Biden Administration is requiring insurers, health plans to report on prescription drug costs

In an interim final rule, the Biden Administration is now requiring private insurers to report prescription drug costs, as well as key data, to the Departments of Health and Human Services, Labor and Treasury. It's the fourth rule in a series that the departments are issuing to implement the No Surprises Act, as well as transparency requirements of the Consolidated Appropriations Act of 2021, according to the Centers for Medicare and Medicaid Services.

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