New York S06161 amends the insurance law to regulate pharmacy benefit managers by defining their role and imposing cost transparency requirements.

New York S06161 amends the insurance law by adding a new section that defines "pharmacy benefit manager" as an entity that contracts with pharmacies on behalf of health plans or insurers. The bill mandates that pharmacy benefit managers identify all sources and amounts of income, payments, and financial benefits related to their services. It requires full disclosure of these financial details to both the health care plan and the department.

New York S06161 amends the insurance law to regulate pharmacy benefit managers by defining their role and imposing cost transparency requirements.

New York S06161 amends the insurance law by adding a new section that defines "pharmacy benefit manager" as an entity that contracts with pharmacies on behalf of health plans or insurers. The bill mandates that pharmacy benefit managers identify all sources and amounts of income, payments, and financial benefits related to their services. It requires full disclosure of these financial details to both the health care plan and the department.