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Prescription drugs, Mandatory disclosure regulations, Prescription drug costs, Affordable Care Act, Sensitive business information


This Article proceeds as follows. In Section I, I describe the structure of the PBM industry. I also describe the business model PBMs employ to administer prescription drug coverage and the methods they use to reduce prescription drug spending. In Section II, I discuss mandatory disclosure regulations enacted in several states and at the federal level under the Affordable Care Act. In Section III, I explain why mandatory disclosure regulations are not needed to ensure that health plan sponsors pay a competitive price for PBM services. In Section IV, I discuss the various costs that mandatory disclosure regulations will impose on PBMs. I also explain how these costs will weaken competition in the PBM industry, compelling both consumers and health plan sponsors to pay more for prescription drugs and prescription drug coverage.

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Cornell Law Review Online