Gov. Cuomo announced three proposals today that would make prescription drugs more affordable for New Yorkers. Prescription drug costs are a big barrier to care – one survey found that 45 percent of New Yorkers had avoided care, including not filling prescriptions or cutting pills in half, due to costs.
The first would cap insulin prices for insured patients at $100 a month (a similar proposal, A8533/S6492 is moving through the legislature).
The second proposal would give the Department of Financial Services (DFS) the authority to investigate significant spikes in prescription drug costs. DFS would be able to hold hearings at which manufacturers would be publicly asked to justify price spikes. Without a justification, DFS would be able to deny the price change and fine the manufacturer.
The third proposal would create a commission to study whether importing drugs from Canada would save money for consumers and how to ensure that regulations are in place to ensure such a program is safe.