New York A03973 amends insurance law to adjust prescription drug formulary coverage for interchangeable biologics and biosimilars.

New York A03973 modifies the insurance law to address prescription drug formulary coverage for interchangeable biologics and biosimilars. The bill allows insurers to move prescription drugs to a tier with higher deductibles, copayments, or coinsurance if an AB-rated generic equivalent, interchangeable biological product, or biosimilar is added to the formulary simultaneously. This change aims to enhance the availability and affordability of these alternative medications, potentially reducing costs for insured individuals.

New York A03973 amends insurance law to adjust prescription drug formulary coverage for interchangeable biologics and biosimilars.

New York A03973 modifies the insurance law to address prescription drug formulary coverage for interchangeable biologics and biosimilars. The bill allows insurers to move prescription drugs to a tier with higher deductibles, copayments, or coinsurance if an AB-rated generic equivalent, interchangeable biological product, or biosimilar is added to the formulary simultaneously. This change aims to enhance the availability and affordability of these alternative medications, potentially reducing costs for insured individuals.