New York Governor Andrew Cuomo has vetoed legislation to create state oversight for the healthcare and insurance industry. Independent pharmacists say the law would have helped lower prescription drug prices.
Pharmacy benefit managers negotiate drug prices among manufacturers, insurers and pharmacies. The law would have required PBMs to get a license to operate from the state.
It passed with overwhelming support in Albany.
Joanne Hoffman Bechko, owner of a pharmacy in East Northport, says there needs to be oversight and transparency.
“Physicians are regulated. Insurance carriers are regulated by the insurance department. The pharmacy benefit managers are unregulated, so they answer to no one.”
Cuomo says he vetoed the law because it would have increased administrative costs.
