Today, Assemblyman Ed Ra (R-Franklin Square) ripped the governor for vetoing bipartisan legislation which would’ve required pharmaceutical benefit management companies (PBMs) to register with New York State Department of Financial Services and comply with new state standards to protect consumers.

“The governor was afforded an opportunity to promote transparency, cut costs and do right by small, family-owned pharmacies. He sided with big pharma and big PBMs,” said Ra. “The governor is issuing press releases about his plans to cut drug costs while he vetoes bipartisan bills that would do just that.”

PBMs are companies that manage prescription drug benefits for health coverage plans. They claim that their bulk purchasing power and skillful negotiations create savings that are passed on to beneficiaries.

However, their dealings in New York state are largely secretive and unregulated. Ra believes that many PBMs pocket rebate funds that are supposed to be passed on to consumers and are paid by pharmaceutical manufacturers to push more expensive drugs over generic options.

“It’s about transparency. It’s about protecting consumers. Patients need to come first,” said Ra.