REGULATING PHARMACY BENEFIT MANAGERS: After reporting on Friday the veto of a portion of the Pharmacy Rescue Package, Gov. Kathy Hochul’s office announced on Monday that she has signed Legislation S.3762/A.1396 which provides for licensure and registration of pharmacy benefit managers. The bill also sets forth duties and obligations that PBMs must follow when performing services and allows the department of financial services to enforce the law and receive complaints from consumers, pharmacies, and healthcare providers.
The legislation, which bears different State and Assembly index numbers than last week’s bills, also allows the department of financial services to receive complaints when a PBM violates the law and will ensure PBMs abide by standards established by law and regulation.
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