State of the State: Lowering Prescription Drug Prices

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FILE – In this June 15, 2018, file photo, pharmaceuticals are seen in North Andover, Mass. The Trump administration is moving ahead with its plan to allow Americans to safely and legally get access to lower-cost prescription drugs from Canada (AP Photo/Elise Amendola, File)

ALBANY, N.Y. (NEWS10)  – As part of the 2020 State of the State Governor Andrew Cuomo, proposed a three part plan to lower prescription drug costs for all New Yorkers.

Part one of this plan, would be a proposed cap on insulin. The cost would be capped at at $100 per month for insured patients.

Part two would empower the State Department of Financial Services to investigate significant spikes in prescription drug prices. The State Department would then force manufacturers to show a reasonable justification for price increases. Then after a review if the price is deemed unjustified, they can call for rebates to impacted consumers.

Part three would see the U.S. import more drugs from Canada. The Prescription Importation Commission, would be created to to work with insurers, consumers, health care providers, and other stakeholders to identify any potential consumer savings from importing drugs from Canada. They would then make sure the drugs would be safely transported to the states.

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