PBM Reform Is Here. What it Means for TPAs and Employers.
Federal Pharmacy Benefit Management (PBM) reform has officially moved from policy debate to enacted law. With new provisions in the Consolidated Appropriations Act of 2026 (CAA) and the Department of Labor’s proposed rule on PBM compensation disclosures, pharmacy benefit managers are entering a new era of transparency and oversight. This shift carries significant implications for…






