Loading chat...
NY S00438
Bill
Status
2/25/2025
Primary Sponsor
Zellnor Myrie
Click for details
AI Summary
-
Requires pharmacy services administrative organizations (PSAOs), pharmacy switch companies, and rebate aggregators to register with the New York Department of Financial Services, with deadlines of March 31, 2026, June 30, 2026, and September 30, 2026, respectively
-
Establishes registration fees of $5,000 annually for PSAOs and $1,000 annually for switch companies and rebate aggregators, with $50 fees for updating registration information
-
Mandates disclosure of ownership structures and affiliations with drug manufacturers, distributors, pharmacy benefit managers, and other related entities, to be published in a publicly accessible online database by April 1, 2027
-
Requires PSAOs to disclose financial relationships to pharmacies before contracting and prohibits PSAOs with manufacturer affiliations from requiring pharmacies to purchase drugs from those affiliated entities
-
Authorizes the Insurance Superintendent to investigate violations, issue cease and desist orders, and impose civil penalties of up to $1,000 per day for failing to respond to inquiries and up to $10,000 per violation of orders
Legislative Description
Establishes the prescription drug supply chain transparency act; requires pharmacy services administrative organizations, pharmacy switch companies and rebate aggregators to register with the insurance department and to provide certain disclosures relating to the ownership and activities of such entities; relates to deposits into the pharmacy benefit manager regulatory fund.
Last Action
AMENDED ON THIRD READING 438A
2/25/2026