US Department of Labor announces Request for Information regarding reporting on pharmacy benefits, prescription drug costs
The U.S. Department of Labor along with the Department of the Treasury, Department of Health and Human Services and the Office of Personnel Management Monday announced a Request for Information seeking public input on the implementation of a new law requiring the collection and publication of data on pharmacy benefits and prescription drug costs, including input on the data elements to be collected and the associated impact on health plans and issuers.
Specifically, the RFI seeks input on how group health plans and health insurance issuers offering group or individual health insurance coverage may report pharmacy benefits and prescription drug costs under the transparency provisions of the Consolidated Appropriations Act of 2021.
Public input will inform the departments’ and OPM’s implementation through rulemaking and establishment of processes to receive the information that must be reported.
Using the information ultimately obtained in the information reporting, the departments and OPM will analyze trends in overall spending on prescription drugs and other healthcare services by plans and issuers.
They will then publish the analysis in a format that will enable plans and issuers to negotiate fairer rates, and ultimately lower costs for participants, beneficiaries and enrollees.
Section 204 of Title II of Division BB of the CAA requires this information collection on benefits and costs.
The Federal Register will publish the request in its June 23, 2021, edition. Submit comments in response to the request for 30 days from its publication at https://www.regulations.gov/.