Saving Seniors Money on Prescriptions Act

Key Provisions

• Requires pharmacy benefit managers (PBMs) to provide detailed annual reports on drug costs, rebates, and their earnings to Medicare Part D plans.
• Gives Medicare Part D plans the right to audit their pharmacy benefit managers each year to check the accuracy of reported information.
• Makes pharmacy benefit managers pay back Medicare Part D plans for any fines caused by the PBM's failure to meet reporting rules.
• Requires pharmacy benefit managers to explain why some brand-name drugs might be covered more favorably than their generic or biosimilar versions.
• Applies these new reporting and audit rules to MA-PD plans starting in 2028.
• Directs the Comptroller General to study current federal and state reporting rules for drug costs and suggest ways to make them simpler.