Assemblywoman Buttenschon: Legislation to Provide Transparency for Drug Price Increases Signed by Governor Hochul
Governor Hochul signed legislation into law, cosponsored by Assemblywoman Marianne Buttenschon (D-C Marcy), that requires manufacturers of prescription drugs to notify the Department of Financial Services (DFS) at least 60 days in advance if they intend to increase the price of a medication by 10% or more (A1707).
"A common issue my constituents have brought to my attention is how they are unaware of price increases to their prescriptions. This issue is especially problematic for our most vulnerable, including seniors," explained Assemblywoman Buttenschon. "New Yorkers deserve transparency from pharmaceutical companies on sudden price increases."
Over the past decade, numerous drug manufacturers have drastically raised their prices without notifying the public. For example, in 2016, Mylan increased the price of their two EpiPen Auto-Injectors from $100 to over $600 without public notification. This legislation would prevent this by requiring drug manufactures to notify the public of a substantial price increase.
More than a dozen states have passed similar legislation, including Florida, Texas, and Vermont.
"For too long, drug manufacturers have raised their prices without providing any transparency to New Yorkers. This commonsense legislation will increase transparency so working families and seniors are not hit with unexpected price increases," said Buttenschon. "I want to thank Governor Hochul for signing this legislation into law and providing New Yorkers with transparency