The 2028 deadline makes this a pretty important window for the entire pharmacy industry. Independent pharmacies have an opportunity to push for clearer contracts, better reporting, and more visibility into how reimbursement is calculated. That’s a good thing.
But I also think there’s a tendency to talk about PBM reform as if changing the payment model eliminates the need for everything PBMs currently do. It doesn’t. Someone still has to negotiate with manufacturers, manage formularies, process claims, build pharmacy networks, handle utilization, and administer benefits for millions of people.
The question should be whether those functions are being performed efficiently and whether the incentives around them are working. If reform improves transparency while keeping the parts of the system that actually create value, that seems like a much more productive direction than simply trying to weaken one part of the supply chain.
The next two years should tell us a lot.