A bill to require the Secretary of Labor to conduct a study on the fiduciary duties of pharmacy benefit managers.
This bill would further clarify the role of pharmacy benefit managers within the healthcare framework, especially concerning their responsibilities and the disclosure of fiduciary duties. Should the bill be enacted, it could lead to increased accountability of PBMs, which are often criticized for their role in raising prescription drug costs and managing pharmacy benefit plans. This could potentially enhance transparency in the pharmaceutical supply chain and affect how PBMs negotiate prices with manufacturers and insurance companies.
SB3330 is a bill introduced in the Senate aimed at mandating the Secretary of Labor to conduct a study assessing the fiduciary duties of pharmacy benefit managers (PBMs). The study, to be completed within two years of the bill's enactment, will analyze the impact of recognizing PBMs as fiduciaries under the Employee Retirement Income Security Act (ERISA). Such recognition would impose significant responsibilities and obligations on PBMs regarding their management of pharmaceutical benefits for group health plans.
While the intent of SB3330 appears to promote accountability and transparency within the pharmacy benefit management sector, some stakeholders may view this as an additional layer of regulation that could impose burdens on PBMs. Concerns might arise among industry representatives about the feasibility of implementing fiduciary rule compliance, especially regarding the definition and management of 'bona fide service fees' and the overall cost implications for healthcare providers and consumers.