US Department of Labor finalizes pharmacy benefit manager transparency rule, delivering big win for American workers, families

WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today finalized a landmark rule that will require pharmacy benefit managers and their affiliated brokers and consultants to disclose their fees and compensation to large employers’ self-insured group health plans. In finalizing this rule, the Department has ensured that employers can see how much drug manufacturers, pharmacies, and others pay pharmacy benefit managers for the first time. Employers can use that information to negotiate contracts and seek lower prescription drug costs for workers and their families. “This is a win for every American worker who has ever paid too much at the pharmacy counter,” said Secretary of Labor Keith Sonderling. “For years, PBMs have operated in the shadows, pocketing hidden fees while workers and employers were left in the dark. Today, President Trump is delivering the transparency Americans deserve – and putting American workers first.” “More transparency means more competition, and more competition means lower health care costs,” said Centers for Medicare and Medicaid Services (CMS) Administrator Dr. Mehmet Oz. “Today’s n...