FOR IMMEDIATE RELEASE
January 3rd 2022
GOV. HOCHUL (NY) SIGNS BILL TO REGULATE PHARMACY BENEFIT MANAGERS
Throughout 2021 NCODA highlighted states throughout the country that took great strides to regulate Pharmacy Benefit Managers. On the final day of 2021, Governor Kathy Hochul of New York signed Senate Bill 3762 into law that will regulate PBMs and help protect local pharmacies.
The aforementioned bill was referred to as the Pharmacy Rescue Package. The legislation had received nearly unanimous support from both the New York State Assembly and the New York State Senate. The new law will help reduce the cost of prescription drugs for patients by regulating the Pharmacy Benefit Managers.
According to Governor Hochul, the landmark bill enshrines in statute the most comprehensive PBM regulatory structure in the country. The law requires licensure and registration of PBMs which will bring oversight by state regulators and increase transparency when PBMs are performing services for health plans and when dealing with covered individuals, pharmacies and providers.
There are a few PBM’s that control the majority of the prescription drug market and are focused solely on profits instead of patients. Some PBM practices have eliminated independent drug stores that were once pillars of our communities in New York State and limited patient access to local pharmacists.
NCODA believes in a collaborative patient focused approach, one that we believe includes a revamping of the PBM system to make access to quality care and medication a priority for all patients. The NYS bill will make patients the priority, and it will make medication more accessible and affordable to every patient in New York State who is battling cancer.
NCODA applauds Governor Hochul and the New York State Legislature for turning this bill into law.