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NY S00488
Bill
Status
2/25/2025
Primary Sponsor
Nathalia Fernandez
Click for details
AI Summary
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Requires pharmaceutical manufacturers doing business in New York to notify the Attorney General within 30 days of entering patent settlement agreements that affect the commercial launch date of any drug or biological product
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Defines "patent settlement agreement" broadly to include agreements resolving patent litigation, biosimilar/reference product disputes, and related agreements executed within 60 days of a settlement
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Mandates the Attorney General publish received notices on its website within 60 days in a searchable format by drug, cost, disease, and manufacturer, with notices classified as public records
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Imposes a penalty of $10,000 per day for each day a manufacturer fails to submit the required notice within the 30-day deadline
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Takes effect 180 days after becoming law
Legislative Description
Enacts the manufacturer disclosure and transparency act requiring prescription drug manufacturers to notify the attorney general of arrangements between pharmaceutical manufacturers resulting in the delay of the introduction of generic medications.
Last Action
REPORTED AND COMMITTED TO FINANCE
1/28/2026