Prescription Drug Prices
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Overview

The Department of Financial Services monitors and investigates prescription drug prices in New York.

DFS is also advised by a Drug Accountability Board - a panel of experts appointed by the Superintendent and charged with making determinations about drug pricing and reporting to the Superintendent on those determinations.

Effective June 19, 2024, New York Insurance Law requires prescription drug manufacturers to report certain price increases to DFS before they occur.

Under the law, prescription drug manufacturers are required to report prescription drug price increases that meet the following criteria:

  • When the prescription drug’s wholesale acquisition cost (WAC) is more than $40 for a course of therapy, and
  • The prescription drug’s WAC price increase is more than 16% percent, or
  • The cumulative WAC increases, including the current increase being reported, within the previous 24 months is more than 16%.

When these criteria are met, the drug manufacturer must notify DFS of the price increase 60 days prior to the effective date of the increase. These price increases will be posted within five days of receipt of the notification.

Prescription drug manufacturers looking to file a price increase with the department should visit our Prescription Drug Manufacturer Filings page.

Drug Price Increases Reported to the Department

2024

The law goes into effect on June 19, 2024. DFS will post manufacturer’s notifications within 5 days of receiving the first notification.

 

Report a Drug Price Spike

If you live in New York State, or you filled a prescription in New York State, you can file a complaint with the New York State Department of Financial Services about a spike in the cost of a prescription drug. Be aware that we may share a copy of your complaint with the company or individual you are complaining about.

Use the online Drug Price Spike Reporting Form on the secure DFS Portal to report an increase in the cost of a drug or pharmacy benefit that you use.

To get started please visit the Drug Price Spike Reporting Form on the DFS Portal:

Printable Reporting Forms

You are strongly encouraged to submit your complaint online using the Drug Price Spike Reporting Form. This will avoid delay in the handling of a paper complaint. If you must use a paper complaint, they are available below and can be mailed to the Department of Financial Services, Attn: Office of Pharmacy Benefits, 1 Commerce Plaza, Albany, NY 12257.

Drug Price Spike Reporting Forms in Other Languages