S. 3729 — PBM Reporting Transparency Act

This section directs the Medicare Payment Advisory Commission (MedPAC) to submit to Congress two reports on agreements between prescription drug plans (i.e., standalone Part D plans) and Medicare Advantage prescription drug (MA-PD) plans with pharmacy benefit managers (PBMs): (1) an initial report, due no later than the first March 15 occurring after two years from the date the Secretary makes data available, describing trends and patterns in such agreements (including averages, totals, and other figures), analyzing differences in agreements and their effects on enrollee out-of-pocket spending, average pharmacy reimbursement, and other impacts, and providing recommendations; and (2) a final report, due no later than two years after the initial report, describing changes over time and providing recommendations.