Bill > A00663

This bill requires certain manufacturers of prescription drugs to notify the drug utilization review board of any proposed increase in the wholesale acquisition cost of such prescription drugs. The bill applies to manufacturers of prescription drugs that are purchased or reimbursed in New York State by insurance companies, health plans, or pharmacy benefit managers. The manufacturers must provide written notice to the superintendent of the Department of Financial Services at least 60 days prior to the planned effective date of the increase, including details about the current and proposed wholesale acquisition cost, as well as any changes or improvements in the drug that necessitate the price increase. The superintendent is required to publish the notice on the department's website within 5 days of receiving it. The bill also provides for confidentiality of trade secret information and penalties for manufacturers that fail to report the required information.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2021/A663