Establishes a pilot program to set maximum wholesale drug prices equal to Canadian prices, aiming to reduce prescription drug costs in New York.

The bill establishes a pilot program to control excessive prescription drug prices by setting maximum wholesale drug prices equal to those in Canada. The Department of Financial Services will identify the ten most costly prescription drugs and determine the referenced rate by comparing wholesale acquisition costs to Canadian prices. The program prohibits state entities and health plans from purchasing drugs at prices exceeding the referenced rate. Manufacturers and distributors must negotiate in good faith and face penalties for non-compliance.

Establishes a pilot program to set maximum wholesale drug prices equal to Canadian prices, aiming to reduce prescription drug costs in New York.

The bill establishes a pilot program to control excessive prescription drug prices by setting maximum wholesale drug prices equal to those in Canada. The Department of Financial Services will identify the ten most costly prescription drugs and determine the referenced rate by comparing wholesale acquisition costs to Canadian prices. The program prohibits state entities and health plans from purchasing drugs at prices exceeding the referenced rate. Manufacturers and distributors must negotiate in good faith and face penalties for non-compliance.