In a disappointing turn of events, the New York State Department of Financial Services withdrew a proposed regulation to regulate PBMs in the state. The reason given for withdrawing the proposed regulation was brief and vague: “reconsidering parts of the proposed amendments.” This move is troubling as this proposed regulation garnered overwhelming support during the comment period. NCPA submitted comments in support of proposed rules in New York to address the egregious business practices of PBMs. NCPA offered constructive feedback to the Department of Financial Services to assist the Pharmacy Benefits Bureau in meeting their rulemaking objectives, which included creating a reimbursement floor applicable to the commercial market of NADAC plus a dispensing fee of $10.18, the state’s CMS-approved Medicaid dispensing fee, provisions to prevent patient steering, requirements for reimbursement parity with PBM-owned or affiliated pharmacies, audit protections, and network access parameters. NCPA appreciates all the work our partners have done in the state to move PBM reform forward. We will continue to assist any way we can. Hopefully this is a temporary move by the state because New York patients, community pharmacies and employers deserve reform.
NCPA
