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Saving Seniors Money on Prescriptions Act
3/5/2025, 5:08 AM
Summary of Bill HR 950
The bill seeks to amend Title XVIII of the Social Security Act to ensure that PBMs are transparent in their operations and provide detailed reports on their activities within Medicare Part D. This includes requiring PBMs to report information such as drug pricing, rebates, and any potential conflicts of interest that may arise.
By implementing these reporting requirements, the goal is to increase transparency and accountability within the Medicare Part D program, ultimately leading to better oversight and potentially lower drug costs for beneficiaries. This bill is an important step towards ensuring that PBMs are held accountable for their actions and that Medicare beneficiaries receive the best possible care at an affordable price.
Congressional Summary of HR 950
Saving Seniors Money on Prescriptions Act
This bill establishes reporting requirements for pharmacy benefit managers (PBMs) under the Medicare prescription drug benefit and Medicare Advantage, particularly relating to the prices of prescription drugs.
Specifically, PBMs must (1) disclose certain information underlying cost performance measurements (e.g., exclusions and terms), and (2) report to prescription drug plan (PDP) sponsors (and to the Centers for Medicare & Medicaid Services upon request) an itemized list of prescription drugs that were dispensed during the previous year and related data about costs, claims, affiliated pharmacies, and other specified information. PDP sponsors may audit PBMs to ensure compliance with this bill's requirements and must annually certify their compliance; PBMs are responsible for any associated civil penalties for violations.
In addition, the Government Accountability Office must study federal and state reporting requirements for health plans and PBMs with respect to prescription drug price transparency and recommend ways to streamline these requirements.
