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

This bill amends the public health law to ensure pharmacy benefit managers cannot reimburse pharmacies less than the cost of acquiring the drugs. If a pharmacy cannot procure a drug at or below the maximum allowable cost, it can reverse and rebill the claim. The reimbursement must be based on the national drug code of a therapeutically equivalent drug, as determined by the federal Food and Drug Administration.

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

This bill amends the public health law to ensure pharmacy benefit managers cannot reimburse pharmacies less than the cost of acquiring the drugs. If a pharmacy cannot procure a drug at or below the maximum allowable cost, it can reverse and rebill the claim. The reimbursement must be based on the national drug code of a therapeutically equivalent drug, as determined by the federal Food and Drug Administration.