NY Gov. Hochul looks to crack down on PBMs, Bloomberg Law reports

New York would become the first state to force pharmacy benefit managers to publicly reveal how much they profit from rebates issued by drug manufacturers under a measure backed by Governor Kathy Hochul, Bloomberg Law’s Zach Williams reports. Lawmakers and pharmacists say the proposal for the state budget due on April 1 would push boundaries for transparency requirements on PBMs, which manage drug benefits for employers and negotiate those prices with drugmakers. The three dominant PBMs are Cigna’s (CI) Express Scripts, CVS Caremark (CVS), and UnitedHealth’s (UNH) Optum Rx.