Bill > S07499

This bill requires certain manufacturers of prescription drugs with a wholesale acquisition cost of more than $40 for a course of therapy to notify the superintendent of the New York State Department of Financial Services if they plan to increase the wholesale acquisition cost of such prescription drugs by more than 10%, including any cumulative increases that occurred within the previous 24 months. The notification must be provided in writing at least 60 days prior to the planned effective date of the increase and include details about the proposed increase and any prior increases. The superintendent is required to publish the notification on the department's website within 5 days of receiving it. The bill also provides for confidentiality of certain trade secret information and authorizes the superintendent to impose penalties of up to $5,000 per day if a manufacturer fails to report the required information.

Budget and Finance, Health and Social Services

https://www.nysenate.gov/legislation/bills/2021/S7499