Isophoric News · Tuesday, November 3, 2026
Labor Department rule will require pharmacy benefit managers to disclose their pay to large self-insured employer plans
The Labor Department published a final rule in the Federal Register on Nov. 2 requiring pharmacy benefit managers to disclose their direct and indirect compensation, including drugmaker rebates and spread pricing, to fiduciaries of large self-insured employer health plans. The rule takes effect Jan. 4, 2027 and applies to plan years beginning on or after July 1, 2027. Regulators expect it to lower drug costs for employers and workers by $22 billion over a decade, Healthcare Dive reported. Under the rule, disclosures come before a contract is signed, extended or renewed, then every six months, or quarterly at the plan's request, and plans get an audit right. Labor Secretary Keith Sonderling said the rule was "a win for every American worker who has ever paid too much at the pharmacy counter" in a statement. The Pharmaceutical Care Management Association, the largest PBM trade group, said it duplicates disclosure already required by federal law, according to the Dive report.
