Story perspectives

Congress Passes Drug Price Bill, Targets Pharmacy Benefit Managers

2/4/2026

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Summary

Story summary

On February 4, 2026, Congress passed a spending package to reduce drug prices by restricting pharmacy benefit managers (PBMs).
The legislation marks a political setback for PBMs, which have largely evaded regulation.
U.S. President Donald Trump highlighted his commitment to lowering drug prices at the signing.
The three largest PBMs manage about 80% of U.S. prescriptions.
The legislation does not address PBMs' business-model elements contributing to high drug costs.

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Story summary

On February 4, 2026, Congress passed a spending package to reduce drug prices by restricting pharmacy benefit managers (PBMs).
The legislation marks a political setback for PBMs, which have largely evaded regulation.
U.S. President Donald Trump highlighted his commitment to lowering drug prices at the signing.
The three largest PBMs manage about 80% of U.S. prescriptions.
The legislation does not address PBMs' business-model elements contributing to high drug costs.