Health insurance companies and pharmacy benefit managers (PBMs) negotiate significant rebates and discounts when purchasing medications from drug manufacturers, but fail to pass those rebates and discounts on to patients.
As a result, many insured New Yorkers with chronic conditions are paying nearly double what their insurer is paying for lifesaving and life-sustaining medication.
Assembly member Latrice Walker and Senator Robert Jackson are championing a simple solution – share the savings with our most vulnerable neighbors. Sister bills A1962/S2393 would require insurers and PBMs to share some benefit of rebates and negotiated discounts directly with patients.
Proposed legislation reads that a “majority” of rebates will be shared with patients; we are working to educate lawmakers and advocates on the impact of increasing the percentage of rebate pass through to at least 80%.
It is time to fix the financial burden placed on people living with chronic diseases.
The Patient Pocket Protector Coalition believes that prescription drug rebates should be shared with patients. Over 11 million New Yorkers live with at least one chronic condition; nearly 5 million live with 2 or more, and rebates for necessary prescription medications is, on average, 48%. Our goal is to protect patients’ pockets by holding politicians accountable for out-of-pocket costs and unregulated Pharmacy Benefit Managers.