Superintendent of Financial Services Adrienne A. Harris announced today that the New York State Department of Financial Services has adopted a new regulation outlining the process for Pharmacy Benefit Managers (“PBMs”) to obtain a license to operate in New York.

In 2022, New York enacted the most comprehensive regulatory regime for PBMs in the country. The New York Legislature charged DFS with licensing PBMs and addressing the widely reported problematic practices in the industry in order to help lower drug and health insurance costs and protect New Yorkers accessing those drugs.

The regulation provides specific instructions to PBMs on how to obtain a license to operate in the state by January 1st, 2024. For more information, a copy of the regulation can be found on the DFS website.

The public is reminded that the DFS Pharmacy Benefits Bureau is always available to accept and investigate complaints of PBM misconduct via email at [email protected]. Additionally, DFS is empowered to investigate significant spikes in the price of prescription drugs. Anyone experiencing a spike in the cost of drugs is encouraged to reach out at [email protected].