S.Amdt. 5482

SA 5482. Mr. GRASSLEY submitted an amendment intended to be proposed
to amendment SA 5194 proposed by Mr. Schumer to the bill H.R. 5376, to
provide for reconciliation pursuant to title II of S. Con. Res. 14;
which was ordered to lie on the table; as follows:

At the end of part 5 of subtitle B of title I, add the
following:

SEC. 11406. FIDUCIARY DUTY OF PHARMACY BENEFIT MANAGERS UNDER
MEDICARE PART D.

(a) Prescription Drug Plans.--Section 1860D-12(b) of the
Social Security Act (42 U.S.C. 1395w-112(b)) is amended by
adding at the end the following new paragraph:
``(8) Fiduciary duty of pharmacy benefit managers.--
``(A) In general.--Each contract entered into with a PDP
sponsor under this part with respect to a prescription drug
plan offered by such sponsor shall provide that any pharmacy
benefit manager (or affiliate, subsidiary, or agent of a
pharmacy benefit manager), acting as a third-party to such
sponsor, has a fiduciary duty of good faith and fair dealing
towards the Secretary.
``(B) Provision of information.--A PDP sponsor and a
pharmacy benefit manager (or affiliate, subsidiary, or agency
of a pharmacy benefit manager), acting as a third-party to
such sponsor, shall furnish to the Secretary (in a time and
manner specified by the Secretary) such information as the
Secretary determines necessary to carry out this paragraph.
``(C) Confidential and trade secret information.--This
paragraph does not authorize the disclosure of any trade
secret, confidential commercial or financial information, or
other matter described in section 552(b) of title 5.''.
(b) MA-PD Plans.--Section 1857(f)(3) of the Social Security
Act (42 U.S.C. 1395w-27(f)(3)) is amended by adding at the
end the following new subparagraph:

``(E) Fiduciary duty of pharmacy benefit managers.--Section
1860D-12(b)(8).''.
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