Saving Seniors Money on Prescriptions Act

The Saving Seniors Money on Prescriptions Act would establish new transparency and reporting requirements for pharmacy benefit managers (PBMs) that handle prescription drug coverage under Medicare. If enacted, PBMs would be required to disclose detailed information about how they measure drug costs and performance, and to provide annual reports listing the specific drugs dispensed, their costs, claims data, and information about affiliated pharmacies. These reports would go to the prescription drug plan sponsors that contract with PBMs and to the Centers for Medicare and Medicaid Services upon request.

The bill would also give prescription drug plan sponsors the authority to audit PBMs to verify compliance with these new requirements. PBMs would be held responsible for any civil penalties resulting from violations. Additionally, the Government Accountability Office would be directed to study existing federal and state reporting requirements for health plans and PBMs regarding prescription drug price transparency, with the goal of recommending ways to streamline and reduce duplicative reporting requirements.