Pharmacy Benefit Manager Transparency Act of 2025

S. 526 would establish new transparency and accountability requirements for pharmacy benefit managers (PBMs), the companies that manage prescription drug benefits for health insurance plans. If enacted, the bill would require PBMs to report annually to the Federal Trade Commission and the Department of Health and Human Services about pricing practices, including the difference between what they are paid by health plans and what they pay pharmacies. The bill would also prohibit PBMs from engaging in unfair or deceptive practices related to prescription drug pricing and would protect whistleblowers who report violations.

The bill aims to address concerns about prescription drug costs by increasing transparency in how PBMs operate and making it easier for regulators to identify potentially problematic pricing practices. It would allow the FTC to take enforcement action against PBMs for unfair or deceptive conduct. The legislation includes privacy protections to ensure that patient and provider information is not disclosed in any reports. Currently in committee, the bill would need to pass both chambers of Congress and be signed by the President to become law.