This legislation aims to enhance transparency and accountability in the operations of pharmacy benefit managers (PBMs) within Medicare's prescription drug plans. By mandating clearer information about drug pricing and costs, the bill seeks to empower seniors and other beneficiaries to make informed decisions regarding their medications, potentially reducing their out-of-pocket expenses. Key provisions include new reporting requirements for PBMs, which will take effect in 2028. PBMs must enter into written agreements with plan sponsors that outline their transparency obligations.