SB2406: PBM Oversight Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend title XVIII of the Social Security Act to improve oversight of formulary development and management under Medicare part D.
Plain-language summary
This bill would strengthen federal oversight of how pharmacy benefit managers (PBMs)—companies that manage prescription drug benefits for insurance plans—develop and maintain drug formularies (lists of covered medications) under Medicare Part D. The bill targets PBMs that work with Medicare's prescription drug program for seniors. It aims to ensure these companies operate more transparently and fairly when deciding which drugs to cover. The bill was introduced in Congress but has not yet been voted on or passed by any .
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SB2406: PBM Oversight Act of 2023