New York Seeks Transparency from PBMs and Drug Manufacturers

New York Gov. Kathy Hochul (D) recently gave her state of the state address setting forth her priorities for the 2025 legislative session.

With the overarching theme of “affordability,” Gov. Hochul announced that she will introduce “nation-leading legislation requiring greater transparency from PBMs in order to hold PBMs and drug manufacturers accountable for any hidden and unnecessary costs they add to prescription drug prices.”

She also stated that they will explore drug importation and take action to enforce the state’s behavioral health requirements by holding health insurance companies accountable. More details on these initiatives are expected in the governor’s proposed budget, which will be released on Jan. 21.