NY A07304

Establishes registration requirements for pharmacy services administrative organizations (PSAOs), pharmacy switch companies, and rebate aggregators to operate in New York, with registration deadlines of March 31, 2024, June 30, 2024, and September 30, 2024 respectively.

Requires PSAOs, switch companies, and rebate aggregators to file detailed information including legal names, organizational structure, controlled entities, financial statements, and service details with the Department of Financial Services, with $500 nonrefundable registration fees and $50 fees for certain updates.

Mandates PSAOs disclose ownership or control relationships with pharmacy service providers, drug manufacturers, or distributors to the department and all contracted pharmacies; prohibits PSAOs with drug manufacturing interests from requiring pharmacies to purchase drugs from affiliated entities as a condition of contract.

Requires PSAOs to pass through remittances from pharmacy benefit managers to pharmacies within reasonable timeframes, provide annual reports on discounts and vouchers processed, and grant pharmacies accounting rights for funds received on their behalf.

Directs rebate aggregators to disclose fee structures, inflationary payments, and retained benefits from drug manufacturers to health plans annually, and to report detailed payment and fee information to the Department of Financial Services; establishes a $1,000 per day civil penalty for failing to respond to superintendent inquiries within 15 business days.