Ensures pharmacy benefit managers reimburse pharmacies at least the cost of procuring drugs.

This bill amends the public health law to ensure that pharmacy benefit managers cannot reimburse pharmacies less than the cost of procuring drugs. If an appeal is denied, the pharmacy benefit manager must identify a therapeutically equivalent drug. If this drug is not available at or below the pharmacy's acquisition cost, the pharmacy benefit manager must adjust its pricing methodology. The act takes effect 90 days after becoming law.

Ensures pharmacy benefit managers reimburse pharmacies at least the cost of procuring drugs.

This bill amends the public health law to ensure that pharmacy benefit managers cannot reimburse pharmacies less than the cost of procuring drugs. If an appeal is denied, the pharmacy benefit manager must identify a therapeutically equivalent drug. If this drug is not available at or below the pharmacy's acquisition cost, the pharmacy benefit manager must adjust its pricing methodology. The act takes effect 90 days after becoming law.