January 28, 2026
Axios recently published an article featuring Rena Conti, Associate Professor of Markets, Public Policy, and Law, on Congress’s efforts to reform pharmacy benefit managers (PBMs).
A bipartisan health care deal would “delink” PBM compensation from drug prices in Medicare Part D, replacing percentage-based payments with flat fees, a move that could lower patient costs and increase accountability. The legislation also adds transparency and reporting requirements to help health plans negotiate better deals.
“PBMs are kind of the last bastion of significant opacity in how our U.S. health care system works,” Conti adds.
While the House has passed the package, its Senate approval remains uncertain. If enacted, it would mark the first major legislative reforms targeting PBMs, despite ongoing challenges from their complex business models and industry pushback.
