Department of Financial Services launches investigation into rising prescription drug prices

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NEW YORK (WWTI) — The New York Department of Financial Services has officially launched an investigation into the recent spike in prescription drug prices.

Department of Financial Linda Lacewell has officially announced that the DFS has formed the Office of Pharmacy Benefits to begin investigations into rising drug prices in New York State.

Following new legislation enacted by Governor Andrew Cuomo, the DFS Superintendent has the authority to launch an investigation when a prescription drug increases in price over a twelve month period or by over 50%.

According to Lacewell, “It is unacceptable that consumers have to pay for these price increases through their insurance premiums or out of pocket when manufacturers and others spike prices with no justification or explanation. When manufacturers play with prices to make a profit, it’s not just dollars and cents they are playing with, it is people’s lives.”      

Additionally Superintendent Lacewell announced the first appointments to the Drug Accountability Board, which encompasses nine members to provide guidance on drug pricing.

Members of this board include Chair of the DAB Richard Weber, Associate Director of Pharmacy at Mount Sinai West Andrew Kaplan, Senior Health Economist and Program Director for the Center of Health Policy and Outcome Anna Kaltenboeck, State Director of AARP Beth R. Finkel, Clinical Assistant Professor at the University of Buffalo Barbara Rogler, Principal and Consulting Actuary with the New York Office of Milliman Gabriela Dieguez and Internal Medicine Specialist and Assistant Professor for the Department of Medicine at Roswell Park Cancer Institute Silpa Mandava.

The DFS also stated that New Yorkers are encouraged to report a spike in drug prices that they experience on the Department of Financial Services website.

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