PBM Reform is Here: Unpacking State and Federal Updates and What They Mean for the Industry

The PBM regulatory landscape is rapidly evolving at both the federal and state levels. This presentation provided an overview of recent federal PBM reforms under the 2026 Consolidated Appropriations Act, including rebate pass-through requirements, increased transparency and reporting, and expanded federal oversight. Against this federal backdrop, the presentation highlighted key state PBM regulatory trends and PBM litigation updates, offering practical insights into how these federal and state developments may affect pharmacies, PBMs, health plans and other industry stakeholders.