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Who cares
Headline styles
Sponsors
2 Co-sponsors
History
- Referred to health
- Referred to health
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for pharmacy benefit management and the procurement of prescription drugs at a negotiated rate for dispensation
In Senate Committee · Health · Sponsor Richard Gottfried
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public health law, in relation to pharmacy benefit managers
Purpose
This bill specifies the fiduciary duties of pharmacy benefits managers and the obligation to serve the covered entities with which they contract.
Summary of provisions
Section 1 establishes definitions, particularly a definition of a Pharmacy Benefits Manager (PBM). It also establishes that PBMs shall: have a fiduciary relationship with a health plan, pass through all monies to a health plan other than fee or payment for services, account for all funds and provide access to all necessary information, disclose any relevant relationships, and not substitute or cause the substitution of prescription drugs.
Section 2 is the severability clause.
Existing law
New bill
Justification
PBMs are companies that manage prescription drug benefit programs for health plans. PBMs have promised to save health plans and their members money, but in reality, their negotiations are very secretive. PBMs commonly pocket payments from drug manufacturers that ought to be used to lower drug prices, and they accept payments in exchange for giving preference to more expensive drugs. This bill, modeled on recent legislation in Maine, would require that PBMs act not in their own best interest, but rather in the interest of the health plan and its beneficiaries.
Legislative history
This is a new bill.
Fiscal implications
None.
Local fiscal implications
None.
Effective date
90 days after it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.