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New York Governor Vetoes PBM Bill

To the dismay of consumers and independent pharmacists, Governor Cuomo recently vetoed legislation passed by the state Legislature in June, designed to license and oversee pharmacy benefit managers ("PBMs"). The Bill, S. 6531, was endorsed by the Senate Investigations and Government Operations Committee, which found that PBM practices generate more revenue for them at the expense of patients and pharmacies, most notably through spread pricing. Licensing provisions under the new...