The Trump administration proposed a rule Thursday requiring transparency in pharmacy benefit managers’ compensation and referral fees they pay to brokers.
The proposed rule (RIN: 1210-AB37) is part of President Donald Trump’s broader push on price transparency in the health-care sector, where PBMs have come under fire for what critics say is opaque and anticompetitive behavior.
The Labor Department released the proposal after an executive order Trump signed in February 2025. The rule follows recent updates to a set of price transparency rules for health insurers and hospitals that Trump initially finalized in his first term.
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