Tune in to this replay of The Granite List Live podcast, featuring Liviniti EVP, Steven T. Boyd in conversation with moderator and Granite List CEO, Sally Pace. Steve has long collaborated at state and federal levels advocating for full PBM transparency, visiting Capitol Hill and taking the stage at national conferences to educate the industry, legislators and the public on the value of the pass-through pricing model.
The Consolidated Appropriations Act of 2026 (CAA) is widely regarded as the most meaningful piece of PBM legislation in decades, and in the newest episode of The Granite List Live podcast, Steve sits down with moderator, Sally Pace, to explain why. For Steve and the entire Liviniti team, this moment is validating since our company has thrived with a conviction to complete transparency in our PBM model, a model that has been in place since day one of the company’s founding.
The CAA introduces sweeping changes for the PBM industry, and Steve points to the most consequential provisions. Mandatory rebate pass-through, which prohibits PBMs from retaining manufacturer rebates and similar remuneration when servicing ERISA health plans, is key to the legislation. Also included are extensive data-sharing and reporting requirements covering drug-level spending, pharmacy reimbursement and PBM compensation.
For the traditional PBM model, these mandates will require real operational change, but not for Liviniti. Because our transparent, pass-through pricing model has been in place for 15+ years, our technology, processes and product offerings were already built in a manner that supports the underlying requirements of the CAA. Our foundation of clinical excellence, established from the beginning, underpins products such as RxCompass, which helped clients save nearly $90 M in drug spend in 2025 by targeting alternate sourcing opportunities for the highest-cost drugs.
The CAA is a turning point not just for compliance, but for how the industry thinks about value. Listen to the full episode of The Granite List Live podcast to uncover what these changes mean for brokers, employers and the future of the industry.
Key Areas of Discussion
- Major changes required by the CAA
- Impact on fiduciary duty
- Value of a fully transparent pricing model
- What these changes mean for brokers and clients