Governor Vetoes Bipartisan Bill That Wouldve Protected Healthcare Consumers, Independent Pharmacies
Today, Assemblyman Ed Ra (R-Franklin Square) ripped the governor for vetoing bipartisan legislation which wouldve required pharmaceutical benefit management companies (PBMs) to register with New York State Department of Financial Services and comply with new state standards to protect consumers.
The governor was afforded an opportunity to promote transparency, cut costs and do right by small, family-owned pharmacies. He sided with big pharma and big PBMs, said Ra. The governor is issuing press releases about his plans to cut drug costs while he vetoes bipartisan bills that would do just that.
PBMs are companies that manage prescription drug benefits for health coverage plans. They claim that their bulk purchasing power and skillful negotiations create savings that are passed on to beneficiaries.
However, their dealings in New York state are largely secretive and unregulated. Ra believes that many PBMs pocket rebate funds that are supposed to be passed on to consumers and are paid by pharmaceutical manufacturers to push more expensive drugs over generic options.
Its about transparency. Its about protecting consumers. Patients need to come first, said Ra.
Were facing a budget gap thats largely based on the Medicaid program. Its more important than ever to make sure that taxpayers are not being charged exorbitant rates for prescriptions, said Ra.