NEW LAWS: To Regulate Prescription Drug Middlemen Known As Pharmacy Benefit Managers (PBMs) After Gov Signs The Bill- By Brian Harrod

ALBANY: Republican and Democratic lawmakers in Albany were pleased that Governor Kathy Hochul to sign a legislative package aimed at protecting local pharmacies

Independent pharmacies across the New York state were saying they would not be able to survive unless the governor signs bills regulating the industry.

A January 2019 survey of more than 500 independent pharmacies in the New York City area found that 99% were worried about the impact of PBM’s on their business.

Three bills jointly referred to as the Pharmacy Rescue Package received nearly unanimous approval in both the State Assembly and Senate.

Only a single senator, Republican Patrick Gallivan of Western New York, opposed the measure.

The legislation will reduce the cost of prescription drugs by regulating so-called pharmacy benefit managers.

PBMs, as they are known, are essentially the "medicine middlemen" between pharmacies that dispense prescriptions and the health insurance companies paying the bill.

Supporters say the legislation signed by New York Governor Kathy Hochul will increase competition in the prescription drug market and shine a light on the PBMs' profit margins.

The new legislation could also produce savings for the State of New York. The state’s Medicaid program costs more than $80 billion per year, roughly 38% of the total state budget. Prescription drugs are included in that spending.

PLEASE READ MORE IN THIS PRESS RELEASE: 

https://www.governor.ny.gov/news/governor-hochul-signs-landmark-legisla…