A group of bipartisan members of Congress introduced legislation requiring pharmacy benefit managers to prioritize the interests of employer plan sponsors and participants above those of the PBM.
The PBM Fiduciary Accountability, Integrity and Reform (FAIR) Act would amend the Employee Retirement Income Security Act (ERISA) and apply fiduciary requirements to employer health plans’ PBMs, as well as add disclosure requirements.
Sen. Roger Marshall (R-Kan.) introduced the Senate version of the bill (S. 3549) along with Sens. Chuck Grassley (R-Iowa), Tim Kaine, (D-Va.), and Maggie Hassan (D-N.H.). In the House, Rep. Jake Auchincloss (D-Mass.) introduced the House companion (H.R. 6837) with Rep. Ryan Mackenzie (R-Pa.) as the lead House Republican. These members have proven to be staunch advocates for community pharmacy, with Marshall and Grassley signing on to Senate Finance committee legislation, the PBM Price Transparency and Accountability Act, that would enact sweeping PBM reforms; and Auchincloss recently reintroducing his Pharmacists Fight Back Act.
The ERISA Industry Committee, an association representing health plans covered by ERISA, is supporting the PBM FAIR Act.
