State moves to rein in prescription drug management firms

State moves to rein in prescription drug management firms

ALBANY — More oversight is coming to prescription drug plans in New York.The state, a latecomer to regulating prescription benefit managers, put a PBM reform package in place four months ago and last week announced formation of a watchdog bureau to oversee the PBM industry.Also last week, Albany-based health insurer CDPHP announced it would end its contract with Caremark, the nation's largest PBM, and retain Capital Rx, a much smaller PBM with a very different business model, to manage its prescription drug plans.Most of the pharmacies that CDPHP members now use will remain in the network. There will just be a…
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