Saving Seniors Money on Prescriptions Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Saving Seniors Money on Prescriptions Act aims to increase transparency in the prescription drug market by requiring pharmacy benefit managers (PBMs) to report detailed information about their practices to Medicare and PDP sponsors. Specifically, PBMs must disclose data on drug costs, rebates, and pricing guarantees, allowing for audits and a GAO study to identify ways to streamline reporting requirements across the country. This legislation seeks to empower Medicare and PDP sponsors to better understand and potentially negotiate more favorable drug prices.
Key provisions
- Requires PBMs to report detailed information about drug costs, rebates, and pricing guarantees to PDP sponsors and the Secretary.
- Mandates PBMs to define key terms like ‘generic drug’ and ‘rebate’ transparently.
- Allows PDP sponsors to audit PBMs to ensure compliance with reporting requirements.
- Requires the Government Accountability Office (GAO) to study and recommend improvements to prescription drug price transparency reporting.
- Establishes a process for PBMs to provide information to auditors.
- Creates a system for penalties for PBMs that fail to comply with reporting requirements.
- Requires PDP sponsors to annually certify their compliance with the reporting requirements.
- Addresses reporting requirements for MA-PD plans, aligning them with those for Medicare Part D.
Who is affected
- Medicare beneficiaries
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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