New York Implements Regulations to Lower Prescription Drug Costs and Support Independent Pharmacies

New York state will implement new regulations for pharmacy benefit managers (PBMs). These middlemen negotiate prescription drug prices between wholesalers and pharmacies.

Governor Kathy Hochul’s office states that the new rules will protect access to prescription drugs. They will also prohibit practices that raise costs. Additionally, the regulations will help independent pharmacies compete with larger pharmacies that may run their own PBMs.

The new regulations focus on increasing transparency for available prescriptions and improving accessibility. Governor Hochul emphasized, “New Yorkers deserve access to affordable and fair-priced prescription drugs. Today’s regulations ensure that consumers and small pharmacies are protected from unfair business practices. We are leveling the playing field for independent pharmacies, promoting competition, and empowering consumers. These regulations will improve access to essential medications and eliminate anti-competitive practices.”

For more detailed information, the full text of the regulations is available here.