labor Department stated that the rule will ensure “that employers can see how much drug manufacturers, pharmacies, and others pay pharmacy benefit managers for the first time. Employers can use that information to negotiate contracts and seek lower prescription drug costs for workers and their families.“
“This is a win for every American worker who has ever paid too much at the pharmacy counter. For years, PBMs have operated in the shadows, pocketing hidden fees while workers and employers were left in the dark,“ Labor Secretary Keith Sonderling said.
“More transparency means more competition, and more competition means lower health care costs,” said Centers for Medicare and Medicaid Services (CMS) Administrator Dr. Mehmet Oz. He added that the “new rule represents a significant step forward in this Administration’s all-of-government effort to take the guesswork out of shopping for health care.”
As the Lord Leads, Pray with Us…
- For Secretary Sonderling to be led by the Lord as he heads the Labor Department and implements the new rule to improve employer insurance programs.
- For prudence for Administrator Oz as he heads CMS and seeks to ensure compliance with federal Medicare and Medicaid regulations.
Sources: Department of Labor, Newsmax, Politico
