1. Short title This Act may be cited as the Medicare PBM Accountability Act . 2. Pharmacy benefit manager reporting requirements with respect to prescription drug plans and MA–PD plans (a) In general (1) Prescription drug plans Section 1860D–12 of the Social Security Act ( 42 U.S.C. 1395w–112 ) is amended by adding at the end the following new subsection: (h) Pharmacy benefit manager reporting requirements For plan years beginning on or after January 1, 2026: (1) Agreements with pharmacy benefit managers Each contract entered into with a PDP sponsor under this part with respect to a prescription drug plan offered by such sponsor shall provide that any pharmacy benefit manager acting on behalf of such sponsor has a written agreement with the PDP sponsor under which the pharmacy benefit manager agrees to meet the following requirements: (A) Transparency regarding guarantees and cost performance evaluations The pharmacy benefit manager shall— (i) define, interpret, and apply terms (such as generic drug, brand name drug (consistent with the definition of those terms under section 423.4 of title 42, Code of Federal Regulations, or a successor regulation), specialty drug, rebate, and discount) in a fully transparent and consistent manner for purposes of calculating or otherwise evaluating pharmacy benefit manager performance against pricing guarantees or similar cost performance measurements related to rebates, discounts, price concessions, or net costs; (ii) identify any drugs, claims, or price concessions excluded from any pricing guarantee or other cost performance calculation or evaluation in a clear and consistent manner