Pharmacy Benefits Manager Accountability Act

The Pharmacy Benefits Manager Accountability Act requires pharmacy benefits managers (PBMs) and health insurance issuers to provide detailed annual reports to plan sponsors (like employers) about drug spending, rebates, and formulary decisions. These reports must include specific data on drugs dispensed, costs, patient out-of-pocket spending, rebates received from manufacturers, and net spending after rebates, all in machine-readable format. The bill establishes penalties of up to $10,000 per day for failure to provide required information and $100,000 per item for false information. It also directs a GAO study on pharmacy networks and common ownership structures to assess potential anti-competitive practices.