The New York state Senate Investigations and Government Operations Committee has released its report on Pharmacy Benefit Managers. It’s the first report to come out of the committee since Hudson Valley Democrat James Skoufis became chair in January.
In January, Skoufis and Bronx Senator Gustavo Rivera who chairs the Senate Committee on Health, opened the investigation into the drug pricing intermediaries, finding that one of the key mechanisms by which they generate revenue is through spread pricing. The report urges the state to take immediate action on this and recommends that the state comptroller audit all money paid to pharmacy benefit managers via spread pricing. The report also finds a lack of transparency and oversight of pharmacy benefit managers and suggests that New York require their licensing and registration. The Senate Investigations Committee is also looking into housing and code enforcement outside New York City.
