The Trump administration plans to require pharmacy-benefit managers (PBMs), which oversee hundreds of billions of dollars in prescription-drug spending, to disclose more information to employer clients. A Labor Department regulation expected Thursday would require PBMs to report the prices they pay for medicines and compensation received from drugmakers, pharmacies and related group purchasing organizations. PBMs would disclose expected payments upfront, provide updates on actual earnings every six months and give employers audit rights. The rule is expected to take effect in July and apply to self-insured employers, which pay their own health claims and cover approximately 90 million Americans. It would also require disclosure of rebates, clawbacks, payments that could influence drug selection and spread pricing, in which an employer pays more than a pharmacy receives while the PBM retains the difference. The measure follows an April 2025 executive order and comes ahead of largely similar congressional PBM transparency provisions scheduled to begin taking effect in 2028. Regulators and lawmakers have criticized the industry for opacity and for potentially steering patients toward more expensive medicines, while PBMs say their negotiating role lowers costs. Major PBMs including Express Scripts and Caremark are introducing models they say improve transparency, while industry representatives argue the rule would create costly reporting obligations and overlap with legislation Congress passed in February.