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Illustration: Brendan Lynch/Axios
A bipartisan group of senators is unveiling a PBM bill Thursday that calls for delinking the companies' compensation from drug prices in Medicare Part D.
Why it matters: The measure, first shared with Axios, marks the opening salvo as the Senate Finance Committee resumes work on overhauling PBMs' business practices.
- PBM reform was a big focus of the committee in the 118th session, with members unanimously advancing a slate of policies as part of a bigger health package in 2023.
The revival is led by Sens. Marsha Blackburn and Maggie Hassan, with James Lankford and Mark Warner also signed on.
What's inside: The legislation combines three of Blackburn's previous PBM bills.
- It would prohibit tying compensation for PBMs to the price of medication in Part D.
- It would require Part D plan sponsors to contract with any willing pharmacy, rather than selectively choosing ones with preferred networks.
- The legislation also calls for increased transparency in PBMs' business.
Flashback: The delinking policy had momentum last year and was included not only in the Finance package but also in the House's telehealth package last year.
- It was among the the health provisions in the year-end funding bill before the package fell apart.
