Albany Poised to Give Away Billions to Drug Manufacturers

State legislators passed a package of bills that will increase profits for wealthy prescription drug manufacturers but cost everyone else through higher health insurance premiums.

Legislation to restrict measures used to ensure the most appropriate drug usage at the lowest cost such as step therapy (A.3276/S.5909) and copay accumulators (A.1741/S.5299) are just a couple examples that sound consumer-friendly but really put the interest of drug companies before the interests of New Yorkers.

Prescription drug prices are spiraling out of control. Take for example Revlimid, a medication primarily used to treat multiple myeloma, a form of blood cancer. Pharmaceutical company Celgene more than TRIPLED the price of Revlimid, from $215 per pill in 2009 to $719 per pill in 2019.  After acquiring Celgene, Bristol Myers Squibb further increased the price to $763 per pill – a 254% increase!

Prescription drug costs continue to be the largest driver of health insurance costs. If we are to truly lower the cost of health care in New York, State lawmakers must take meaningful steps to protect consumers from out-of-control drug costs.

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