The US Department of Labor finalized a sweeping prescription benefit manager disclosure rule that will require broad fee and compensation reporting to self-funded employer clients starting in 2027. The measure follows long-running controversy over PBM transparency and how pass-through pricing and pharmacy contracting fees are handled. Employers generally welcomed the rule as a way to improve visibility into PBM practices, while PBMs criticized it as government overreach. In practical terms, the disclosure scope could alter procurement negotiations, competitive benchmarking, and contract design for PBM services. For biotech stakeholders, the biotech connection is indirect but material: changes in PBM economics and reporting can affect formulary access, net pricing dynamics, and rebate/payment structures that influence how high-cost medicines are positioned and reimbursed.