Sen. Ron Wyden, D-Ore., on Wednesday introduced a bill that would require pharmacy benefit managers to disclose financial information surrounding rebates they receive from drug manufacturers, reports Bloomberg.
The bill would force PBMS — like Express Scripts or CVS Health — to report the rebates they receive from drugmakers for Medicare plans on a government website, according to the report.
The bill would also require PBMs to share how much of the rebates are funneled to health plans and how much they keep. Eventually, the legislation would set minimum rebate limits that must be passed on to the health plans, according to a statement from Sen. Wyden's office.
Express Scripts is "working with Sen. Wyden and he's made changes to his bill because he understands the harm that can occur if inappropriate information is disclosed," company spokesman Brian Henry told Bloomberg via email.
Christine Cramer, a spokeswoman for CVS Health, told Bloomberg the company is "concerned that this bill will make it harder for PBMs to successfully negotiate lower drug costs."
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