Senate Passes Legislation to Address Medication Accessibility, Affordability
Senate Majority to Advance Legislation to Make Prescription Drugs More Affordable.
The New York State Senate passed legislation to implement multiple cost-saving initiatives to benefit New York patients. Included is an increase in cost-sharing on medications like insulin, and measures to reduce costs by making “all third-party discounts, vouchers, and financial assistance for prescription drugs made on behalf of the insured individual applicable to their co-payment, deductible, co-insurance, and out-of-pocket maximum.” The legislation also makes New York seniors enrolled in comparable federal prescription benefits eligible for the state Elderly Pharmaceutical Insurance Coverage (EPIC) Program.
Senate Majority Leader Andrea Stewart-Cousins, said, “An estimated 1.7 million New Yorkers suffer from diabetes, and it is the 7th leading cause of death in the nation. Making the cost of insulin more affordable will help over a million New Yorkers who depend on insulin for survival. While we are still combating the COVID-19 pandemic, the Senate Majority is dedicated to providing affordable healthcare and life-saving medications. I’m glad we could deliver a package that will help lower the cost of medicine, and help New York get back on track. We are holding pharmaceutical companies accountable, and working with them to offer more affordable medication. I thank the Chair of the Senate Committee on Health, Senator Gustavo Rivera, and the bill sponsors for their important efforts.”
Chair of the Senate Committee on Health, Senator Gustavo Rivera, said, “The high cost of insulin is putting the lives of diabetic New Yorkers at risk, especially those who are financially strained, today we are reducing the cap on cost sharing for insulin from the current $100 to $30 per month. The other bills I'm sponsoring in this package will make crucial reforms to third-party payments for co-pays and reform the eligibility criteria for the EPIC program to help a greater number of our seniors afford their prescriptions. I'd like to thank Majority Leader Andrea Stewart-Cousins for supporting this legislation that will continue to expand access and affordability of prescription drugs for New Yorkers.”
May 26, 2022
