Adrienne Harris (Photo: LendingClub Corp.)New York Financial Services Watchdog Adopts Rules to Rein In Prescription Benefit Managers
New York State Department of Financial Services Superintendent Adrienne Harris said new regulations will help protect New Yorkers’ access to prescription drugs, prohibit business practices that increase the cost of those drugs, and ensure that small, independent pharmacies compete on a level playing field with large pharmacies affiliated with pharmacy benefit managers, who decide the availability of prescription drugs and their costs.
November 20, 2024 at 05:12 PM
3 minute read
New York regulators on Wednesday unveiled a series of market conduct rules concerning pharmacy benefit managers, who have come under heavy scrutiny through a wave of federal lawsuits.
New York State Department of Financial Services Superintendent Adrienne Harris said the regulations will help protect New Yorkers’ access to prescription drugs, prohibit business practices that increase the cost of those drugs, and ensure that small, independent pharmacies compete on a level playing field with large pharmacies affiliated with PBMs, who act as middlemen and decide the availability of prescription drugs and their costs.
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