STAT+: New federal rule will require prescription drug middlemen to share secret payments data

PBMs, lobbyists previously warned they may take legal action over Trump’s proposal Adobe Oct. 29, 2026 Bob Herman is the author of Health Care Inc., an award-winning weekly newsletter about the business of health and medicine. Bob covers the money in health care, focusing on health insurance and hospitals. His stories delve into Medicare Advantage, opaque prescription drug benefits, and how much executives actually make. He is also the author of the Health Care Inc. newsletter. You can reach Bob on Signal at bobjherman.09. The middlemen that oversee prescription drug spending for employers and workers will soon have to tell their clients all the different ways they get paid, a significant move that will unlock reams of highly protected data. The Trump administration finalized a regulation Thursday that will force pharmacy benefit managers to disclose all the different fees and compensation they get from drugmakers, consulting firms, and other entities to the employers that hire them. The disclosures — which will be required starting on July 1, 2027 — will include drug rebates, spread pricing, and financial relationships with brokers and consultants that could create conflicts of interest. Federal officials estimate the rule will apply to more than 70 PBMs and 130,000 employers, saving more than $800 million annually through lower drug costs. STAT+ Exclusive Story Already have an account? Log in This article is exclusive to STAT+ subscribers Unlock this article — plus in-depth analysis, newsletters, premium events, and news alerts. Already have an account? Log in View All Plans To read the rest of this story subscribe to STAT+. Subscribe Business of Health Care Reporter Bob covers the money in health care, focusing on health insurance and hospitals. His stories delve into Medicare Advantage, opaque prescription drug benefits, and how much executives actually make. He is also the author of the Health Care Inc. newsletter. You can reach Bob on Signal at bobjherman.09.