The U.S. Department of Labor is holding an event today, Oct. 29, during which it is expected to be announcing the finalization of its “Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure” rule. As proposed, the rule would require PBMs as well as certain brokers and consultants to disclose to health plans a bevy of information in the interest of price transparency, including, “payments from drug manufacturers, spread compensation, payments recouped from pharmacies in connection with prescription drugs dispensed to the plan ("claw-backs"), and price protection arrangements.” The focus on spread pricing and clawbacks, long mainstays of PBMs’ bad business practices, would give health plans new insight on how their money is spent, and help keep PBMs accountable to patients and pharmacies.
The event will include remarks from DOL Secretary Keith Sonderling, Centers for Medicare & Medicaid Services Administrator Mehmet Oz, White House Domestic Policy Council Director Vince Haley, and Employee Benefits Security Administration Assistant Secretary Daniel Aronowitz. This event follows HHS’ event earlier this month unveiling its health pricing transparency final rule, which we previously reported on. The event can be watched here starting at 10:30 a.m. ET.
