New York lawmakers want to address the rising cost of prescription drugs as the state Senate on Tuesday approved a 12-bill package that takes aim at the price of insulin, the impact of high costs on older New Yorkers and co-payments.
Lawmakers pointed to the more than 1.7 million residents in the state who need access to drugs like insulin as they live with and manage diabetes.
The Democratic-controlled chamber wants to cap on cost sharing for the monthly cost of insulin for New Yorkers.
"Making the cost of insulin more affordable will help over a million New Yorkers who depend on insulin for survival," said Senate Majority Leader Andrea Stewart-Cousins. "While we are still combating the COVID-19 pandemic, the Senate Majority is dedicated to providing affordable healthcare and life-saving medications. I’m glad we could deliver a package that will help lower the cost of medicine, and help New York get back on track. We are holding pharmaceutical companies accountable, and working with them to offer more affordable medication."
The bill, backed by Senate Health Committee Chairman Gustavo Rivera, would reduce the current limit of $100 a month to $30. The measure is yet to be approved in the state Assembly.
Bills approved also created a program for the importation of prescription drugs from other countries as a way of reducing costs while also requiring drug makers to provide at least 2-months' notice for when they plan to increase wholesale prices.