Pharmacy benefit managers in New York will be required to get a license and conform to state standards under legislation signed on Friday, in an effort to increase transparency on how drug prices are negotiated and whether savings are actually passed on to the insured.
The measure (S.3762/A.1396) requires pharmacy benefit managers, the third-party administrators of prescription drug plans for health insurers, to register with the state and obtain a license by Jan. 1, 2023.
The state superintendent of insurance and health commissioner, under the new law, will create regulations with minimum standards for pharmacy benefit managers, known ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.