Bill > S03485

This bill modifies New York insurance law to expand provisions related to prescription drug formularies, specifically addressing how insurers handle generic, biological, and biosimilar medications. The bill allows insurers to require patients to try an AB-rated generic equivalent (a therapeutically equivalent generic drug), an interchangeable biological product (a biological medication deemed highly similar to an original drug), or a biosimilar (a biological medication very similar to a reference brand-name drug) before covering the brand-name medication. Additionally, the bill permits insurers with multi-tier formularies to move a prescription drug to a tier with higher out-of-pocket costs when an equivalent generic, interchangeable biological product, or biosimilar is simultaneously added to the formulary. These changes apply to insurance corporations and insurers, potentially giving them more flexibility in managing prescription drug coverage while potentially reducing costs for patients and insurance providers. The modifications update existing law to reflect evolving pharmaceutical technologies and create more options for medication coverage.

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https://www.nysenate.gov/legislation/bills/2025/S3485