Loading chat...
NY A02126
Bill
Status
1/15/2025
Primary Sponsor
Sarahana Shrestha
Click for details
AI Summary
-
Creates a pilot program to control prescription drug prices by establishing a "referenced rate" that caps what state entities and health plans can pay for certain drugs
-
Requires the Director of Employee Benefits within the Department of Civil Service to identify the five most costly prescription drugs based on net price times utilization
-
Sets the referenced rate as the lowest price among Canadian provincial drug formularies (Ontario, Quebec, British Columbia, Alberta) or the U.S. wholesale acquisition cost
-
Prohibits manufacturers from withdrawing referenced drugs from sale in New York to avoid the program, with penalties of $500,000 or the amount of annual savings lost, whichever is greater
-
Requires savings generated from the program to be passed on directly to consumers, with a report to the governor and legislature within 180 days of the pilot's conclusion including recommendations on expanding the program
Legislative Description
Establishes a pilot program on the referenced rate for prescription drugs; relates to reducing the cost of prescription drugs by establishing maximum wholesale drug prices that are the same as the prices in Canada.
Last Action
print number 2126a
1/27/2026