New York Governor Signs Law Requiring PBM Transparency

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On December 31, 2021, New York Governor Kathy Hochul signed S.3672/A.1396 which will require pharmacy benefit managers (PBMs) to be licensed and registered in New York. The bill also imposes certain duties and obligations on PBMs and provides the Department of Financial Services with enforcement authority. PBMs are middlemen who negotiate with pharmaceutical manufacturers to determine which medicines will be included in health insurance companies’ formularies and how much insurance’ plans will pay the manufacturer for those medicines. Aimed Alliance applauds Governor Hochul and the New York legislature for passing this PBM reform and enhancing transparency in drug pricing. Read more here.

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