The Senate Finance Committee voted 26-1 yesterday to approve the Modernizing and Ensuring PBM Accountability Act.

The bipartisan legislation is aimed at helping address rising prescription drug prices by regulating intermediaries who manage prescription drug benefits for health insurance companies.

Included in the act are multiple bills proposed by Senator Mark Warner including the PBM Reporting Transparency ACT which holds PBMs accountable for providing good value to seniors and Medicare by making more information available to the public about their contracts.

The IMPROVE Part D Regulations Act is also included which requires listening sessions to be held about improvements to Medicare Part D.

An amendment in the bill was also proposed by Warner which ensures smaller pharmacies receive fair reimbursement when serving medically complex patients.